Analysis on the market of automotive plastic injection mold in China 2021
China’s automobile production and sales volume has ranked first in the world for 11 consecutive years. China ‘s market share in the global automobile manufacturing industry had increased from 13.78% in 2008 to 28.23% in 2019. Affected by the COVID-19 epidemic, China’ s automobile production was affected to some extent between 2019 and 2020. Statistic data shows that in 2019 China’s automobile output was 255.3 million units down 8% year on year, and from January to June 2020 was 99.7 million vehicles, down 16.5% year on year. The continuous development of the automobile industry has driven the growth of the auto mold market demand.
Update new model will bring new market opportunity
With the intensified competition in the automobile industry, the OEMs will choose to upgrade new models to attract consumers and maintain their brand influence among the consumers. Therefore, auto makers in many cases have chopped the time it takes to develop a new vehicle from previous 4 years to 1-3 years now. They are taking a decidedly different approach to speeding the process further. The period of updating model is cut from 6-24 months to 4-15 months now. The launch of new models and acceleration of auto reform and updates will continue to drive the development of the upstream of auto mold making industry
Global sourcing strategy of auto part supplier bring new opportunity to Chinese mold making factories.
With the rapid development of China ‘s automotive industry, the world’ s leading auto parts suppliers move into China to invest and set up their manufacturing plants. In 2018, statistics shows that the market volume of automotive plastic injected parts in China reached USD512.5, achieving growth of 7% year on year.Driven by the steady growth of the automobile industry, the overall development of the auto parts market tends to be good.The Chinese auto parts industry sales revenue is expected to reach 600$ Billion in 2021. The global procurement and centralized procurement will provide more development opportunities for middle- large auto mold suppliers in China. With the continuous improvement of mold making technology, China’s independent auto mold manufacturing companies will be further integrated into the global auto industry chain.