Apej Automotive Aftermarket

Automotive Aftermarket: Asia-Pacific Excl. Japan (APEJ) Industry Analysis and Opportunity Assessment 2015 - 2025

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Introduction

Over the last decade, volatile growth has been observed in the Asia-Pacific automotive aftermarket. The only major market is set to witness a steady growth during the forecast period. Owed to overall growth in the automotive industry is expected to result in the growth of the Asia-Pacific automotive aftermarket. China has experienced the largest growth and will serve as the most attractive market and strong growth is forecast to continue. All local and multinational companies are keeping an eye upon the region to supply automotive aftermarket parts along with lower costs. 

The Automotive aftermarket is a secondary market, which starts right after the post-sale of the vehicle and emphases on the remanufacturing, manufacturing, distribution, and installation of automobile components and accessories. When these components and accessories are installed very next to the initial sale of the vehicle by the dealer or service provider is termed as automotive aftermarket. Aftermarket automotive components are parts manufactured or remanufactured for installation in vehicles sold by original equipment manufacturers (OEMs), in case of damage or wear. Accessories include parts customized for convenience, safety, comfort and performance, and these are designed as add-ons to be installed after OEMs have assembled the automobiles. Services caters to needs such as choice of where consumers can have their vehicles serviced, maintained or customized.

Drivers and Trends

The Asia-Pacific automotive aftermarket is anticipated to grow at a double-digit CAGR during the forecast period. Growth of the Asia-Pacific aftermarket is mainly driven by growing vehicle parc, increasing safety and security needs, demand for add-on services, higher customer awareness about vehicle upkeep, periodic maintenance, increasing mandated by governments and cost of the automotive aftermarket parts which is less as compared to original parts. Apart from this, favorable GDP growth in the economy are also contributing as the significant drivers for Asia-Pacific automotive aftermarket. However, despite certain technological challenges acting as growth restraints, the Asia-Pacific automotive aftermarket is expected to experience rapid growth over the forecast period.

Segmentation by Replacement Parts

The Asia-Pacific automotive aftermarket can be segmented, based on replacement parts, into oil & lubricants, tires, batteries, wear & tear parts, filters, Collision body, Starters and alternators, lighting, exhaust components and spark plugs. Among these segments, exhaust components dominates the other segments with a CAGR of 14.7% followed by tires and is expected to remain dominant during the forecast period 2015-2025.

Segmentation by Accessories

The Asia-Pacific automotive aftermarket can be segmented, based on accessories, into interior and exterior accessories. Among these segments, demand for interior accessories is more as compared to exterior accessories and is expected to continue its dominance in the sub segment market by 2025.

Segmentation by Service

The Asia-Pacific automotive aftermarket can be segmented, based on services, into general automotive repairs and automotive transmission & other repairs and is predicted to grow at a double digit CAGR during the forecast period 2015 to 2025. 

Segmentation by Countries

Asia-Pacific is anticipated to become the fastest growing region in the global automotive aftermarket. Countries covered in the Asia-Pacific automotive aftermarket outlook and forecast includes China, India, ASEAN, Oceania and Rest of Asia-Pacific. The growing demand from China and India is expected to fuel the growth of the automotive aftermarket during the forecast period 2015-2025. 

Asia-Pacific Automotive Aftermarket

Source: FMI, 2015

FMI study offers a 10-year forecast for the Asia-Pacific Automotive Aftermarket between 2015 and 2025. The market is expected to register a CAGR of 9.7% during the projected period. The study demonstrates the market value in all the Asia-Pacific region along with countries, which influences the current value and future value of the Asia-Pacific Automotive Aftermarket over the forecast period.

This Future Market Insights outlook examines the 'Asia-Pacific automotive aftermarket market' for the period 2015 - 2025. The primary objective of the outlook is to offer updated market value on the replacement parts, accessories and services that gives a rise to automotive aftermarket in Asia-Pacific.

The Automotive aftermarket is basically a market, which starts right after the post-sale of the vehicle and emphases on the remanufacturing, manufacturing, distribution, and installation of automobile components and accessories. When these components and accessories are installed next to the initial sale of the vehicle by the dealer or service provider is termed as automotive aftermarket. Additionally, accessories are customization or parts made for convenience, safety, comfort and performance. These are designed for add-on after the original assembly of the vehicle. Services helps on keeping the vehicles on the road by providing consumers the choice of where they want their vehicles serviced, maintained, or customized.

