By 2024, APAC Automotive Aftermarket is expected to witness 6%+ gains

Asia Pacific Automotive Aftermarket is expected to witness over 6% gains up to 2024. This growth is credited to the increasing consumer preference for incorporating high performance and aesthetic features in their vehicles. Further, increasing vehicle sales across the region owing to the presence of major automobile manufacturers including Hyundai, Toyota, and Suzuki, among others offering wide range of vehicles at varying price point are positively influencing the market growth till 2024. Increasing aftermarket parts exports from the U.S. to South Korea is providing a positive outlook for the industry expansion.

The automotive aftermarket report provides a comprehensive review of this industry with respect to the driving forces influencing the market size. Comprising the current and future trends defining the dynamics of this industry vertical, this report also incorporates the regional landscape of market in tandem with its competitive terrain.

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North America, primarily driven by the United States and Canada, has been one of the most significant growth grounds for the global automotive aftermarket, which principally can be attributed to the expanding automotive industry in the region. The continent has been a witness to an upsurge in the production of new vehicles and the enhancement of older ones. Furthermore, the region is a powerhouse of technological advancements in automobile production and upgradation, which is likely to generate novel opportunities for aftermarket companies in the years to come.

Another pivotal factor likely to drive North America automotive aftermarket over the forecast period is the improved fuel economy that would quite overtly, augment the average miles that the customer drives, which would lead to increased wear and tear in vehicle parts. This would eventually fuel the requirement for aftermarket spare parts in the continent, stimulating North America automotive aftermarket industry trends.

Rising necessity for maintenance and periodic servicing of vehicles to maintain their performance and efficiency is driving the automotive aftermarket growth over the forecast timeframe. Increasing innovations along with rising competition is enabling industry participants to continuously invest in R&D for introducing low cost reliable solutions to attract customers.

The increasing preference of customers to opt for base models of vehicles and upgrade with technologically advanced equipment is supporting the industry proliferation. Incorporation of the latest technology into the product portfolio including ADAS systems, electrical components among others, increases the requirement for periodic upgradation and maintenance of these components for optimum performance, strengthening the automotive aftermarket expansion till 2024.

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Technological advancements have indeed had a major impact on the overall automotive aftermarket in the last half a decade. The surging demand for electrification and installation of software has been touted to generate novel avenues for aftermarket workshops and suppliers. The popularity of ADAS, infotainment systems, and telematics will also serve to augment the demand for technologically developed parts, that would help stimulate automotive aftermarket industry growth in the years to come.

Few key players in the automotive aftermarket include Magna International, 3M Company, Lear Corp., Yazaki, ALCO Filters, Denso Corporation and Continental AG. Other key players include Akebone Brake Corporation, Magneti Marelli, and Copper Tire & Rubber Company. Strategic collaborations and partnerships are among the major strategies adopted by industry participants for increasing their market share.

Major Table of Content: –

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   Assumptions, scope & forecast parameters

1.2  Data sources

1.2.1   Secondary

1.2.2   Primary

Chapter 2 Executive Summary

2.1  Industry 3600 synopsis, 2013 – 2024

2.1.1   Business trends

2.1.2   Product trends

2.1.3   Sales outlet trends

2.1.4   Regional trends

Chapter 3 Industry Insights

3.1  Industry segmentation

3.2  Industry landscape, 2013- 2024

3.3  Industry ecosystem analysis

3.3.1   Vendor matrix

3.3.2   Margin analysis

3.3.2.1    Manufacturers

3.3.2.2    Distributor

3.3.3   Distribution channel analysis

3.4  Technology & innovation landscape

3.5  Regulatory landscape

3.6  Global automotive industry overview

3.6.1   Major automotive trends

3.6.2   Advantages of manufacturing

3.6.3   Vehicle parc (on road) statistics

3.6.4   Collision statistics by country 2010 – 2016

3.6.5   Insurance landscape

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