What's Driving the Asia Pacific Automotive Aftermarket Growth? Lear Corporation, Toyota Motor Corporation, Bosch, Denso, HELLA, Delphi, Bridgestone, Continental, ACDelco, Faurecia, Magneti Marelli, Hitachi Automotive Systems Americas, Inc.
The principal factor responsible for the growth of the Asia Pacific automotive aftermarket industry from Vietnam is the rapid upsurge in automobile sales in the region. According to a prediction made by the Industrial Policies Strategies Institute under the Ministry of Trade and Industry, on the basis of the regional populace, income per head and the average number of automobiles per 1,000 people, the automobile industry in Vietnam is anticipated to hit 800,000 units by 2025 and close to 1.85 million units by 2035. This would in consequence, majorly pave the way for Vietnam to emerge as the next lucrative investment ground for Asia Pacific automotive aftermarket.
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Another factor that has been helping Vietnam contribute to the Asia Pacific automotive aftermarket is the rising purchase parity of the nation on account of the changing dynamics of economic growth across the continent. Powered by the increasing spending power of citizens and the rapidly expanding regional automotive industry, Vietnam automotive aftermarket is anticipated to register a CAGR of 9% over 2018-2024.
In line with Vietnam's ambitious strategy to carve out a profitable growth path for the nation's automobile industry, the formation of an auto manufacturing center in the vital central economic region is being visualized presently. The proposed Kim Long Motors Hue complex is slated to be set up in the Chan May-Lang Co Economic Zone to not only utilize the port and logistical advantage of the province but also to attract more investors to the local mechanical and spare parts industries in the times to come.
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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With the dynamically surging demand for advanced modifications in cars in economies such as India, China, and Japan, the commercialization potential of the Asia Pacific automotive aftermarket industry is anticipated to surge majorly over 2018-2024. Powered by the ever-increasing requirement of advanced replacement parts and the dynamic expansion of the regional automotive market, the APAC automotive aftermarket industry is slated to traverse alongside a highly profitable growth path in the years ahead.
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