Asia Pacific Automotive AfterMarket Size & Share 2022 to 2028
Market Size by Product (Replacement Parts, Accessories), by Sales Outlet (Professional [Quick Lubes, Garages & Service Stations, Automobile Dealerships, Government, Commercial Fleets], DIY, OEM Factory Fill) & Forecast.
Report ID: GMI3076
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Published Date: February 2022
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Report Format: PDF
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Authors:
Kiran Pulidindi, Akshay Prakash
Asia Pacific Automotive AfterMarket Size
Asia Pacific Automotive Aftermarket size crossed USD 127 billion in 2021 and is estimated to exhibit a CAGR of over 7.1% from 2022 to 2028. The growing demand for planned servicing and maintenance to extend the life of an older vehicle is propelling the regional industry growth.
The increased involvement of original equipment manufacturers in aftermarket activities combined with the consolidation of parts distributors is pointing to a bright future for this business. Vehicle sales are witnessing a boost due to the growing middle-class population and rising spending power, which present growth prospects for aftermarket parts manufacturers and supply chain providers. Revenue will observe a further growth on account of aging vehicle fleets and rising demand for replacement parts. Growing automotive production and utilization in India, China, Japan, South Korea, Australia & Southeast Asia will further aid market demand.
Shifting customer preferences to replace outdated vehicles with new technologies are likely to open new market avenues. Entertainment systems, ADAS, and vehicle telematics are gaining popularity among the younger population. The emergence of online portals for vehicle components coupled with the digitization of aftermarket sales and services is anticipated to increase market concentration in the region.
Asia Pacific Automotive Aftermarket Analysis
The replacement parts dominate the Asia Pacific automotive aftermarket and is predicted to generate around USD 170 billion revenue by 2028. Increased maintenance requirements owing to vehicle aging and poor driving conditions will raise aftermarket parts demand. The rising penetration of parts manufacturers, low cost of production, and increasing accidents will further open opportunities for aftermarket parts & services. Industry shift toward the reduction of overall vehicle weight and improving fuel efficiency, followed by consumer demand for vehicle customization is supporting market penetration.
Professional sales outlets are poised to account for more than 60% of the revenue share by 2028. Product expertise, increasing demand for premium quality products, proximity to stores, and service quality are further increasing the demand for aftermarket sales and services from these outlets.
During the projection period, the professional sales outlets sector from quick lubes is set to expand at a high rate. Quick lubes dominated the overall sales in the professional sales outlet segment. Convenient locations, coupons & deals, and the speed with which services are provided are the growth factors of this sector.
China automotive aftermarket is slated to register 8.5% gains through 2028 fueled by increasing manufacturing of new automobiles, and modification & upgrade of the existing vehicles. Advancements in technology and innovation in the automotive industry are likely to open up new prospects for China's aftermarket companies.
Due to increasing customer preferences toward energy-efficient vehicles, rising sales of hybrid, gas & electric vehicles are projected to foster automotive demand; hence, sustaining aftermarket requirements. The industry growth is also propelled by the adoption of various customization and digitization in automobiles, followed by the use of Bluetooth devices and a variety of other accessories.
The growing adoption of advanced technologies in auto part manufacturing, increasing automotive production, and the digitization of automotive component delivery services are spurring automotive sales in India. The Indian automotive market continues to evolve with regular product upgrades and new product debuts, followed by amazing technological advancements in automobiles. While domestic manufacturing has historically fulfilled the majority of the domestic demand, product localization is driving access to and the cost of these new-age technology-rich automobiles.
Asia Pacific Automotive AfterMarket Share
The Asia Pacific automotive aftermarket industry is competitive in nature. The leading companies are doing merger & acquisitions, new product development, technological upgradation, research & development, and partnership strategies in order to expand their network and cater growing industry requirements.
Key market players are:
The Asia Pacific automotive aftermarket research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2028 for the following segments:
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Industry, By Product
Industry, By Sales Outlet
The above information is provided on a country basis for the following:
Asia Pacific
Research methodology, data sources & validation process
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Our 6-step research process
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Verified data sources
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