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APAC Automotive Aftermarket size to cross $205 Bn by 2028
Published Date: 2022-08-08
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APAC Automotive Aftermarket size is projected to reach USD 205 billion by 2028, according to a latest forecast report by Graphical Research.
The market growth is on account of the constantly evolving customer preferences as well as demands. Constant technological advancements have ensured automotive manufacturers to offer goods of high quality to a vast base of customers more economically. With the rising vehicular demand in the region, most automotive companies are considering revamping the customer experience radically with the creation of mobility ecosystems.
An aftermarket revolves around the retailing, manufacturing, remanufacturing, distribution, and installation of all automotive parts, accessories, and equipment post the sale of the automotive by the OEM (original equipment manufacturer) to the customer.
Changing consumer attitudes, technological evolutions, and economic pressures, have prompted multiple Asian consumers to reflect on alternatives to traditional ownership, like renting, sharing, subscribing, or buying secondhand products. The shifting market dynamics mainly in countries including, Indonesia, China, India, and Vietnam coupled with the rising incorporation of electrification to introduce a new set of car components will also influence the aftermarket.
The Asia Pacific automotive aftermarket from accessories segment will witness remarkable growth through 2028, attributed to their rising demand as add-ons used for upgrading the new car and adding styles to improve its capabilities.
Automobile accessories mostly constitute the vehicle’s exterior and interior. The automotive interior is the primary factor that influences a customer’s perception regarding the quality of the automotive. It consists of automotive seats, cockpit modules, headliners, and door panels among others, which are specifically designed for providing grip, as well as sound insulation of the automotive cabin and comfort. The increasing cruciality of various adornments such as upholstery, and interior trims in automotive will also favor the industry dynamics.
Browse detailed statistical insights from the report, “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” along with the table of contents (ToC) @
The Asia Pacific automotive aftermarket size from professional sales outlets segment will witness 6% CAGR during the forecast timeframe, ascribed to their growing preference as they offer tons of aftermarket and OEM parts for various makes and models. These brick-and-mortar stores are highly favored as they come with a solid network of professional DIFM providers. They also have the upper hand in upselling various warranties on the store aftermarket parts.
The automotive aftermarket in China will depict an 8% CAGR till 2028, owing to the presence of severe regulations for vehicle safety. The significant rise in the number of authorized car dealerships and the presence of comprehensive repair centers and auto parts markets will push the market growth.
With the higher inclination for commercial vehicles over private passenger cars, the commercial vehicle sector in the region has a mature aftermarket supply chain to quickly meet maintenance demands. The whopping number of R&D investments and the increasing number of industry startups are other trends driving the regional aftermarket expansion.
The APAC automotive aftermarket research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD Million from 2017 to 2028 for the following segments
Asia Pacific Market, By Product
- Replacement parts
- Electrical parts
- Engine & AC parts
- Wiper parts
- Car exteriors
- Car interiors
Asia Pacific Market, By Sales Outlet
- Quick lubes
- Garages & service stations
- Automobile dealerships
- Commercial fleets & other professional outlets
- Discount department stores
- Auto parts stores
- OEM factory fill
The above information has been provided for the following countries:
- Asia Pacific
- South Korea