Suncar Technology Group(Stock Code:NASDAQ:SDA) (Abbreviated as 'Prosperous Times Alliance') was launched in2023year5month andGoldenbridge Acquisition LimitedThe merger was officially completed and is now5month18Daily PassSPACThe company is listed on NASDAQ. The Group is a leading digital enterprise in China, providing automotive after-sales services and online auto insurance intermediaries.
Frost & SullivanFrost & Sullivan,Frost & Sullivan, referred to below as the 'Frost & Sullivan Team', provides exclusive industry advisory services for the listing of Shengshi Dalian. Cai Jinfeng, Executive Director of Frost & Sullivan Greater China, and Zhou Mingzi, Consulting Director, were invited to attend the group's listing ceremony. At the same time, Zhou Mingzi shared her insights into the Chinese aftermarket industry, with the presentation theme being ' Under the opportunities of new energy, China's after-sales service has evolved from 'cornering the curve' to global delivery of 'Chinese value'. ">
Frost & Sullivan Greater China Consulting Director Zhou Mingzi
According to a study by Frost & Sullivan, as of2022At the end of the year, China's automobile ownership has exceeded3100 million vehicles, and the number will continue to grow steadily in the future. It is expected that by2026The year is about to break through4100 million vehicles. Zhou Mingzi pointed out that China is the core consumer market for the global automotive market in the future and one of the core drivers of growth. The huge automobile ownership means that the broad prospects of China's after-sales service market will remain long-term, offering great market business opportunities. Meanwhile, as of2022In [year], the average age of passenger cars in China has exceeded6In the year, the average vehicle maintenance cost for that year reached6,000Yuan, and the proportion of passenger car renewals exceeds70%This indicates that China's automotive service consumption demand has reached a golden period, with stable demands for regular maintenance, repairs, and beauty services. The market is broad, providing opportunities for non-4SThe after-sales service of the store system brings huge market opportunities.
Judging from past market research, when the vehicle age exceeds5year,4SThe churn rate of branded stores has basically reached90%As mentioned above, the vast aftermarket service market will be undertaken by third-party independent professional service institutions. Currently, China's broad-based aftermarket service market is already approaching6Trillion yuan, among which the automotive maintenance, auto insurance, and used car trading sectors all possess market commercial spaces reaching the trillion level. Zhou Mingzi stated that, driven by the continuous advancement of automotive vehicle structures and insurance coverage in China, the Chinese after-sales service market will continue to maintain steady growth.
"While the Chinese after-sales service market is showing steady growth, we also see that global automotive services are undergoing changes and innovation, especially against the backdrop of the rapid popularization of new energy electric vehicles." Zhou Mingzi further explained that under the historical opportunities of new energy vehicle development, China's automotive industry has achieved 'curve overtaking' through 'smart manufacturing'. China's influence has been continuously enhanced, bringing important trends and guidance to the future development pattern of the after-sales market.
Taking pure electric passenger vehicles as an example, China is not only the world's largest sales market but also contributes more than half of the global new vehicle sales. Looking at the specific data,2022In China, the sales volume of new energy passenger vehicles in600Ten thousand units, accounting for more than25%, is expected to arrive2025The proportion of annual revenue will further increase to50%. Zhou Mingzi believes that the rapidly growing new energy vehicle market brings greater business opportunities to the after-sales service market, while also posing new requirements for it. If enterprises can seize the business opportunities brought by the new energy vehicle market, they often achieve business innovation and realize a second growth curve.
Zhou Mingzi stated that China, as the market with the fastest development and application of new energy vehicles globally at present, has the richest understanding and market experience in the new energy vehicle industry. It possesses the strongest industrial service innovation drive in the world. It is believed that the value of the global after-sales service market will be reshaped and redefined by China in the future.
After a long period of research and comparison, Frost & Sullivan believes that whether it is an asset-intensiveB2BAre fulfilled-taste players still light-asset players?B2BEcological players tend to be able toB2BStarting from business needs, delving into terminal operations enables us to accurately grasp future market trends. Moreover, from a long-term competitive perspective,B2BPlayers are at the core of the industrial chain, capable of not only effectivelyB2CThe service model has low business trial-and-error costs and possesses extremely high potential for upstream and downstream integration, thereby establishing a stronger business ecosystem.
"Frost & Sullivan believes that current market leaders have greater potential to develop from a vehicle after-sales service ecosystem to a comprehensive automotive service ecosystem, and that theyB2BThe stronger the genes of a service, the better it is able to embrace market opportunities and establish itself in the domestic market, thereby exporting 'Chinese value' globally. ' Zhou Mingzi said.
