+1-888-308-5802     
News Contact Us

Asia Pacific Automotive Aftermarket Latest Trends, Development, Growth Analysis And Forecast by 2024

Author : Ronak Bora | Published Date : 2020-08-19 

Proliferating sales of new and used vehicles coupled with rising replacement parts demand are driving the Asia Pacific automotive aftermarket size. An upsurge in the usage of automotive aftermarket parts across passenger cars, light commercial vehicles, heavy commercial vehicles, and off-highway vehicles are further supporting the business growth. Growing internet penetration along with easier availability of internet access across the region is significantly improving the market demand till 2024.

Technological advancements in the e-commerce industry supported by tie-ups with automobile manufacturers are providing a positive outlook for the industry expansion. For instance, In May 2018, Amazon announced a partnership with Sears to install automotive aftermarket products bought from the online portal with its Ship-To-Store Integration feature.

Industry participants are focusing on expanding their regional presence to cater to the growing consumer requirements. For instance, in 2018, Mahindra First Choice Services acquired key assets of Carnation Auto. This allowed the company to gain access to its network of 330 automotive workshops. Increasing focus on reducing logistics costs by increasing tie-ups with logistic channel providers will further boost the industry penetration till 2024.

Request sample copy of this report @ https://www.decresearch.com/request-sample/detail/3076

Favorable FDI policies on aftermarket parts manufacturing and stringent government norms focused on reducing the carbon emissions will contribute significantly towards market expansion over the study timeframe. For instance, the Comprehensive Automotive Resurgence Strategy (CARS) program in Philippines attracts investors across the globe including multiple automobile manufacturers for the development of higher quality and lower cost standardized automobile aftermarket parts, positively influencing the market expansion till 2024.

Passenger vehicle segment dominated the Asia Pacific automotive aftermarket, accounting for over USD 79 billion in 2017. Shifting consumer preference towards upgrading existing cars with advanced technologies & replacing old components will further spur the automotive aftermarket industry growth till 2024. High disposable income and easier credit facilities will positively influence the passenger cars sales over the projected timeframe. As per OICA, in 2017, passenger vehicles contributed to over 75% of the automotive parc across the region.

Automotive transmission parts segment is expected to register over 6% CAGR up to 2024. Increasing demand for highly fuel-efficient transmission systems with smoother transition of gears is leading to the development of automated manual transmission systems. The lower cost along with improved fuel efficiency of the AMT systems compared to traditional automatic transmissions play a significant role in the business growth over the projected timeline. For instance, in October 2015, Magneti Marelli, announced the construction of a manufacturing plant for producing AMT gearboxes in India for catering to the growing demand.

Make Inquiry about this report @ https://www.decresearch.com/inquiry-before-buying/3076

Independent professional sales outlet dominated the Asia Pacific Automotive aftermarket, accounting for over USD 75 billion in 2017. Wide presence of independent professionals coupled with the capability to service wide range of vehicles with the usage of high-quality machinery and tools are driving the segment share over the study timeframe.

China automotive aftermarket will grow significantly owing to increasing presence of online platforms to provide wide range of passenger car spare parts. Strategic collaboration between domestic and international vehicle manufacturers is expanding the market share till 2024. For instance, in July 2017, Renault announced a joint venture with Brilliance China Automotive Holdings Ltd (CBA) to expand its presence in the LCV segment across the country.

Key players in the Asia Pacific automotive aftermarket include Continental AG, Aisin Seiki Co Ltd, Denso, Robert Bosch GmbH, 3M Company, YAZAKI Corporation, Sumitomo Electric Industries, Ltd. And ZF Friedrichshafen AG. Technological advancements and product launches are among the key strategies observed in the industry. For instance, in 2018, Sumitomo Electric Industries launched a pedestrian detector featuring high accuracy in pedestrian detection in the aftermarket, as a step towards reducing traffic accidents.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

Related News

Healthcare Gamification Market 2020 By Revenue, Top Trend & Regional Growth Forecast

Published Date: 2020-09-22         Author: Ronak Bora

Healthcare Gamification Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry ... Read More

Steam Autoclaves Market 2020 By Regional Trend & Growth Forecast To 2024

Published Date: 2020-09-22         Author: Ronak Bora

Steam Autoclaves Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challen... Read More

Vaccines Market Future Challenges and Industry Growth Outlook by 2020-2025

Published Date: 2020-09-22         Author: Ronak Bora

Vaccines Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges. ... Read More

© 2020 Fractovia. All Rights Reserved