Asia Pacific Automotive AfterMarket Demand, Growth Opportunities and Forecast To 2024

Global Asia Pacific automotive aftermarket is anticipated to depict a CAGR of 5% through 2024, having recorded a valuation of 115 billion in 2017. By 2024, the APAC automotive aftermarket is expected to hit a remuneration of 165 billion, further claims the latest study by Global Market Insights Inc.

Owing to a drastic rise in the demand for state-of-the-art and highly-efficient automotive spare parts, the Asia Pacific automotive aftermarket share has been registering commendable progress in the last few years. The eventual wear and tear of existing vehicles is invariably leading car owners to replace the car’s internal components and old spare parts for improved safety and enhancement of the vehicle’s appearance.

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the transformational shifts in global mobility policies across various emerging economies in the region is positively favoring the Asia Pacific automotive aftermarket, which is slated to garner more than USD 165 billion in terms of remuneration by the year 2024.

The most prominent factor that has been favoring the India automotive aftermarket is the rapidly growing trend of vehicle ownership in rural and semi-urban regions of the country. The statistics published by the Society of Indian Automobile Manufacturers (SIAM) – is the premier organization representing the nation’s automotive industry – are testament to the humongous rise in the sales of passenger and commercial vehicles over the last few years. Recording a y-o-y growth rate of 14.78 percent, the increase in automotive sales has boosted the demand for auto spare parts and other ancillary components across the country, which has, in turn, proved highly-beneficial for the India automotive aftermarket.

Speaking along similar lines, the growing adoption of vehicle insurance policies in the nation would further propel the India automotive aftermarket expansion. It is quite prudent to mention that the third-party insurance cover for new cars has been made mandatory for period of three years following a Supreme Court order effective from September 2018.

Following the footsteps of major developing economies of the region like India and China, Vietnam is making ground-breaking progress in the APAC automotive aftermarket in the recent years owing to marked uptick in automobile sales and rise in the disposable income of its residents. As per the Industrial Policies Strategies Institute (IPSI) under the Ministry of Trade and Industry, the automobiles production in the nation is expected to increase at an average of 18.5 percent each year over 2018 to 2025, essentially boosting the Asia Pacific automotive aftermarket.

Industry analysts believe that the new auto manufacturing complex and the increasing automobile sales would open up unprecedented opportunities for the major firms operating in the Asia Pacific Automotive Aftermarket and position Vietnam as a significant contributor toward the burgeoning automotive industry in the region. In fact, according to a research report put together by Global Market Insights, Inc., Vietnam automotive aftermarket is forecast to expand at an annual growth rate of more than 9 percent over the estimated time frame.

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Partial Chapter of the Table of Content

Charts & Figures

FIG 1.    Asia Pacific Automotive Aftermarket segmentation

FIG 2. Industry landscape, (USD Billion), 2013 - 2024

FIG 3. Industry ecosystem analysis

FIG 4. European B2C e-commerce goods & service sales (USD Billion)

FIG 5. Average vehicle age, (2000 - 2014)

FIG 6. Country wise passenger cars sales in Asia Pacific, 2017 (Units)

FIG 7. Country wise commercial vehicles sales in Asia Pacific, 2017

FIG 8. Country wise automotive industry turnover in Asia Pacific (USD Million), 2017

FIG 9. Country wise road traffic deaths across Asia Pacific, 2013

FIG 10.    Distribution of road traffic deaths by type of road user across India, 2013 (%)

FIG 11.    Growth potential analysis, 2017

FIG 12.    Porter’s analysis

FIG 13.    Company market share analysis, 2017

FIG 14.    Asia Pacific Automotive Aftermarket PESTEL analysis

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