In 2005, China's automotive export industry reached a significant milestone. As vehicle exports surged, so did the demand for auto parts, leading to a remarkable 75.11% year-on-year increase in auto parts exports, reaching $15.223 billion. This marked a turning point in China's role on the global automotive stage.
Today, China has established itself as the fifth-largest supplier of auto parts to the United States. According to KPMG, a leading global consultancy, while China's spare parts manufacturing is still in an early development phase, it is expected to become a major player in the global market. The report predicts that Chinese auto parts manufacturers will soon emerge as key players in the worldwide market for replacement and repair parts.
During the "Eleventh Five-Year Plan" period, China aimed to maintain an annual growth rate of over 40% in both automotive and auto parts industries. By 2010, the country targeted an export value of $70 billion in auto parts, signaling its growing influence in the international automotive supply chain. Experts like Lee Yong Ho highlight that this rapid expansion reflects not only China's industrial capabilities but also its strategic positioning in the global economy.
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