The automotive aftermarket in Asia Pacific excluding Japan (APEJ) is forecasted to reach USD 150 billion in 2023, with a projected increase to USD 264 billion by 2033, growing at a steady CAGR of 5.8% over the forecast period.
Key growth drivers include rising production of consumer and passenger vehicles, the adoption of advanced technology in auto parts manufacturing, and the digital transformation of automotive repair and maintenance services.
For example, French automaker PSA has integrated the independent automotive aftermarket into its “Push to Pass” five-year growth strategy, expanding its brand presence across the value chain and making strategic acquisitions to strengthen its market position.
In 2017, the APEJ automotive aftermarket was valued at USD 96 billion and grew to USD 139 billion by 2022. With increasing use of automotive aftermarket components in the region, these products are expected to continue driving sector growth.
Mergers and acquisitions have led to the rise of mega-suppliers, which play a pivotal role in meeting automotive client needs. These suppliers and part distributors have restructured the value chain by efficiently managing Tier-2 suppliers and establishing supply systems across various locations.
The automotive components sector is now focusing on companies capable of designing, producing, and supplying systems and sub-assemblies to multiple markets. Additionally, governments in the APEJ region have implemented a range of regulations for the automotive aftermarket, governing vehicle production, parts manufacturing, safety standards, and emission control laws.
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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.
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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