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What are the growth drivers of asia pacific automotive aftermarket.? | Toyota Motor Corporation, Continental, ZF Group, Federal-Mogul Powertrain, Faurecia, Magneti Marelli, HELLA, Bridgestone Americas, Delphi, Denso, Lear Corporation
Asia Pacific Automotive Aftermarket
Independent professional sales outlet dominated the Asia Pacific Automotive aftermarket, accounting for over USD 75 billion in 2017. Wide presence of independent professionals coupled with the capability to service wide range of vehicles with the usage of high-quality machinery and tools are driving the segment share over the study timeframe.
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Industry participants are focusing on expanding their regional presence to cater to the growing consumer requirements. For instance, in 2018, Mahindra First Choice Services acquired key assets of Carnation Auto. This allowed the company to gain access to its network of 330 automotive workshops. Increasing focus on reducing logistics costs by increasing tie-ups with logistic channel providers will further boost the industry penetration till 2024.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Lear Corporation
2. Sumitomo Electric Wiring Systems
3. AISIN SEIKI Co., Ltd.
4. Toyota Motor Corporation
5. Robert Bosch GmbH
6. Denso
7. Delphi
8. Bridgestone Americas
9. HELLA
10. Shandong Zhengnuo Group Co., Ltd
11. Continental
12. ACDelco
13. Faurecia
14. Magneti Marelli
15. ALCO Filters Ltd.
16. Federal-Mogul Powertrain
17. ASIMCO
18. Akebono Brake Corporation
19. YAZAKI Corporation
20. Hitachi Automotive Systems Americas
21. JTEKT North America Corporation
22. Mando Corporation
23. ZF Friedrichshafen
Passenger vehicle segment dominated the Asia Pacific automotive aftermarket, accounting for over USD 79 billion in 2017. Shifting consumer preference towards upgrading existing cars with advanced technologies & replacing old components will further spur the automotive aftermarket industry growth till 2024. High disposable income and easier credit facilities will positively influence the passenger cars sales over the projected timeframe. As per OICA, in 2017, passenger vehicles contributed to over 75% of the automotive parc across the region.
Proliferating sales of new and used vehicles coupled with rising replacement parts demand are driving the Asia Pacific automotive aftermarket size. An upsurge in the usage of automotive aftermarket parts across passenger cars, light commercial vehicles, heavy commercial vehicles, and off-highway vehicles are further supporting the business growth. Growing internet penetration along with easier availability of internet access across the region is significantly improving the market demand till 2024.
Key players in the Asia Pacific automotive aftermarket include Continental AG, Aisin Seiki Co Ltd, Denso, Robert Bosch GmbH, 3M Company, YAZAKI Corporation, Sumitomo Electric Industries, Ltd. And ZF Friedrichshafen AG. Technological advancements and product launches are among the key strategies observed in the industry.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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