The average annual selling price increased by 14%, and the auto parts market welcomed new developments

In 2021, the automotive aftermarket and related accessories market ushered in price increases, including the tire market. According to data from the NPD Group, the average selling price of the entire automotive aftermarket increased by 14% in 2021 compared with pre-epidemic conditions in 2019 , while the price consumers paid to replace their tires increased by 13% .

NPD study shows driving behavior changing despite price increases   But unit demand for tires in 2021 remained close to pre- pandemic levels.

"Like many other industries, the tire industry is experiencing an overall consumer behavioral shift that is closely tied to pricing and consumer demand , " said Nathan Shipley, automotive industry analyst at NPD . "Driving behavior has changed over the past two years, but the demand remains. Consumers are currently focused on getting what they want through what is available in retail stores."

Judging from domestic data, according to Alibaba International Station, the development of the auto parts market is also very impressive. In 2021, the total export value of Chinese auto parts reached 81 billion US dollars. From 2020 to 2030, the compound annual growth rate of global auto parts e-commerce channel sales is 20%.

According to customs data, domestic tire exports reached US$14.344 billion from January to December 2021 .

Over the past two years, tire sales in the modern trade channel have fluctuated wildly, including tire replacement retailers that are not focused solely on selling tires. Affected by price increases, average prices for both passenger car and light truck tires increased by more than 20% in the fourth quarter of 2021 compared to the same period in 2019.

According to the research, factors contributing to the price increase include supply issues, raw material costs and reduced retail promotions. These factors may have affected the availability of certain tires in retail stores.

The data shows that more expensive tires priced at $140 or more contributed significantly more to sales in 2021 compared to 2019 and gained market share in the fourth quarter. Before the pandemic , sales of these items were growing at a rate of nearly 40%.

The auto parts market is not like other commodities that can attract a lot of attention, but with the changes in the market environment in recent years, the development of the auto parts market cannot be underestimated.

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