Relative to the entire vehicle, the domestic parts and components industry is still in the initial stage of development and integration. In the future, the supporting growth rate of parts and components will be slowed down by the impact of the entire vehicle, but the lower base and concentration will determine that the supporting market still has more room for growth. At the same time, the rapid increase in the number of holdings also promoted the growth of the after-sales and maintenance market, and compensated for the slowdown in supporting growth. In addition, exports will become an important way for parts to become bigger and stronger. Domestic passenger car parts will have larger import substitution and export space, while local commercial vehicle parts will gain export expansion and diversification with strong competitiveness. opportunity.
Benefited from the increase in domestic automobile sales, the parts and components industry continued to grow rapidly in the past decade
In the past ten years, the compound industry's compound growth rate reached 31.5%. Over the past decade, with the rapid development of the Chinese auto industry, the domestic auto parts industry has also achieved rapid growth. In 2010, the sales scale of auto parts in China reached 1,680.633 billion yuan, which was 15 times more than that of 108.76 billion yuan in 2000, and the compound growth rate was 31.5%, which was higher than the sales of auto vehicles and the growth of income. The number of enterprises has grown from 2,500 a decade ago to nearly 12,000 currently, and has greatly improved both in absolute terms and the scale of individual companies. Since the 1990s, with the gradual entry of foreign capital into the domestic automobile and parts industry, it has brought with it many resources and experiences in finance, technology, management, and talents, laying a solid foundation for the development of the industry in the past decade. At present, some leading domestic parts and components companies have the ability to independently develop and supply systems, have opened overseas markets, entered the international procurement system, and their export volume has increased year by year.
Supporting growth slows, but still has room for growth
Local components rely on the rapid growth of their own branded market to achieve simultaneous development. In recent years, under the influence of multiple factors such as the growth of endogenous demand, policy support, and support from the capital market in the domestic auto industry, car sales have increased in volume and the number of possessions has risen rapidly. Among them, the self-owned brand automobile has rapidly risen in the second and third tier cities with a better price/performance ratio and a sinking marketing network, and the sales volume has been continuously improved. With the rapid expansion of supporting quantities, domestic auto parts companies also have a rare opportunity for development. Many small and medium-sized autonomous parts and components manufacturers are aiming at the emerging market, an independent brand, and are actively involved in its early development process, accumulating more synchronous development experience. Some market segment leaders have solved the capital and production problems with the help of the capital market and achieved a leapfrog development.
The lower base and concentration determine that the supporting market still has a large room for growth. However, on the other hand, the explosive growth in the number of vehicles in a short period of time has also brought unprecedented challenges to urban transportation, environmental pollution, and infrastructure construction. After entering 2011, due to the slowdown in macroeconomic growth and weakened policy support, the automobile industry has entered the cold winter from an overheated moment, and the sales volume of whole vehicles has dropped significantly. The impact on the independent brands has been particularly noticeable. We expect the sales growth of the auto industry will recover to a reasonable level of around 10%-15% in the next few years. In spite of this, due to the fact that the domestic auto parts manufacturing market is still relatively small relative to the entire vehicle manufacturing process and the base is still low, the overall scale will offset the negative impact of the short-term sales decline, making the auto parts industry a relatively stable one. Within the growth channel. And as some market segments become larger and stronger, industry concentration is expected to increase further. Component companies with core competitiveness and independent research and development capabilities will actively seek to enter into joint ventures while increasing the coverage of self-owned OEMs. Supporting system. In the long run, domestic high-quality parts and components companies will still have ample room for growth.
With 5 times growth in inventory, huge demand for maintenance
The inventory remains at a relatively low level relative to vehicle sales and economic development. Although the sales growth rate has declined since the beginning of this year, the rapid growth in car sales over the past few years has led to a rapid increase in the number of possessions, making the after-sales maintenance market an increasingly important piece of cake. At present, the number of cars in China has exceeded 80 million, and the number of thousands of people is only about 60, not only far below the developed countries in Europe and America, but even lower than some developing countries. With the continuous improvement of the people’s living standards, purchasing power is increasing, and the infrastructure has been continuously improved, the space for vehicle ownership growth in the future is still very large. Even if compared with the same densely populated and resource-constrained Japan and South Korea, there is still at least five times more space for growth. The consequent demand for after-sales maintenance of parts and components will also rapidly increase, and it is expected to offset the negative impact brought about by the slowdown in the supporting market.
Export market becomes the third pole of component growth
Expanding the export market has become an important way for component companies to become bigger and stronger. With the continuous improvement of the domestic auto parts technology level and marketing capabilities, a number of local auto parts companies with modern equipment and management levels have rapidly emerged. At the same time, increasing globalization and increasing cost pressures have forced multinational vehicle manufacturers to continue to seek low-cost, high-quality component suppliers around the world to maintain their profitability. This is undoubtedly a rare opportunity for local parts manufacturers who are interested in going abroad. After joining the WTO, domestic parts and components exports from scratch, from small to large, experienced a period of rapid development. With domestic lower labor costs, large-scale investment, as well as digestion and absorption of international advanced technologies, domestically-manufactured parts gradually opened up in the global market. In 2010, the export value of China's spare parts reached 21.77 billion U.S. dollars. Some high-quality enterprises have entered the European and American automobile manufacturers' spare parts supporting systems and have achieved global supply. The export market has become an important breakthrough for local parts and components companies to become bigger and stronger, and to enhance their own brand image and technical strength.
Product structure and target market still have much room for improvement. From the perspective of the specific sub-industry, the current component exports are still concentrated in a number of low-value-added products, so that although the export volume and income have grown rapidly, the increase in benefits has not been significant. Looking back, some sub-industry leaders will rely on the support of the capital market platform to digest and absorb foreign advanced technologies and enhance their own research and development capabilities. The industrial structure will gradually shift to the high end. At the same time, the existing parts and components are mainly exported to the after-sales market. With the gradual withdrawal of some European and American companies from the mid-to-low-end parts and accessories market, local manufacturers are expected to seize this market with more large-scale supply capacity, and more high-quality companies. It will enter the global spare parts supply system and lay the foundation for the next step in the higher end.
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