China's contribution to the global Petrol Car parts turnover has increased significantly from 24.2% in 2011 to 34.8% in 2016, mainly due to the increasing importance of China as one of the world's new Petrol Car manufacturing centers and the rapid development of China's local Petrol Car brands during the period.
In addition, China's importance as the world's leading Changan Car parts exporter is becoming increasingly prominent. China's local manufacturers continue to improve their manufacturing and innovation capabilities, prompting more and more important parts to be produced locally. In addition, cost and procurement advantages also attract parts manufacturers from developed countries to move to China to conduct business.
There are two main procurement models for Petrol Car parts, one is vehicle manufacturer-led procurement and the other is first-tier supplier-led procurement. The adoption of each model is mainly based on the importance of the parts.
As a result, the export value of Changan Car parts has steadily increased from US$52.2 billion in 2011 to US$62.3 billion in 2016, with a compound annual growth rate of 4.5%. At the same time, the import value has maintained a steady growth at a compound annual growth rate of 1.1% during the same period, and imported Petrol Car parts mainly include highly technology-intensive components such as engine systems and automatic transmissions.