Press release
APAC Automotive Aftermarket Industry is expected to witness fastest growth at more than 5% CAGR to 2024 - Key Players: Federal-Mogul, 3M, BASF, Lear Corporation, Hyundai MOBIS, Magna International, Toyota Motor, Bosch, Bridgestone, HELLA, Continental, Fau
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Accessories segment is projected to witness significant growth of around 7% over the projected time frame. This growth is attributed to the rising demand for vehicle customization across the globe. Availability of a wide range of accessories for enhancing the core aesthetics is supporting the segment growth over the projected time frame. The proliferating accessory packages offered as per the consumer requirements along with diversified interior modifying alternatives will enhance the automotive aftermarket business expansion.
Minimal replacement and repair cost are one of the major factors driving the market development in the DIY segment. Growing consumer awareness pertaining to the online upkeep tutorials is one of the key factors driving market growth. Additionally, ease in operations and widespread availability of replacement parts and components such as changing tires, oil, and mirrors with minimum application and handling of tools, are fueling the do it yourself sales outlet market.
Top Company Profiles:
1.Bridgestone Corporation
2. Denso Corporation
3. Hella KGaA Hueck & Co.
4. Continental AG
5. Delphi automotive PLC
6. ACDelco
7. Faurecia SA
8. Magneti Marelli SpA
9. Robert Bosch GmbH
10. Aisin Seiki
11. Coastal Corporation
12. Toyota
13. Magna International
14. Johnson Control, Inc.
15. Hyundai Mobis
16. ALCO Filters
17. Yazaki
18. Lear Corp
19. BASF SE
20. Cooper Tire & Rubber Company
21. 3M Company
22. Akebone Brake Corporation
23. Federal Mogul Corporation
24. Shandong Zhengnuo Group Company
25. ASIMCO Technologies Ltd.
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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.
Emergence of organized multi-branded authorized car service centers offering superior quality servicing at lower costs is supporting the industry expansion in the coming years. Shifting preference towards upgrading and maintaining old cars owing to economical, costing is further supporting the industry proliferation over the study time frame.
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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. For instance, In June 2015, 3M?s Automotive Aftermarket Division entered into a strategic partnership with Ringbrothers for developing new tools and solutions for the aftermarket.
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