When the decline in car demand caused the manufacturers of auto parts in developed countries to suffer, Chinese companies that were once considered incapable of supplying parts and components to multinational auto companies became a rising star. Now they are actively expanding their market share.
As China has gradually emerged as the worldâ€™s largest auto market, the market for domestic parts suppliers has also expanded, which has enabled them to form economies of scale. At the same time, Chinese suppliers that have made progress in terms of quality and precision can also expand their scale and acquire underperforming companies at a lower cost, thereby further improving their own technology.
Pan Keqiang, executive vice president of Ford Motor Company's Asia Pacific and Africa operations, said that as an auto parts producer, China is becoming more and more competitive; the overall quality of its products is constantly improving.
Hoffman, manager of Roland Berger International Management Consulting, said that from 2004 to 2008, the size of China's parts industry has increased by about 30%. He estimated that the industry's size will increase from about RMB 950 billion in 2008 to 2.5 trillion yuan in 2015, and the proportion of parts and components exported will increase from the current 25% to 30%.
In January, the sales volume of light vehicles in China surpassed that of the United States for the first time. Global auto manufacturers expect that Chinese car sales will increase by 5%-10% this year, which is in contrast with the sharp decline in car sales in the United States, Europe, and Japan. In addition, it is expected that China will surpass Japan this year and become the worldâ€™s largest automobile producer. Thousands of component suppliers in China actually produce all auto parts. In the past, China's auto parts industry mainly produced heavy-duty merchandise components such as crankshafts, but its product range has now expanded to more sophisticated parts such as suspension components.
Other Chinese auto parts manufacturers are also constantly developing. According to a study conducted by the consulting company Alex Partners, 40% of the suppliers surveyed expressed interest in conducting domestic M&A transactions, and 25% expressed interest in global M&A transactions.
Tennyco, a US auto parts manufacturer, said last week that it has established a joint venture with Beijing Hainachuan Auto Parts Co., Ltd. to produce a tailgate emission control system at a factory in Beijing, which is already in China The sixth joint venture was established. China's parts and components industry will pay more attention to the domestic market this year. Affected by government policies, the domestic market has recovered and domestic market sales in May have increased by 34%. At the same time, large automakers around the world are importing more and more components from China. Pan Keqiang said that Ford Motor Co., Ltd. and Chinese suppliers signed a supply contract for parts and components. In 2008, the company purchased a total of US$2.8 billion worth of parts and components for shipment to other countries and regions, mainly North America. Although this number represents only a small fraction of Ford's global purchases, it has increased 10 times over the past five years.
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