China’s auto gear exports are on the rise, as the country’s zero-COVID policy has been relaxed. In 2022, exports of automobile ancillaries from China jumped 27% to $188 billion, and they are expected to grow by another 6% in 2023. This growth is being driven by a number of factors.
Firstly, the increasing demand for electric vehicles, which require a range of new components that are made in China. Secondly, the growing importance of China as a manufacturing hub for the global auto industry. And finally, the relaxation of China’s zero-COVID policy, which has allowed factories to operate more smoothly.
As a result of this growth, China is now the world’s largest exporter of auto gears. In 2022, China’s exports of auto gears were valued at $201 billion, which was more than double the exports of the next largest exporter, Japan.
This trend is likely to continue in the coming years, as China’s auto industry continues to grow and the global demand for auto gears remains strong.
Here are some additional details from the article you linked:
- China’s auto gear exports are expected to reach $220 billion in 2023.
- The top five destinations for Chinese auto gear exports are the United States, Germany, Japan, South Korea, and Mexico.
- The main types of auto gears that China exports are transmissions, engines, and braking systems.
- China’s auto gear industry is dominated by a few large companies, including Aisin Seiki, Bosch, and ZF Friedrichshafen.
- China’s auto gear exports play a crucial role in fueling the country’s economy. The ongoing growth in global demand for auto gears provides China with a favorable position to sustain its dominance in this market.
