Asia-Pacific Automotive Aftermarket
The Asia-Pacific
automotive aftermarket is one of the fastest-growing
markets globally, driven by rising vehicle ownership, especially in developing
economies like China and India. Consumers are increasingly opting for
aftermarket parts and services to enhance vehicle performance and extend
lifespan. The market is also influenced by a growing middle class and
technological advancements in the automotive sector.
The Automotive AfterMarket is the secondary market available after-sales the
components and original parts or components. The accessories are sold after the
originally sold sale of the vehicle for convenience, comfort, performance and
safety. The OEM manufactures the replacement parts to replace the original
parts after being damaged. This records and witnesses rising sales of
automobiles and how the demand for OME technologies has improved. In COVID 19,
almost all industries get affected; likewise, the pandemic has impacted the
automotive segment. Due to the pandemic, the output and production plants
reduced of the automotive industry. Pandemic affected business, but the market
will soon grip its usual growth rate and register a high growth rate. The
aftermarket is classified into accessories and replacement parts.
Key Players:
·
Continental
AG (Germany)
·
Aisin
Seiki Co. Ltd. (Japan)
·
Robert
Bosch GmbH (Germany)
·
3M
(U.S.)
·
Valeo
(France)
·
Denso
Corporation (Japan)
·
Magneti
Marelli S.p.A. (Italy)
·
Cooper
Tire & Rubber Company (U.S.)
·
Sumitomo
Electric Industries Ltd. (Japan)
·
Federal-Mogul
Corporation (U.S.)
·
Aptiv
PLC (U.K.)
Industry news
In Q4 2021, O’Reilly’s
sales increased by 16% to $3.29 billion, and net profit increased by 32% to
$519 million, which was better than the previous year.
Rapid growth in automobile
sales and demand for automobiles worldwide acts as a driver for the market. The
riding technological advancement and growing and internet and browsing boost
the Automotive AfterMarket. Continuous
economic growth and urbanization are also propelling the market. The sudden
shift to public transport from the private and fewer fuel prices creates ample
opportunities for the market to grow further. The government initiatives and
reduction in sales hinder the growth of the market. The government incentives
for new vehicle purchase results in the decline of the market. The increasing
long-distance travelling and change in the lifestyle are forming demand for the
replacement and repairs of vehicle parts. Awareness among people replacement
and repair of the parts creates many growth opportunities for the market. The
high production cost for the raw materials is restraining the market.
Market segmentation
The Automotive AfterMarket is fragmented on type, vehicle age and
vehicle type. Based on the type, the market is classified into offering and
channel. The offering segment is again divided into services and parts, and the
channel is fragmented into authorized repair and independent repair. The Automotive AfterMarket is classified into 0-4 years, 4-8 years, and above 8
years based on the vehicle age. The vehicle type is bifurcated into commercial
vehicles and passenger vehicles. The passenger segment is expected to grow
significantly. Consumer awareness regarding alternative fuel mobility and the
impact of conventional vehicles on global warming leads to the rising
popularity of electric eco- vehicles, which led to the passenger segment
holding more growth.
Regional analysis
The Automotive AfterMarket is studied in Europe, North America, Asia
Pacific and parts of the world. North America will register the largest market
share due to the prominent presence of market players and components in auto
solution providers pushing the market towards growth. Europe is leading the
market, and it is the second-largest country to dominate the market due to the
presence of established companies, improved spending on luxury cars and
increasing demand for fuel-efficient and lightweight vehicles in the region.
Asia pacific is also increasing steadily and remains in the third position in
the growth due to the advanced technology and developing urbanization.
The automotive aftermarket in the United States is a
vital and growing segment of the automotive industry, encompassing the
manufacturing, distribution, retailing, and installation of all vehicle parts,
equipment, and accessories after the sale of the automobile. Driven by the
rising average age of vehicles on the road and consumers' growing preference
for keeping their cars longer, demand for replacement parts, repairs, and
maintenance services remains strong. The sector includes everything from basic
replacement parts like brakes, tires, and batteries to advanced automotive
technology systems and accessories that enhance vehicle performance and
aesthetics.
The U.S. automotive aftermarket is also seeing a surge
in e-commerce, with consumers increasingly turning to online platforms to
purchase parts and accessories. This shift is reshaping traditional
brick-and-mortar stores as they adapt to provide both in-person and online
sales. Additionally, the growing number of electric vehicles (EVs) on U.S.
roads is creating new opportunities for specialized aftermarket services, such
as EV-specific repairs and charging infrastructure installation. With
technological advancements and evolving consumer preferences, the U.S.
automotive aftermarket is poised for sustained growth in the coming years.
Read
more:
Electric Vehicle Charging Station Market
Automotive Luxury Vehicle Market
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