To understand and assess the opportunities in this industry the market outlook and forecast is categorically split under four sections namely: market analysis by geographic regions, by replacement parts, accessories and services. The report analyses Asia-Pacific automotive aftermarket in terms of market value (US$ Billion). FMI covers the automotive aftermarket performance in terms of revenue.

As highlighted earlier, replacement parts (oil and lubricants, tires, batteries, wear and tear parts, filters, collision body, starters and alternators, lighting exhaust components and spark plugs) accessories (Interior and exterior accessories) services (general automotive repairs and automotive transmission & others). All these sub-segments are included in this section to make the study more comprehensive.

The next section of the outlook highlights Asia-Pacific adoption by countries. It provides a market outlook for 2015 - 2025 and sets the forecast within the context of the automotive aftermarket ecosystem. Key countries assessed in the outlook are China, India, ASEAN, Oceania and Rest of APEJ.

All the above sections, by replacement parts, by accessories, by services or by regions, evaluate the present scenario and the growth prospects of the automotive aftermarket for the period 2015 - 2025. We have considered 2014 as the base year and provide data for the trailing 12 months.  

To calculate the market size, the market outlook and forecast considers various aspects based on secondary research. Furthermore, data points such as country split and market split by components, accessories and services and qualitative inputs from primary respondents have been incorporated to arrive at appropriate market estimates. The forecast presented here assesses the total revenue of the Asia-Pacific automotive aftermarket. When developing the forecast of the market, the starting point is sizing the current market, which forms the basis for the forecast of how the market is anticipated to take shape in the near future. Given the characteristics of market, we triangulated the data via different analysis based on supply side, demand side and dynamics of automotive (parent) market. However, quantifying the market across above-mentioned segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalizing them after the forecast has been completed.

In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyse on the basis of key parameters such as year-on-year (Y-o-Y) growth to understand the predictability of the market and to identify the right opportunities across the automotive aftermarket market. 

Key Segments Covered

  • Components types covered in the Asia-Pacific Automotive Aftermarket outlook and forecast include:
    • Oil & Lubricants
    • Tires
    • Batteries
    • Wear & Tear Parts
    • Filters
    • Collision Body
    • Starters & Alternators
    • Lighting
    • Exhaust Components
    • Spark Plugs
  • Accessories covered in the Asia-Pacific Automotive Aftermarket outlook and forecast include:
    • Interior Accessories
    • Exterior Accessories
  • Services covered in the Asia-Pacific Automotive Aftermarket outlook and forecast include:
    • General Automotive Repairs
    • Automotive Transmission & Other Repairs
  • Countries covered in the Asia-Pacific Automotive Aftermarket outlook and forecast include:
    • China
    • India
    • ASEAN 
    • Oceania
    • Rest of Asia-Pacific

