Overall Review of 2023 and Development Forecast for 2024

The trend of "auto parts going global" will take off in 2023, and the development and trends of Chinese auto parts enterprises in overseas markets have attracted much attention. Standing at the starting point of 2024, looking back at the overseas auto parts market, it can be summarized into several major states and characteristics.

Hugo Cross border Technology Company mentioned in its "Overview of the Overseas Development of the Auto Parts Industry in the Second Half of 2023" that the three main export markets for the auto parts retail industry are as follows:
In the EU market, there has been an increase in consumption in the automotive parts retail industry, while these markets are generally facing the phenomenon of increasing vehicle age; After experiencing rapid growth in the first five years, the growth rate of the Japanese market is expected to slow down. In addition, the fluctuation of the Japanese yen exchange rate also brings uncertainty to related import industries; The North American market remains the largest auto parts market in the Western market, with new and used car sales in the United States increasing by 13% year-on-year in 2023, and consumer confidence rebounding.
According to data from the General Administration of Customs compiled by the China Association of Automobile Manufacturers, the export value of automotive parts from January to November 2023 was 90.54 billion US dollars, a year-on-year increase of 7.6%, accounting for 47.3% of the total export value of automotive goods. Among the main export varieties of automotive parts, compared with the same period last year, the four major categories of automotive parts have maintained varying degrees of growth.