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.
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
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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