Multiple Departments Jointly Promote Expansion of Automotive Consumption

[Policy Announcement] On June 23, the State Council Information Office held a press conference where multiple ministries jointly outlined measures to expand automotive consumption across the entire industry chain.

Key Trend: 370 Million Vehicles in Circulation Create a 'New Blue Ocean' in the Aftermarket

As of now, China has 370 million vehicles in circulation, maintaining the world's top position in vehicle sales for 17 consecutive years. Over 50% of passenger cars are more than 7 years old, driving rapid growth in a trillion-yuan-scale aftermarket sector.

Key Data: Asia-Pacific Poised to Become World’s Largest Aftermarket Region

According to international reports, the global automotive aftermarket has surpassed 1 trillion U.S. dollars, with the Asia-Pacific region expected to become the largest regional market by 2026.

Strategic Foundation: Dual-Track Approach for RVs and Vehicle Modifications

Support will be given to optimize road access policies for recreational vehicles (RVs) and to build high-standard, multi-functional RV campsites. A tiered and categorized management system will be implemented for vehicle modifications, including a clear list of permissible modification items and accelerated development of relevant standards.