Apej Automotive Aftermarket Reports - Table of Contents

1. Asia-Pacific Automotive Aftermarket 

2. Research Methodology

3. Assumptions Used

4. Asia-Pacific Automotive Aftermarket Analysis, 2015-2025

   4.1. Market Size and Forecast, By Value

   4.2. Asia-Pacific Automotive Aftermarket Share, By Value

4.2.1. Market Share, By Components

4.2.2. Market Share, By Accessories

4.2.3. Market Share, By Services

4.2.4. Market Share, By Countries

5. Asia-Pacific Automotive Aftermarket, By Components

   5.1. Asia-Pacific Aftermarket Components Analysis, 2015 - 2025

5.1.1. Lubricants

5.1.1.1. Market Value Forecast

5.1.2. Tires

5.1.2.1. Market Value Forecast

5.1.3. Batteries

5.1.3.1. Market Value Forecast

5.1.4. Wear & Tear Parts

5.1.4.1. Market Value Forecast

5.1.5. Filters

5.1.5.1. Market Value Forecast

5.1.6. Collision Body

5.1.6.1. Market Value Forecast

5.1.7. Starters & Alternators

5.1.7.1. Market Value Forecast

5.1.8. Lighting

5.1.8.1. Market Value Forecast

5.1.9. Exhaust Components

5.1.9.1. Market Value Forecast

5.1.10. Spark Plugs

5.1.10.1. Market Value Forecast

6. Asia-Pacific Automotive Aftermarket Analysis, By Accessories

   6.1. Market Forecast By Accessories

6.1.1. Interior

6.1.1.1. Market Value Forecast

6.1.2. Exterior

6.1.2.1. Market Value Forecast

7. Asia-Pacific Automotive Aftermarket Market Analysis, By Services

   7.1. Market Forecast By Services

7.1.1. General Automotive Repairs

7.1.1.1. Market Value Forecast

7.1.2. Automotive Transmission & Others

7.1.2.1. Market Value Forecast

8. Asia-Pacific Automotive Aftermarket Market, By Country

   8.1. Market Forecast By Country

8.1.1. China Market Value Forecast

8.1.2. India Market Value Forecast

8.1.3. ASEAN Market Value Forecast

8.1.4. Oceania Market Value Forecast

8.1.5. Rest of Asia-Pacific Market Value Forecast

9. China Market Analysis

   9.1. China Market Forecast

9.1.1. Market Value Forecast By Components

9.1.1.1. Lubricants 

9.1.1.2. Tires 

9.1.1.3. Batteries

9.1.1.4. Wear & Tear Parts

9.1.1.5. Filters  

9.1.1.6. Collision Body 

9.1.1.7. Starters & Alternators  

9.1.1.8. Lighting 

9.1.1.9. Exhaust Components 

9.1.1.10. Spark Plugs 

9.1.2. Market Value Forecast By Accessories

9.1.2.1. Interior

9.1.2.2. Exterior

9.1.3. Market Value Forecast By Services

9.1.3.1. General Automotive Repairs 

9.1.3.2. Automotive Transmission & others

10. India Market Analysis

   10.1. India Market Forecast

10.1.1. Market Value Forecast By Components

10.1.1.1. Lubricants 

10.1.1.2. Tires 

10.1.1.3. Batteries

10.1.1.4. Wear & Tear Parts

10.1.1.5. Filters  

10.1.1.6. Collision Body 

10.1.1.7. Starters & Alternators  

10.1.1.8. Lighting 

10.1.1.9. Exhaust Components 

10.1.1.10. Spark Plugs 

10.1.2. Market Value Forecast By Accessories

10.1.2.1. Interior

10.1.2.2. Exterior

10.1.3. Market Value Forecast By Services

10.1.3.1. General Automotive Repairs 

10.1.3.2. Automotive Transmission & others

11. ASEAN Market Analysis

   11.1. ASEAN Market Forecast

11.1.1. Market Value Forecast By Components

11.1.1.1. Lubricants 

11.1.1.2. Tires 

11.1.1.3. Batteries

11.1.1.4. Wear & Tear Parts

11.1.1.5. Filters  

11.1.1.6. Collision Body 

11.1.1.7. Starters & Alternators  

11.1.1.8. Lighting 

11.1.1.9. Exhaust Components 

11.1.1.10. Spark Plugs 

11.1.2. Market Value Forecast By Accessories

11.1.2.1. Interior

11.1.2.2. Exterior

11.1.3. Market Value Forecast By Services

11.1.3.1. General Automotive Repairs 

11.1.3.2. Automotive Transmission & others

12. Oceania Market Analysis

   12.1. Oceania Market Forecast

12.1.1. Market Value Forecast By Components

12.1.1.1. Lubricants 

12.1.1.2. Tires 

12.1.1.3. Batteries

12.1.1.4. Wear & Tear Parts

12.1.1.5. Filters  

12.1.1.6. Collision Body 

12.1.1.7. Starters & Alternators  

12.1.1.8. Lighting 

12.1.1.9. Exhaust Components 

12.1.1.10. Spark Plugs 

12.1.2. Market Value Forecast By Accessories

12.1.2.1. Interior

12.1.2.2. Exterior

12.1.3. Market Value Forecast By Services

12.1.3.1. General Automotive Repairs 

12.1.3.2. Automotive Transmission & others

13. Rest of Asia-Pacific Market Analysis

   13.1. Rest of Asia-Pacific Market Forecast

13.1.1. Market Value Forecast By Components

13.1.1.1. Lubricants 

13.1.1.2. Tires 

13.1.1.3. Batteries

13.1.1.4. Wear & Tear Parts

13.1.1.5. Filters  

13.1.1.6. Collision Body 

13.1.1.7. Starters & Alternators  

13.1.1.8. Lighting 

13.1.1.9. Exhaust Components 

13.1.1.10. Spark Plugs 

13.1.2. Market Value Forecast By Accessories

13.1.2.1. Interior

13.1.2.2. Exterior

13.1.3. Market Value Forecast By Services

13.1.3.1. General Automotive Repairs 

13.1.3.2. Automotive Transmission & others