Proliferating demand for highly efficient and state-of-the-art automotive spare parts is accelerating the growth of Asia Pacific (APAC) automotive aftermarket. The usual wear and tear of existing vehicles have compelled car owners to purchase aftermarket spare parts and internal components. These components add up to a vehicle’s appearance and provide improved safety.
Advancements in the e-commerce sector along with various tie-ups and venture opportunities between automobile manufacturers have also offered a positive outlook to the market. Taking May 2018 for instance, Amazon signed a partnership agreement with Sears to install automotive aftermarket items purchased from the online platform with its Ship-To-Store Integration solution.
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Additionally, transformational shifts in international mobility norms across several developing economies in APAC could massively favor the automotive aftermarket. Currently, prominent companies in the market are shifting their focus towards implementing and developing technological advancements products in order to expand their market presence. Earlier in 2018, Sumitomo Electric Industries introduced a pedestrian detector application in the aftermarket that could accurately detect incoming pedestrians and could thereby curb road fatalities.
Apart from this, Aisin Seiki Co Ltd, Continental AG, Robert Bosch GmbH, Denso, YAZAKI Corporation, 3M Company, ZF Friedrichshafen AG and Sumitomo Electric Industries Ltd. also hold a significant share in the APAC automotive aftermarket.
How are government regulations impacting the APAC automotive aftermarket?
Stringent federal regulations geared towards minimizing carbon emissions and greenhouse effects could massively aid the APAC automotive aftermarket. The formulation of favorable FDI policies for manufacturing of aftermarket components may broaden the regional industry landscape.
In Philippines, the CARS (Comprehensive Automotive Resurgence Strategy) program offers global investors, including numerous automobile makers, the opportunity to develop lower-cost and high-quality standardized automobile aftermarket components. Initiatives like these could facilitate the expansion APAC automotive aftermarket sector by 2024.
What makes passenger vehicles a dominant segment in the Asia Pacific automotive aftermarket?
The automotive aftermarket industry is categorized under light commercial vehicle, passenger car, off-highway vehicle and heavy commercial vehicle. Out of these, in 2017, the passenger vehicle segment accounted for more than $79 billion, and is projected to witness substantial growth in the coming years.
Growing consumer inclination towards replacing existing vehicles parts with new and advanced components could accelerate the automotive aftermarket growth in the passenger vehicle sector. Moreover, easy availability of credit facilities and increase in disposable income may enable increased vehicle sales, in turn proliferating APAC automotive aftermarket size.
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Growing prevalence of online and e-commerce platforms that deliver a variety of passenger car spare components is stimulating China automotive aftermarket share. Strategic partnerships between international and domestic vehicle manufacturers would facilitate industry expansion. In 2017, Renault formed a joint venture with CBA (Brilliance China Automotive Holdings Ltd) to increase its presence in the LCV division across the nation. With the introduction of online platform, the China automotive aftermarket is poised to record commendable proceeds in the forthcoming years.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Research methodology
1.1.1 Initial data exploration
1.1.2 Statistical model and forecast
1.1.3 Industry insights and validation
1.1.4 Definitions & forecast parameters
1.2 Data Sources
1.2.1 Secondary sources
1.2.2 Primary sources
Chapter 2 Executive Summary
2.1 Asia Pacific automotive aftermarket industry 3600 synopsis, 2013 - 2024
2.1.1 Business trends
2.1.2 Vehicle trends
2.1.3 Vehicle part trends
2.1.4 Sales outlet trends
2.1.5 Country trends
Chapter 3 Asia Pacific Automotive Aftermarket Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2013- 2024
3.3 Industry ecosystem analysis
3.3.1 Parts Manufacturer
3.3.4 Distribution channel analysis
3.3.5 Profit margin trends
3.3.6 Vendor matrix
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