China's Vehicle Fleet Hits 370 Million as Multiple Agencies Advance Aftermarket Development and Consumer Convenience Measures

As of June 2024, China’s total vehicle fleet reached 370 million units, with automobile sales ranking first globally for the 17th consecutive year. At a press conference held by the State Council Information Office, relevant authorities reported that the automotive aftermarket—encompassing services related to vehicle usage—has grown into a trillion-yuan industry. Globally, the total size of the automotive aftermarket has surpassed USD 1 trillion, and the Asia-Pacific region is expected to become the largest regional market this year. Currently, over 50% of passenger vehicles in China are more than seven years old, signaling that the aftermarket sector is poised to enter a phase of rapid growth. To address challenges related to recreational vehicle (RV) travel and parking, authorities have proposed optimizing traffic management policies for RVs and constructing a number of high-standard RV campsites equipped with amenities such as water and electricity supply, dining, and lodging facilities. Regarding vehicle modifications, a tiered and categorized management system will be implemented, with a clear list of permissible modification items and accelerated development of technical standards and specifications for related components. Additionally, the Ministry of Industry and Information Technology, together with the Ministry of Finance and other departments, has launched pilot programs in 200 counties to address gaps in county-level charging and battery-swapping infrastructure. These initiatives prioritize enhancing public charging and swapping facilities in rural areas and promoting technologies such as high-power charging and vehicle-to-grid integration, aiming to improve consumers’ vehicle purchase and usage experience and further unlock the potential of automotive consumption.