China’s car ownership showed the CAGR of 12. 9% during 2012-2019 and it is estimated to reach 272. 13 million units in 2020 with a year-on-year spike of 7. 2%, invigorating the motor vehicle inspection market and with a demanding on higher motor vehicle inspection capabilities.
New York, Sept. 08, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "China Vehicle Inspection Industry Report, 2020-2026" - https://www.reportlinker.com/p03971332/?utm_source=GNW
In recent years, regulatory authorities including the Ministry of Public Security and the Ministry of Environmental Protection have intensified their efforts for vehicle inspection, fueling a boom in the Chinese vehicle inspection market. In 2019, China’s vehicle inspection market size was estimated at RMB38.05 billion with a year-on-year spurt of 17.6%, of which vehicle inspection systems and vehicle inspection services contributed RMB4.743 billion and RMB33.31 billion respectively, surging by 24.5% and 16.7% on an annualized basis. The substantial growth of vehicle inspection systems was largely bolstered by product renewal thanks to the implementation of new standards.
China’s vehicle inspection is in the early stage of intelligence and networking, lagging behind developed countries in terms of technology and configuration. As of 2019, there had been more than 13,000 vehicle inspection stations across China, namely every 10,000 vehicles could be served by only 0.5 inspection station, far lower than the average of 2 or more in Japan, the United States and Europe. This indicates huge development potentials in China. As estimated, the number of vehicle inspection stations in China will maintain a growth rate of about 9% between 2020 and 2026, expectedly registering 25,000 by 2026. Thus, the new vehicle inspection stations will demand vehicle inspection equipment worth RMB3.6 billion.
With the tightening of industry supervision and the intensification of market competition, Chinese vehicle inspection equipment and system market has become ever more concentrated. Shenzhen Anche Technologies, Launch Tech, Shijiazhuang Huayan Traffic Technology, Foshan Nanhua Instruments and Chengdu Chengbao Development have high market shares, strong R&D capabilities, and wide business coverage.
In 2019, Shenzhen Anche Technologies, Launch Tech, Nanhua Instruments and Shijiazhuang Huayan Traffic Technology seized 59.5% shares of Chinese vehicle inspection system market together. Especially, Shenzhen Anche Technologies and Nanhua Instruments quickly evolved into the industry’s leaders, with their revenue soaring by 287.0% and 82.4% year-on-year respectively.
The motor vehicle inspection service industry features geographical limitations, and the competitors can be bifurcated into state-owned enterprises and private ones, among which the former is superior in comprehensive strength, equipment and technology, but a number of third-party inspection agencies have emerged with the advancement of the vehicle inspection industry, and private vehicle inspection companies have been seizing more market share by unique competitive edges.
In 2018, Shenzhen Anche Technologies entered the motor vehicle inspection service market by acquiring 70% stake of XingChe Motor Vehicle Inspection. In September 2019, Duolun Technology established a wholly-owned subsidiary, Jiangsu Duolun Vehicle Inspection Industry Holding Co., Ltd., with a registered capital of RMB300 million, marking the company’s official foray into the motor vehicle inspection industry. With the stricter requirements of new standards on inspection services as well as the involvement of private capital, the competition in Chinese vehicle inspection service market will, undoubtedly, prick up.
Chinese vehicle inspection market will continue to expand, and it is expected to worth RMB72.05 billion by 2026 under the drive of vehicle ownership growth, longer vehicle usage time, the growing number of vehicle inspection agencies, the continuous expansion of applied fields, and the upgrading of emission standards.
China Vehicle Inspection Industry Report, 2020-2026 focuses on the following:
Vehicle inspection, including definition, classification, industry chain, laws and policies;
Automobile industry, including output, sales volume and ownership;
Vehicle inspection market, including overseas market overview, status quo, market size, competition pattern, and development trend;
Analysis on vehicle inspection system suppliers and vehicle inspection service providers.
Read the full report: https://www.reportlinker.com/p03971332/?utm_source=GNW
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