According to the "2024 China Automotive Aftermarket Annual Development Report", the demand for automobile modification market is increasing rapidly, but the current technical level of the supply side needs to be improved. Car modification is mainly divided into customized modification, authorized modification and consumer modification. According to relevant reports, the global automotive modification market was valued at USD 57.73 billion in 2023 and is expected to grow at a CAGR of 3.45% during 2024-2030 to reach USD 73.2 billion by 2030. As a large country in terms of car ownership, China's car modification market is also developing rapidly. With the increase in consumers' demand for personalized automobiles and the support of relevant policies, the scale of the automobile modification market continues to expand. From the point of view of the modification level of service providers, taking car audio as an example, in some large cities, such as Beijing, Shanghai, Guangzhou, Shenzhen, the consumption level and aesthetic appreciation level are relatively high, and the car audio modification technology is also more mature, and will use well-known high-end equipment and even audiophile and HI-NED level systems, but in the modification of small and medium-sized mature car audio, it is mostly in the primary stage, mainly applicable to domestic low-end equipment.
The demand for car modification
According to the "2024 China Automotive Aftermarket Annual Development Report", the post-90s and post-00s have the highest demand for modification, and the modification preferences of different age groups are quite different. For example, 25-30 years old: consumers in this age group have just entered the society, their economic strength is relatively limited, but they have a strong pursuit of personalization and trends, and usually choose some entry-level exterior modifications, such as body film, color change, replacement of wheels, installation of rear wings, etc., to highlight their unique style. 31-40 years old: This group has a certain economic base and consumption power, and has higher requirements for the performance and quality of the car. Over 40 years old: These consumers generally have more life experience and strong economic strength, and they may be more inclined to make some high-end custom modifications to the vehicle, focusing on quality and details, such as using high-quality interior materials for modification, or upgrading the vehicle's intelligent systems to improve the convenience and comfort of driving.
Figure: Changes and forecasts of the market size of China's automobile modification industry (unit: 100 million yuan)
According to Autohome's survey, users of China's new power brands show higher enthusiasm for car modification. In contrast, users of traditional Chinese brands and overseas luxury brands are relatively conservative, and there is no significant difference between their preferences for retrofitting projects and the overall user base. Among them, the preference of traditional Chinese brand users in tires and color change items is slightly higher than that of the overall user level; Overseas luxury brand users show a higher preference for wheels, color change and rear wing items, which is closely related to the long-term cultivation of overseas luxury brands' optional culture and rich official parts selection. However, users of China's new power brands are more enthusiastic about modification, and the preference for other modification items is higher than that of the overall user level, except for the wheel hub and tire items.
Under the trend of intelligence, the demand for intelligent hardware modification is increasing
At present, intelligent hardware modification mainly includes in-vehicle entertainment systems (such as GPS navigation and central control screens of smart cars), on-board safety systems and related modules (such as smart dash cams and smart rearview mirrors), as well as intelligent core motherboards. From the perspective of industry scale, taking 2023 as the cut-off point, all other fields have achieved positive growth in the past five years, except for vehicle safety systems. Over the next five years, in-vehicle entertainment systems will remain the main driver of market growth, although gains are expected to narrow across all existing positive growth segments. Although the on-board safety system will still show a negative growth trend, its decline will slow down.
Today's consumers, especially the younger generation of car owners, have a higher pursuit of intelligent and technological cars. They want their vehicles to have more advanced features to enhance the driving experience and make them personal. With the continuous progress of science and technology, intelligent hardware technology is becoming more and more mature, and the cost is gradually reduced. This allows more smart hardware products to enter the market, and the price is more affordable and more acceptable to consumers.
Related:
Analysis of the 2024 China Automotive Aftermarket Annual Development Report (1)
Analysis of the 2024 China Automotive Aftermarket Annual Development Report (2)
Analysis of the 2024 China Automotive Aftermarket Annual Development Report (3)
Analysis of the 2024 China Automotive Aftermarket Annual Development Report (4)
Analysis of the 2024 China Automotive Aftermarket Annual Development Report (5)
Analysis of the 2024 China Automotive Aftermarket Annual Development Report (6)
Analysis of the 2024 China Automotive Aftermarket Annual Development Report (7)
