Automotive Aftermarket size in Asia Pacific is expected to exceed USD 200 billion by 2028, according to a new research study published by Global Market Insights Inc.
The higher margins and rapidly expanding aftermarket volume including retail sales around the world are becoming increasingly important for automotive industry players. The Asia Pacific market will rise significantly as a result of rising automotive production and automakers' efforts to improve vehicle performance in terms of look, speed, sound & other factors.
The car wear & tear components and products accounted for significant sales, followed by diagnostic products & services and crash-relevant parts. With increasing digital penetration in the region, digital services including telematics, fleet management, and vehicle diagnosis will grow tremendously.
Increasing demand for accessories
The car interior and exterior accessories segment in Asia Pacific is set to expand at 7% CAGR through 2028. Car owners are more concerned with the external and interior accessories, which give the vehicle a stylish appearance from the outside and a pleasant & convenient feel from the inside. Passenger car accessories enable car owners to add modern features to their vehicles. Stringent government norms to swap or modernize existing accessories, the growing trend of vehicle customization, and an increase in disposable income are likely to drive the segment growth.
Digitization in the automotive aftermarket
The emergence of e-commerce coupled with rising online sales of aftermarket parts & accessories is anticipated to open new avenues for the industry. The expanding online aftermarket trend is affecting every partner in the value chain including original equipment manufacturers, original equipment suppliers, wholesalers, dealers, and workshops. The market is predicted to develop due to technological advancements, vehicle manufacturing, and the digitization of automotive repair & maintenance services.
Browse key industry insights spread across 150 pages with 175 market data tables & 22 figures & charts from the report, “Asia Pacific Automotive Aftermarket Size By Product (Replacement Parts [Belt, Brakes, Clutch, Electrical Parts, Lighting, Electrical & AC Parts, Exhaust, Filters, Suspensions, Transmission, Wiper Parts], Accessories [Car Exteriors, Car Interiors]), By Sales Outlet (Professional [Quick Lubes, Garages & Service Stations, Automobile Dealerships, Government, Commercial Fleets & Other Professional Outlets], DIY [Discount Department Stores, Auto Parts Stores], OEM Factory Fill), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2028”, in detail along with the table of contents:
The coronavirus pandemic had a substantial impact on the automotive and related industries. Supply chain disruptions and low customer demand have a negative influence on revenue growth. Many countries in the region, such as India, China, Japan, and Australia, have been compelled to enforce stringent lockdowns as a result of the coronavirus crisis, causing customer trust to plummet and spending to be diverted to vital purchases. However, government incentives across the region are projected to get the automobile industry back on track, resulting in industry development.
Australia automotive aftermarket is poised to generate more than USD 10 billion revenue by 2028. The country has a presence of some of the leading original equipment manufacturers and suppliers who are constantly adopting strategies to establish their imprints in the region’s aftermarket space with research & development, innovation, mergers & acquisitions, and new product development. With the growth of auto parts e-retailing, there will be a significant change in focus from local stores to online buying for parts. Aside from digitization, the country is estimated to be affected by global megatrends, such as autonomous vehicles and electrification, which will eventually filter down to consumer parts retail in the aftermarket.
Top players in the Asia Pacific automotive aftermarket are Denso Corporation, Akebono Brake Corporation, Delphi Automotive PLC, Robert Bosch GmbH, Hyundai Mobis Co., Aisin Seiki, 3M, ACDelco, Toyota Motor Corporation, Lear Corporation, ZF Friedrichshafen AG, Tenneco, Shandong Zhengnuo Group Co., Ltd., ASIMCO Technologies Ltd., and Johnson Control International Plc.