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Auto part industry undergoing changes

Source: | Date: Dec. 8

  • "The Chinese auto part industry is currently going through major changes," said Ye Shengji, vice secretary general of the China Association of Automobile Manufacturers (CAAM), during the 2015 China Auto Parts Industry Annual Conference on Nov. 25.

  • In 2015, auto part manufacturers have benefited from great opportunity, but the challenges they face are significant as well. Indigenous companies have focused on internal upgrading, branding, and globalization, while foreign-owned enterprises have stepped up efforts to strengthen localization and promote their innovative technologies for intelligent automobiles.

  • Industry experts believe that innovative auto parts play a significant role in boosting the development of the entire automobile industry. As such, the Chinese government is focused on providing support to a selected number of local auto part manufacturing companies that boast leading R&D capabilities, clear corporate strategy, and strong financial strength.

  • At the same time, the auto part industry has close ties to the development of new-energy vehicles. Rapid development of the NEV industry and China's supportive policies on the sector will bring more opportunities to the spare part market, and experts urge greater efforts on the domestic auto part industry to support the growth of the NEV industry.