What is the future of car modification?

The scale of my country's racing car modification market reaches 50 billion yuan

Racing car modification is based on the modification of passenger cars. The modification cost depends on the modified model and the needs of the car owner. Generally speaking, an average of one The cost of car modification is about 50,000-20,000 yuan, and the annual modification cost is about 120,000-150,000 yuan. The outbreak and spread of the new crown epidemic in 2020-2021 has made it impossible to conduct most racing competitions, and the number of consumers of car modification has dropped significantly. Prices have been reduced accordingly. According to data from the China Automotive Finance Laboratory, the racing modification rate in 2021 will be around 1.84%; according to data from the China Association of Automobile Manufacturers, my country's passenger car sales in 2021 will be 21.482 million units. Preliminary estimates show that my country's racing car modification market will be 51.3 billion yuan in 2021, a year-on-year increase of 23.91%.

The racing car modification industry lacks national-level leading companies

China's racing car modification industry is in a stage of rapid development. Currently, companies in the industry are generally small in scale and lack national-level leading companies.

The size of the other passenger car modification market reaches 30 billion yuan

According to data from the China Association of Automobile Manufacturers, my country's passenger car sales in 2021 will be 21.482 million units, a year-on-year increase of 7.07%. The cost of other passenger car modifications depends on the modified model and the needs of the car owner. Compared with racing car modifications, other passenger car modifications have lower requirements on car modification performance and focus on comfort and travel experience. Generally speaking, other passenger car modifications The average annual cost of car modification is about 20,000-30,000 yuan. According to data from the Automobile Modification Branch of the China Association of Automobile Manufacturers, the modification rate of ordinary passenger cars in 2021 will be around 5%. Preliminary estimates show that China's other passenger car modification market will be 32.2 billion yuan in 2021, a year-on-year increase of 59.41%.

Original manufacturers are gradually paying more and more attention to the modification of passenger cars

Because there is no unified admission rules and management system, and they are subject to strict vehicle emission standards and road regulations. Due to the restrictions of passing regulations, the technical level of modification stores in other passenger car modification industries in China is uneven. However, OEMs are gradually paying more attention to modifications and launching more and more new products in vehicle modifications and modification kits, such as FAW-Volkswagen's user-created customized modified cars, Jetta VS5 modified cars; Geely's brand Lynk & Co modified cars and modification kits; SAIC Group's brand MG X-VOiS performance improvement software, etc.

The size of the commercial vehicle modification market is approximately 1.7 billion yuan

According to data from the China Association of Automobile Manufacturers, my country's commercial vehicle sales in 2021 will be 4.793 million units, a year-on-year decrease of 6.62%. The cost of commercial vehicle modification depends on the modified model and usage requirements. Generally speaking, the modification of commercial vehicles focuses on modifying the entire interior of the vehicle. The frequency of modifications is lower than that of passenger cars. The average annual modification cost is about 80,000-90,000 yuan. Commercial vehicle modifications are mostly done in advance. The outbreak and spread of the COVID-19 epidemic in 2020-2021 has severely impacted the domestic transportation and tourism industries, so the modification rate of ordinary commercial vehicles has dropped to about 0.4%. Preliminary estimates show that China's commercial vehicle modification market will be 1.7 billion yuan in 2021, a year-on-year decrease of 52.77%. The above data refers to the "Market Research and Investment Forecast Analysis Report on China's Automotive Modification Industry" by the Qianzhan Industry Research Institute