Press release
ZF Friedrichshafen, Magneti Marelli, Lear Corporation are major companies in Asia Pacific Automotive Aftermarket Industry
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OEM sales outlet in the overall automotive aftermarket industry in Asia Pacific will observe gains of more than 5% over projected timeframe. Increasing consumer preference for automotive parts provided by the OEMs owing to superior quality assurance and extended warranty coverage will fuel the segment demand. Additionally, a wide range of alternatives in choosing the parts along with proper system compatibility, ease of part replacement, and adequate customer support will further proliferate the business expansion.
Increasing demand for modifications in cars with respect to technologically and mechanically advanced components will fuel the APAC automotive aftermarket industry growth. Rising average distance travelled per vehicle will provide strong outlook for replacement parts thereby driving the business growth. In addition, low cost and easier availability of aftermarket parts compared to OEM parts will further propel the business expansion.
APAC Automotive Aftermarket Industry, By Vehicle Part
• Linkages
• Suspensions
• Transmission
• Braking
• Powertrain Components
APAC Automotive Aftermarket Industry, By Sales Outlet
• Independent Professional
• DIY
• OEM
APAC Automotive Aftermarket Industry, By Vehicle Segment
• Passenger Car
• Light Commercial Vehicle
• Heavy Commercial Vehicle
• Off-Highway Vehicle
Steering segment is expected to surpass USD 37 billion in the overall automotive aftermarket in APAC region. Key factors including increasing vehicle production, improved service life, and innovative manufacturing capacities of the leading players will augment the industry landscape. Additionally, rising consumer awareness pertaining to vehicle crashes on road is increasing the demand for recirculating and nut steering systems, thereby driving the segment growth till 2024.
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Vietnam will observe gains exceeding 9% over the projected time period in overall APAC automotive aftermarket industry. An upsurge in the automobile sales coupled with rising spending power of citizens in the country will spur the industry size. For instance, as per IPSI of Trade and Industry Ministry, the automotive vehicle market will reach around 800,000 units by 2025. The prediction was based on three factors including income per head, average number of cars per 1,000 people, and population size.
PCV vehicle segment valued at over USD 75 billion in 2017. Shifting consumer preferences towards upgrading existing cars with advanced technologies & replacing old components will further spur the business growth. High disposable income and easier credit facility is positively influencing passenger cars sales, further promulgating the business expansion over the projected timeframe.
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Expansion of the travel & tourism sector resulting into increased average distance driven per car is anticipated to positively influence the aftermarket growth. Rising number of road accidents along with increasing adoption of insurance policies will further support the automotive aftermarket industry growth. For instance, in India, the third-party insurance cover for new cars has been made compulsory for a period of three years from September 2018. However, improved OEM fittings along with the provision for extended warranty period may impact the overall APAC automotive aftermarket profitability.
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