The APEJ automotive aftermarket size is predicted to be worth USD 150 billion in 2023, rising to USD 264 billion by 2033. The demand is expected to grow at a significant CAGR of 5.8% during the forecast period.
Increased production of consumer and passenger vehicles, the employment of cutting-edge technology in the manufacture of auto parts, and the digitization of automotive repair and maintenance services are only a few growth opportunities for the automotive aftermarket expansion during the forecast period.
For instance, the French automaker PSA has significantly incorporated the independent automobile aftermarket into its Push to Pass five-year growth strategy. PSA has established a number of its brands across the whole value chain, in addition to making a number of acquisitions.
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In 2017, the APEJ automotive aftermarket had a USD 96 billion market share. As they are used more frequently in the APEJ region, automotive aftermarket components are projected to continue to have an impact on the expansion of the automotive sector, reaching USD 139 billion in 2022.
Mega-suppliers have been developed as a result of mergers and acquisitions, and they are in charge of satisfying the innate needs of automotive clients. By successfully managing the Tier-2 suppliers and creating supply systems in several locations, these suppliers and part distributors have in turn rearranged the rest of the value chain.
The sector for automotive components is increasingly focusing on businesses that can create, produce, and offer systems and sub-assemblies for various markets. Governments in APEJ have implemented a number of laws on the car aftermarket.
These laws frequently dictate how cars are made, how car parts are manufactured, and how safety criteria are to be met. In reality, the industry is subject to a number of emission control laws.
Key Takeaways from the Glass Container Market
- The China automotive aftermarket is anticipated to expand at a CAGR of 5.8% over the anticipated time frame. By 2033, it is anticipated that the industry in China is likely to surpass US$ 160.5 billion.
- The APEJ automotive aftermarket increased at a 7.7% CAGR between 2017 and 2022, citing FMI’s study.
- The automotive aftermarket in India is anticipated to expand at an adequate CAGR of 5.6%. By 2033, it is expected that the Indian market would have contributed more than USD 31.1 billion in revenue.
- South Korea’s automotive aftermarket sector is estimated to exceed US$ 14.2 billion by 2033.
- Between 2023 and 2033, the automotive aftermarket is likely to increase in Australia at 5.4% CAGR, respectively.
- Passenger cars segment dominates the automotive aftermarket with a CAGR of 5.4% by 2033.
- Based on category, parts dominate the automotive aftermarket with the CAGR of 5.1% by 2033.
Competitive Landscape
Raw material advancements in rubber, plastic, and steel open up new possibilities for product positioning. To build a solid foundation, suppliers are implementing acquisition and regional expansion plans.
It is difficult for new entrants to succeed in the APEJ automobile aftermarket due to brand consciousness and aggressive marketing. Key businesses seek competitive advantage through these advances. In the upcoming years, there is likely to be a tonne of new debuts.
Key Players
- Bosch
- Denso Corporation
- Hella KGaA Hueck & Co.
- Continental AG
- Delphi Automotive PLC
- 3M
- Aisin Seiki Co., Ltd.
- Bridgestone Corporation
- ZF Friedrichshafen AG
- Mahle GmbH
Recent Developments
- In November 2020, Bosch Malaysia introduced the Aeristo Premium Cabin Filter for automobiles. Antibacterial and antiviral qualities are incorporated into the filter’s design.
- The EV Braking System, a brake control system used throughout the whole model range of Volkswagen’s MEB platform, enters series production at ZF.
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Key Segmentations
By Category:
- Parts
- Accessories
- Services
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
By Region:
- APEJ
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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