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A recent market research report published by KPMG's accounting consulting firm (KPMG) shows that as the number of small-sized motor vehicles increases, the business of auto maintenance and used-car markets will grow rapidly, and the Chinese auto parts market will grow rapidly in the next few years. By 2008, the number of licensed Chinese cars will increase from the current 11 million to 24 million, an increase of more than double. After a few years of use, the car will no doubt require maintenance. China’s auto parts market is still far from perfect. In 2004, sales were only US$3.2 billion, which was equivalent to 10% of the output value of auto parts. This ratio in the United States and Germany is 60% and 40% respectively. However, China's auto parts market will accelerate its development in the next few years. By 2008, sales will increase by more than 60% to reach US$5.2 billion. The development of the used car market will stimulate the growth of auto parts demand.
KPMG experts predict that by 2010, China's used car market will grow at an average annual rate of 20%. China will play an increasingly important role in the export of auto parts and components. In the past five years, China’s auto parts and accessories exports have increased five-fold, reaching US$5.6 billion in 2004. At present, China is already the fifth largest supplier of automobile spare parts in the United States. Chinese auto parts companies have the advantage of cheap production costs and will become an important part of the global auto parts market production and supply chain.