Asia Pacific Automotive Aftermarket Market

Asia Pacific Automotive Aftermarket Market Size (2022-2027):

The Asia Pacific Automotive Aftermarket Market is estimated at USD 145.2 billion in 2021 and is expected to expand at a CAGR of 5.7% to reach a valuation of USD 191.5 billion by 2027 between 2022-2027.

The automotive aftermarket is the commercial market of the automotive sector involved with the production, repair, dispersal, retail outlets, and deployment of all repair parts, chemicals, machinery, and fittings after the purchase of the automotive by the original equipment manufacturer (OEM) to the user.

Market Drivers:

The interest of automobile drivers to improve their vehicle’s speed, power, and efficiency appearance is the primary driving factor of the APAC Automotive aftermarket industry. The more and more availability of the OEMs and the brilliant choices given by independent players coupled with increased disposed of income in the region are the other significant drivers of the APAC market.

Market Restraints:

The densely crowded market with competitors ranging from small-scale independent players to huge corporations is another factor that can restrain the APAC Automotive aftermarket market.

Market Recent Developments:

• In August 2018, Aisin Seiki Co., Ltd., and DENSO Corp, a market giant of automotive APAC aftermarket business, agreed to set up a new partnership for the production and sale of automobile electrification modules.

ASIA PACIFIC AUTOMOTIVE AFTERMARKET MARKET REPORT COVERAGE:

Market Segmentation:

Asia Pacific Automotive Aftermarket Market - By Type:

• Crash-Relevant Parts
• Appearance and Accessories
• Wear and Tear Parts
• Diagnostics Products and Services

Out of these, the Wear and Tear Parts segment holds the majority of the market share in 2019, with over 62%. This can be attributed to the short lifespan of these parts. As the name suggests, these parts are expected to be put into rough use and therefore needed to be replaced repeatedly, which in turn will drive the Wear and Tear parts segment of the Automotive Aftermarket business. Also, services are expected to be the fastest-growing segment, with a CAGR of over 9.2% due to the constant need for the maintenance of the automotive.

Asia Pacific Automotive Aftermarket Market - By Distribution Channel:

• Online Distribution Channel
• Offline Distribution Channel

Out of these, Offline Channel is both the largest and the fastest-growing segment that accounted for over 72% in 2019. The segment is expected to expand at a CAGR of over 6.5% during the forecast period of 2019 - 2024, owing to the exam's inability of the product. If customers were to buy a product, they like to see and examine the product and its quality of it before they buy the product, this is a significant factor that drives the offline Segment of the Automotive Aftermarket market. The online segment is also getting pace with the penetration of the smartphone industry.

Market Regional analysis:

Based on the region, the Asia Pacific Automotive aftermarket market can be segmented into China, India, South Korea, Australia, and Japan. Of these, China is leading the regional business with all the smooth developments. India will be l be the fastest-growing region in the future.

Leading Key players mentioned in the market research report:

1. 3M
2. Delphi Automotive PLC
3. Federal-Mogul Corporation
4. Goodyear Tire & Rubber Company
5. Cooper Tire & Rubber Company
6. Continental AG
7. Denso Corporation
8. Magneti Marelli S.p.A
9. ZF Friedrichshafen AG
10. Robert Bosch GmbH

Many of these key players focused on technological innovations and aggressive market expansion strategies for staying ahead of the competition.

RESEARCH METHODOLOGY:

The research of the automotive aftermarket market takes place in two phases namely-

Secondary Research: The first phase of the research process is extensive secondary research and identification of the related intelligence. Secondary data is compiled from various sources. Extensive secondary research helps in generating hypotheses and identifying critical areas of interest that are investigated through primary research.

Primary Research: This entails conducting hundreds of primary interviews with industry participants and commentators in order to validate the data points obtained from secondary research and to fill the data gaps. A primary interview provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook, etc. It also helps in deciding the scope and deliverables of the study in terms of the requirement of the market. Primary research involves e-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment, and sub-segment across geographies.

Asia Pacific Automotive Aftermarket Market Research Report Key Highlights:

• Evaluation of the current stage of the market and future implications of the market based on the detailed observation of recent key developments.
• Address the matter by better understanding the market size estimates through CAGR analysis to forecast the future market.
• Comprehensive segmentation of the market, a detailed evaluation of the market by further sub-segments.
• Address Market Drivers, Restraints and provide insights for gaining market share.
• Porter’s Five Forces are used to analyze the factors responsible for the shaping of the industry as it is a result of a competitive environment.