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    Asia Pacific Automotive Aftermarket Forecast 2028 By Sales Outlet (Professional [Quick Lubes, Garages & Service Stations, Automobile Dealerships, Government, Commercial Fleets & Other Professional Outlets), DIY [Discount Department Stores, Auto Parts Stores], OEM Factory Fill), By Product (Replacement Parts [Belt, Brakes, Clutch, Electrical Parts, Lighting, Engine & AC Parts, Exhaust, Filters, Suspensions, Transmission, Wiper Parts, Others], Accessories [Car Exteriors, Car Interiors]), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share
    Published Date: August 2022   |   Report ID: GR1598   |   Delivery: PDF  Request Free Sample

    Asia Pacific Automotive Aftermarket size surpassed USD 120 billion in 2021 and is anticipated to exhibit a CAGR of 7% between 2022 and 2028.

    The growing focus of several regulatory authorities on monitoring the environmental impacts related to the functioning of numerous automobile components, such as noise emission from automotive exhaust systems, will lead to a favorable outlook for the market. The surging rate of automotive production has urged several manufacturers to enhance their automobile features, such as performance, appearance, sound, and speed. The increasing consumer demands for safety, styling, and comfort are also contributing to changing features of the automobile industry.

    Asia Pacific Automotive Aftermarket

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    Aftermarket primarily constitutes automotive part businesses and the automotive service industry, and mainly revolves around buying and selling equipment or parts for a product after the initial product is manufactured and sold. The surging digital penetration in the APAC region has proved favorable for the rising penetration of digital services such as fleet management, telematics, and vehicle diagnosis.

    The rapidly growing population and their increased purchasing power have resulted in multiple opportunities for supply chains and manufacturers to proliferate the aftermarket volume, mainly through retail sales. The collective inclination for luxury cars and the rise in the number of technological investments will further drive the market size.

    Impact of the COVID-19 outbreak on Asia Pacific automotive aftermarket

    The coronavirus pandemic significantly impacted the automotive industry and associated sectors on account of the disruption of supply chains and weakened customer demand, further hampering revenue generation. It also forced many countries across the continent to impose stringent lockdowns, leading to dipped automotive sales.

    However, the increasing strides in e-commerce and the subsequently rising opportunities for OEMs, OESs, workshops, garages, and distributors among others are contributing toward the market expansion in the post-pandemic era.

    Asia Pacific Market, By Product

    The replacement parts segment will exceed USD 173000 million revenue by 2028, on account of their widespread usage across the region. These aftermarket parts are particularly preferred as they replace damaged parts in automobiles and are not manufactured by the original car manufacturer. They are designed and constructed to exactly fit and work far better than the OEM parts they replace. The value chain of this industry comprises component suppliers and repairing service providers.

    Asia Pacific Market, By Sales Outlet

    The automobile dealership segment will gain remarkable momentum during the forecast timeline, attributed to the thriving all-electric EV sales and the expanding internal combustion engine (ICE) aftermarket in the Asia Pacific. A large number of automotive dealers are approaching partnerships for strategically strengthening their digital presence as well as omnichannel purchase path. Rising mobility trends and the growing digitization to facilitate online and offline changes throughout the purchasing journey will also influence the market dynamics.

    Asia Pacific Market, By Country

    India automotive aftermarket will witness healthy growth through 2028, due to the fast-growing middle-class population and economic growth in the country that is attracting the attention of a rising number of companies and capital.

    For instance, in May 2022, BASF expanded its automotive coatings center in India to boost customer service capabilities across the region. The emergence of new models, rising enthusiasm of industry participants and investors, and the increasing focus on end-user service quality and experience with regard to resource integration are other factors driving the market growth.

    Competitive Industry Landscape

    Some of the leading companies involved in the market are Yazaki Corporation, Delphi Automotive PLC, Yangfeng Automotive Interiors Systems Co., Ltd., Hella KGaA Huech & Co., Lear Corporation, Denso Corporation, Continental AG, Bridgestone Corporation, BASF SE, and Toyota Motor Company. Industry players is placing targeted efforts on growth as well as revenue-driven innovation and marketing initiatives for increased customer reach and extended offerings.

    Frequently Asked Question(FAQ) :

    What is the value of APAC automotive aftermarket?
    It is estimated that Asia Pacific market size exceeded USD 120 billion during 2021 and could record around 7% CAGR between 2022-2028.
    How is the demand for replacement parts boosting APAC automotive aftermarket segment?
    The replacement parts segment is expected to surpass USD 173,000 million by 2028, with growing passenger vehicle sales and a strong chain of component suppliers and repair service providers.
    Why is the growth of automobile dealerships expanding automotive aftermarket sector?
    The automobile dealership sales outlets segment will show considerable gains over 2022-2028 due to growing EV demand and strategic partnerships to expand dealer presence.
    Who provides automotive aftermarket industry products?
    BASF SE, Bridgestone Corporation, Denso Corporation, Hella KGaA Huech & Co., Continental AG, Delphi Automotive PLC, Yangfeng Automotive Interiors Systems Co., Ltd., Toyota Motor Company, Yazaki Corporation, and Lear Corporation are some of the key companies.

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