Market Insights with Mike: Aftermarket Trends in China Amidst COVID-19
By Camille Sheehan
BETHESDA, Md. – August 10, 2020 – The latest edition of Market Insights with Mike focuses on current aftermarket trends taking place in China. As the world’s second largest economy and one that has demonstrated rapid economic growth in recent decades, the Auto Care Association conferred with Haisheng Chen, chief editor, AC Auto (a division of AC Qiche), a Shanghai-based business consulting specialist focused on the automotive retail and service sector, as well as Steve Ganster of YCP Solidiance, an Asia-focused strategy consulting firm, to learn more about consumer trends related to driving, maintenance and vehicle purchase.
While many trends in China parallel those observed in the United States, nuanced differences exist. This edition compares data on pandemic travel trends; repair shop trends; consumer behavior and repair shop expectations; and vehicle sales.
Like the United States, the Chinese automotive industry is watching COVID-19 caseloads, business reopening patterns and consumer behavior across its geographic regions. Use of internet technology has led to the emergence of new entrants to the supply chain, creating a disruption of sorts. Time will tell if these new businesses will hold their niche of the market, as well as if consumer behavior and expectations from service providers “sticks.”
To read the full analysis, click here.
About Market Insights with Mike:
Market Insights with Mike is a series presented by the Auto Care Association’s Director of Market Intelligence, Mike Chung, that is dedicated to analyzing market-influencing trends as they happen and their potential effects on your business and the auto care industry.