Asia-Pacific Automotive Parts and Components Market - Growth, Trends and Forecasts (2017 - 2022)

The development of the auto parts manufacturing industry in Asia- Pacific is primarily driven by the growing automobile manufacturing industry, especially in countries, such as China, Korea, and India. The market in China is driven by the strong growth of the number of automobiles in use across the country. By the end of 2016, the total number of vehicles in use in China has nearly touched around 200 million, and the number is expected to continue increasing rapidly in the future years. The share of cars imported from overseas is only in single digit numbers as many manufacturers have production plants in the country making the automotive parts and components market of the country a vital portion of the regional market. The huge auto industry of the country and the inexpensive labor in the region attracting outsourcing are major drivers of the automotive parts and components market in Asia-Pacific.

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The aftermarket in the country holds a significant share of the overall automotive component market. With used cars becoming a more viable option for first-time buyers, increased government scrutiny of the developing sales network would positively impact the independent aftermarket and thereby affect the demand for the automotive component market in the aftermarket segment. However, the degree of counterfeiting in the automotive component market has significantly increased with the growth and expansion of the market. This counterfeiting would further continue to threaten manufacturer’s profits, requiring parts manufacturers to implement stringent intellectual property protection practices for their products readily.

MARKET DYNAMICS

The Make in India initiative has resulted in the growth of the automotive sector in the country. The car ownership and the number of cars per capita in the country have also increased in the country significantly in the past few decades. The increase in sales of vehicles has sparked an interest in the leading global automakers to make their presence in the spiking automotive industry of the country. Adding to this, the convenient investment procedures and the allowance of 100% Foreign Direct Investment in the automotive sector have made many automakers make their presence in the country. With the convenient investment environment and the evolving market, the industry has attracted over USD 15 billion investment from the last decade. Continuing at the present growth rate, the country’s automotive industry is expected to overtake the Japanese Automotive industry by the end of this decade. Global auto and auto component manufacturers like Magneti Marelli, ISUZU, Suzuki, and Mercedes, etc. have initiated their manufacturing plants in the country. The automotive industry growing at double-digit growth rate, the ancillary automotive parts, and components industry is also poised to register the highest growth rate in the region.

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MARKET SCENARIO

The automotive industry in the APAC region has seen an explosive growth in the last few decades mostly contributed by the huge automotive industry of China and to a considerable extent by the fast growing Indian auto industry. This made many western automotive and automotive component manufacturers eager to make their presence in the regions. Along with major automakers, the tier-1 and tier-2 component manufacturers including Bosch GmbH, Continental, ThyssenKrupp, ZF TRW, Magneti Marelli, Delphi, etc. have started their operations in the region. Besides the western manufacturers many domestic component makers such as Sumitomo, Denso, NTN Corp., Mando, Hyundai Wia, MRF, TVS, Bharat Forge, etc. have also catered for the automotive industry in the region. With many manufacturers present, the market is very fragmented and competitive.

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