China's automotive aftermarket is estimated to have hit 1 trillion yuan ($153.78 billion) in 2020, said the country's Ministry of Commerce (MOFCOM) Wednesday. The sector has given a tremendous boost to consumption related to the auto industry, the ministry added.
The automotive aftermarket refers to deals and services related to sold automobiles. Citing China Automobile Dealers Association, MOFCOM said that over 14.34 million used vehicles were traded last year in China, down by 3.9 percent from a year ago. The decrease narrowed 15.7 percent compared with that in the first half of the same year. Total transaction volume stood at 888.8 billion yuan, shrinking 5.0 percent year on year.