Asia Pacific Automotive Aftermarket Outlook To 2024 Top Companies Trends, Growth Factors Details For Business Development
Asia Pacific automotive aftermarket share has been registering commendable progress over 2018-2024, Owing to a drastic rise in the demand for state-of-the-art and highly-efficient automotive spare parts, The eventual wear and tear of existing vehicles is invariably leading car owners to replace the car’s internal components and old spare parts for improved safety and enhancement of the vehicle’s appearance.
Amidst a gradual slowdown in the global economic activity in the recent times, the developing countries in the Asia Pacific terrain are experiencing unprecedented growth. This has facilitated the expansion of the automotive aftermarket across major Asian nations such as China, India, Japan, Singapore, along with smaller economies like Vietnam and Thailand catching up fast enough.
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The most prominent factor that has been favoring the India automotive aftermarket is the rapidly growing trend of vehicle ownership in rural and semi-urban regions of the country. The statistics published by the Society of Indian Automobile Manufacturers (SIAM) – is the premier organization representing the nation’s automotive industry – are testament to the humongous rise in the sales of passenger and commercial vehicles over the last few years. Recording a y-o-y growth rate of 14.78 percent, the increase in automotive sales has boosted the demand for auto spare parts and other ancillary components across the country, which has, in turn, proved highly-beneficial for the India automotive aftermarket.
Following the footsteps of major developing economies of the region like India and China, Vietnam is making ground-breaking progress in the Asia Pacific automotive aftermarket in the recent years owing to marked uptick in automobile sales and rise in the disposable income of its residents. As per the Industrial Policies Strategies Institute (IPSI) under the Ministry of Trade and Industry, the automobiles production in the nation is expected to increase at an average of 18.5 percent each year over 2018 to 2025, essentially boosting the Asia Pacific automotive aftermarket.
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.
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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Partial Chapter of the Table of Content
Charts & Figures
FIG 1. Asia Pacific Automotive Aftermarket segmentation
FIG 2. Industry landscape, (USD Billion), 2013 - 2024
FIG 3. Industry ecosystem analysis
FIG 4. European B2C e-commerce goods & service sales (USD Billion)
FIG 5. Average vehicle age, (2000 - 2014)
FIG 6. Country wise passenger cars sales in Asia Pacific, 2017 (Units)
FIG 7. Country wise commercial vehicles sales in Asia Pacific, 2017
FIG 8. Country wise automotive industry turnover in Asia Pacific (USD Million), 2017
FIG 9. Country wise road traffic deaths across Asia Pacific, 2013
FIG 10. Distribution of road traffic deaths by type of road user across India, 2013 (%)
FIG 11. Asia Pacific Automotive Aftermarket Growth potential analysis, 2017
FIG 12. Porter’s analysis
FIG 13. Company market share analysis, 2017
FIG 14. Asia Pacific Automotive Aftermarket PESTEL analysis
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