According to the Graphical Research new growth forecast report titled “APAC Automotive Aftermarket Size By Product (Replacement Parts [Belt, Brakes, Clutch, Electrical Parts, Lighting, Electrical & AC Parts, Exhaust, Filters, Suspensions, Transmission, Wiper Parts], Accessories [Car Exteriors, Car Interiors]), 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 ), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” to Witness Steady Growth by 2026
The aftermarket is concerned with the retailing, manufacturing, distribution, remanufacturing and installation of all the automotive parts, accessories and equipment after the sale of the automotive by the original equipment manufacturer (OEM) to the customer. The industry is customer driven and changes rapidly due to constantly evolving customer preferences and demands. Shifting market dynamics in countries including, China, Indonesia, India, Vietnam, is supporting manufactures to produce economical goods. Recent advancement in technology along with improvement in logistics support has allowed manufacturers to offer goods at high quality and to a vast base of customers more economically.
The APAC automotive aftermarket from accessories accounted for around 15% share in 2019. Automobile accessories include vehicle exterior and vehicle interior. A vehicle’s interior consists of cockpit modules, automotive seats, headliners, door panels and others specifically designed to provide grip, sound insulation of the automotive cabin and comfort. Upholstery, interior trims and other adornments are crucial for an automotive. In addition, automotive interior is the primary factor that influences a customer’s perception regarding the quality of the automotive.
Changing trend towards do it yourself (DIY) with growing digitalization will significantly expand APAC automotive aftermarket. Various industry participants in the region are investing in vendor management solutions and online order management system to enhance their market share. The growing number of e-commerce platform is providing significant growth opportunities for industry participants in Asia Pacific automotive aftermarket.
The APAC automotive aftermarket is predominantly driven by large markets of China, South Korea and India. South Korea will witness around 7% CAGR till 2026. The country boasts presence of many manufacturing facilities and major automotive companies. Moreover, need to increase fuel efficiency, growth in demand for luxurious automotive, technological advancement and focus on wellbeing of the drivers are propelling the industry growth.
The key players in APAC automotive aftermarket includes, 3M, Yanfeng Automotive Interiors Systems Co., Ltd., Denso Corporation, Continental AG, Yazaki Corporation, Hella KGaA Huech & Co., Bridgestone Corporation, BASF SE, Delphi automotive PLC, Lear Corporation, Toyota Motor Company, etc.