Core Insights - China's used car export market is experiencing a golden period driven by policy incentives and market expansion, supported by over 400 million vehicles in circulation and a mature supply chain [1][3] - The used car industry has transitioned from an exploratory phase to a stage of scaled operations and sustainable development, indicating a significant enhancement in China's global competitiveness in this sector [3][4] Market Dynamics - In 2024, China's used car exports exceeded 400,000 units, covering over 160 countries and regions, becoming a new force in driving automotive consumption and promoting industrial upgrades [3][4] - The overall automotive export volume reached 6.41 million units in 2024, marking a 23% year-on-year increase, with the total number of new energy vehicles reaching 31.4 million [4] Emerging Market Influence - The global automotive market has shifted from being dominated by mature markets to being led by emerging markets, which are expected to continue driving growth in the future [5] - From 2000 to 2024, global automotive demand has shown a pattern of rapid breakthroughs followed by short-term adjustments, with emerging markets solidifying their leading position since 2020 [5][6] Export Growth and Strategy - Since 2023, China has become the world's largest automotive exporter, with used car exports growing from 3,000 units in 2019 to over 436,000 units in 2024, a 46.5% increase year-on-year [7][8] - The total export value of used cars reached $9.21 billion in 2024, reflecting a 23.3% increase compared to the previous year [7] Ecosystem Development - To achieve high-quality development in used car exports, a comprehensive ecosystem needs to be established, transitioning from simple product exports to a more integrated system that includes sourcing, logistics, and after-sales services [8][10] - Companies like Shenzhou Car Rental are focusing on building a complete cross-border service system to enhance global competitiveness for Chinese used cars [10] Regional Insights - Guangdong province is a significant hub for used car transactions, with exports reaching 46,000 units in the first seven months of 2024, surpassing the total for the previous year [11] - The UAE has emerged as the largest trading partner for Guangdong's used car exports, with a 150% year-on-year increase [11]