Asia Pacific automotive aftermarket share is set to register prolific growth over the foreseeable future. This is driven by the increasing consumption of automotive components and accessories for maintenance and repair purposes. The strong demand for used vehicles in countries like Indonesia and China, alongside the rapid upgradation and digitalization of vehicles, will also escalate the automotive aftermarket demand in the region.
Automotive parts manufacturers are rapidly making a shift towards online platforms, due to the myriad advantages provided by these platforms, such as discounts and parts comparison opportunities. The penetration of e-Commerce in the automotive aftermarket in the Asia Pacific was around 5-8% in 2020. Likewise, the rising investment of business ventures in online platforms to boost their wholesale automotive parts procurement will also drive automotive aftermarket business expansion across the APAC region.
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In the wake of the COVID-19 pandemic, various industrial sectors including automotive witnessed massive challenges, especially during the initial months of the outbreak. Several parts manufacturers experienced initial regulatory shocks due to the implementation of strict lockdowns and trade restrictions, which may impede the APAC automotive aftermarket industry outlook over the forecast spell. In 2020, passenger car sales declined to over 32 million units from peak sales of around 41 million in 2017 in the Asia Pacific region.
Considering the product, the replacement parts segment is set to hold an appreciable share in the Asia Pacific automotive aftermarket by 2027. This is a result of the availability of the product in a wide variety of choices and the cost-effectiveness of aftermarket parts as compared to those produced by the OEMs.
On the other hand, the Asia Pacific automotive aftermarket from the accessories segment is poised to depict around 7% CAGR through 2027. Growth from this segment is attributable to the increasing adoption of automotive accessories to enhance the aesthetic appeal of the interior and exterior and ensure strong protection of the vehicles.
Based on sales outlet, the DIY segment accounted for nearly 20% of the Asia Pacific automotive aftermarket share in 2020 and is likely to record revenue of over $47 billion by 2027. This can be credited to the availability of cost-effective products in this sector and the growing number of automotive enthusiasts. Increasing emphasis of industry players on offering innovative and easy-to-use repair kits, rising per capita income, and increased sales of new and old vehicles will also stimulate segmental growth in the upcoming years.
The competitive landscape of the Asia Pacific automotive aftermarket industry comprises companies such as ZF FRIEDRICHSHAFEN AG, Delphi Automotive PLC, Toyota Motor Corporation, Aisin Seiki, Akebono Brake Corporation, ALCO Filters Ltd., ACDelco, Hyundai Mobis Co., Ltd., Denso Corporation, Robert Bosch GmbH, 3M, Federal-Mogul Holdings LLC, and Lear Corporation, among others.
Innovative product launches, mergers, and acquisitions are some of the strategies being adopted by these firms to boost their product portfolio and expand across the global market. To illustrate, in September 2021, Hyundai Mobis India showcased a host of innovative and stylish automotive accessories for the new i20 line, designed to enhance the vehicles’ performance and aesthetic appeal.
Automotive aftermarket parts are emerging as an increasingly favorable choice for customers to ensure seamless maintenance and customization of their vehicles. Rising adoption of used vehicles, escalating automobile production, and the need for high-performance automobiles will therefore expedite automotive aftermarket growth in the Asia Pacific region.
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Charts & Figures
FIG. 1 Asia Pacific automotive aftermarket segmentation
FIG. 2 Industry ecosystem analysis
FIG. 3 Asia Pacific automotive aftermarket impact forces
FIG. 4 Vehicles Sales, China, 2015 - 2019
FIG. 5 Growth potential analysis, 2020
FIG. 6 Asia Pacific automotive aftermarket Porter’s analysis
FIG. 7 PESTLE analysis
FIG. 8 SWOT Analysis, Robert Bosch GmbH
FIG. 9 SWOT Analysis, ACDelco
FIG. 10 SWOT Analysis, Hyundai Mobis Co., Ltd.
FIG. 11 SWOT Analysis, Toyota Motor Corporation
FIG. 12 SWOT Analysis, Delphi Technologies
FIG. 13 SWOT Analysis, Denso Corporation
FIG. 14 SWOT Analysis, ZF Friedrichshafen AG
FIG. 15 SWOT Analysis, Aisin Seiki Co., Ltd.
FIG. 16 SWOT Analysis, Federal-Mogul Holdings LLC
FIG. 17 SWOT Analysis, Shandong Zhengnuo Group Co., Ltd.
FIG. 18 SWOT Analysis, ASIMCO Technologies Ltd.
FIG. 19 SWOT Analysis, Akebono Brake Corporation
FIG. 20 SWOT Analysis, 3M Company
FIG. 21 SWOT Analysis, Lear Corporation
FIG. 22 SWOT Analysis, Johnson Controls International Plc
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