APAC Automotive Aftermarket to cross US$ 200 billion by 2028, Says Global Market Insights Inc.

SELBYVILLE, Del., Feb. 21, 2022 /PRNewswire/ -- The APAC automotive aftermarket industry is projected to surpass USD 200 billion by 2028, as reported in a research study by Global Market Insights Inc. Increasing automotive production in India, China, Japan, and Southeast Asia coupled with stringent government regulations in these economies to replace or upgrade parts & technologies of old vehicles is expected to increase the aftermarket parts business. Furthermore, the industry has witnessed tremendous growth over the past few years due to increased consumer awareness regarding vehicle safety, efficiency & available technologies.

Asia Pacific automotive aftermarket from DIY sales outlet is increasing over the past few years. The rising penetration of auto parts stores and discount department stores in emerging economies is projected to increase industry concentration over the forecast period. The availability of a wide variety of products at lower costs coupled with the rising penetration of online auto parts stores will add market growth.

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Indonesia is poised to offer lucrative opportunity in Asia Pacific automotive aftermarket industry and is projected to grow at more than 7% CAGR through 2028. Many original equipment manufacturers have manufacturing and assembly facilities in the nation. Indonesia is seeing a boom in used car sales in Tier II cities, indicating that the average age of cars is rising, providing momentum for the car servicing business. The rise of the used automobile business is aided by the expanding urban population and disposable income among the working population. The increased population of middle-income people in Tier II cities has resulted in an increase in the demand for used cars and the trend is likely to continue in the coming years.

Top players in APAC 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.

Some major findings of the Asia Pacific automotive aftermarket report include:

• The growing popularity of electric vehicles among consumers coupled with government initiatives toward the increasing production of electric vehicles is anticipated to be the key market restraint.
• Increasing auto component manufacturing in the emerging economies of this region will further drive market growth.
• Rising demand for long-distance automobiles to provide opportunities for the replacement & repair of vehicle components.
• Low production costs, availability of raw materials, and increasing automotive production in this region are set to increase the market penetration of new manufacturers.
• The COVID-19 pandemic has severely impacted Asia Pacific automotive aftermarket. Low production output, nationwide lockdown, supply chain disruptions, unavailability of raw materials have impacted the overall vehicle sales in 2020.
• Digital channels, such as e-commerce websites, m-commerce, and social media, are expected to play an important role in developing the automotive aftermarket sales in this region.

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Partial chapters of report table of contents (TOC):

Chapter 2 Executive Summary

2.1  Asia Pacific automotive aftermarket industry 360° synopsis, 2018 – 2028

2.1.1  Business trends

2.1.2  Product trends

2.1.3  Sales outlet trends

2.1.4  Country trends

Chapter 3 Asia Pacific Automotive Aftermarket Industry Insights

3.1  Industry segmentation

3.2  Industry ecosystem analysis

3.2.1  Part manufacturers

3.2.2  Profit margin trends

3.2.3  Distribution channel analysis

3.2.4  Value chain disruptions due to COVID-19

3.2.5  Vendor matrix

3.3  E-commerce automotive aftermarket overview

3.3.1  E-commerce penetration in Asia Pacific automotive aftermarket, 2020

3.4  Automotive industry overview

3.4.1  Major automotive trends

3.4.2  Vehicle parc (on road) statistics

3.5  Industry best practices & key buying criteria

3.5.1  Need recognition

3.5.2  Information search

3.5.3  Purchase decision

3.5.4  Post-purchase behavior

3.6  COVID-19 influence on the automotive industry

3.7  Technology landscape

3.7.1  Paintless dent removal

3.7.1  Electronic Diagnosis

3.8  Regulatory landscape

3.8.1  Australia

3.8.1.1  Motor Vehicle Standards Regulations 1989

3.8.2  China

3.8.2.1  New regulatory framework on auto distribution and aftermarket

3.8.3  India

3.8.4  Japan

3.8.4.1  Japan Automotive Products Association (JAPA)

3.9  Industry impact forces

3.9.1  Growth drivers

3.9.1.1  Growing demand for vehicle upgrades along with digitization of distribution channels

3.9.1.2  Increasing vehicle sales of new and preowned vehicles

3.9.2  Industry pitfalls and challenges

3.9.2.1  Adoption of vehicle safety technologies and rising electric vehicle sales

3.10  Innovation & sustainability

3.10.1  Augmented reality

3.11  Growth potential analysis, 2021

3.12  Porter's analysis

3.13  Competitive landscape, 2021

3.13.1  Top players analysis, 2021

3.13.2  Key stakeholders

3.13.3  Strategy dashboard

3.14  PESTLE analysis

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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SOURCE Global Market Insights Inc.