Automotive Aftermarket in Asia Pacific Worth $165bn by 2024: Global Market Insights, Inc.

SELBYVILLE, Del., January 29, 2019 (Newswire.com) - The Asia Pacific automotive aftermarket is expected to grow from over USD 115 billion in 2017 to USD 165 billion by 2024, according to a 2019 Global Market Insights, Inc. report. Increasing demand for modifications in cars with respect to technologically and mechanically advanced components will fuel the APAC automotive aftermarket industry growth. Rising average distance traveled per vehicle will provide a strong outlook for replacement parts thereby driving the business growth. In addition, low cost and easier availability of aftermarket parts compared to OEM parts will further propel the business expansion.

Shifting consumer focus towards digital sales platform offered by manufacturers will provide myriad of opportunities in the Asia Pacific automotive aftermarket. Consumers can directly access the product information and compatibility with the vehicle which in turn will proliferate product sales through e-commerce platforms. The emergence of new generation vehicles including electric vehicles and connected cars will provide new growth opportunities in the industry.

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OEM sales outlet in the overall automotive aftermarket industry in the Asia Pacific will observe gains of more than 5% over the projected timeframe. Increasing consumer preference for automotive parts provided by the OEMs owing to superior quality assurance and extended warranty coverage will fuel the segment demand. Additionally, a wide range of alternatives in choosing the parts along with proper system compatibility, ease of part replacement, and adequate customer support will further proliferate the business expansion.

PCV vehicle segment valued at over USD 75 billion in 2017. Shifting consumer preferences towards upgrading existing cars with advanced technologies & replacing old components will further spur the business growth. High disposable income and easier credit facility are positively influencing passenger cars sales, further promulgating the business expansion over the projected timeframe.

Expansion of the travel and tourism sector has led to an increased average distance driven per car and is anticipated to positively influence the aftermarket growth. The rising number of road accidents along with increasing adoption of insurance policies will further support the automotive aftermarket industry growth.Browse key industry insights spread across 700 pages with 444 market data tables & 14 charts & figures from the report, “Asia Pacific Automotive Aftermarket Size By Vehicle Part (Linkages, Suspensions, Transmission, Braking, Powertrain Components), By Sales Outlet (Independent Professional, DIY, OEM), By Vehicle Segment (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle, Off-Highway Vehicle) Industry Analysis Report, Country Outlook (China, Hong Kong, Australia, New Zealand, India, South Korea, Japan, Indonesia, Malaysia, Thailand, Taiwan, Singapore, Philippines, Vietnam, Myanmar), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/asia-pacific-automotive-aftermarket

Steering segment is expected to surpass USD 37 billion in the overall automotive aftermarket in APAC region. Key factors including increasing vehicle production, improved service life, and innovative manufacturing capacities of the leading players will augment the industry landscape. Additionally, rising consumer awareness pertaining to vehicle crashes on the road is increasing the demand for recirculating and nut steering systems, thereby driving the segment growth till 2024.

Vietnam will observe gains exceeding 9% over the projected time period in overall Asia Pacific automotive aftermarket. An upsurge in the automobile sales, coupled with the rising spending power of citizens in the country will spur the industry size.

The Asia Pacific automotive aftermarket industry share is highly fragmented comprising of many global and regional players in the organized and unorganized sector. Key market participants include Continental AG, Aisin Seiki Co Ltd, Denso, Robert Bosch GmbH, Hitachi Automotive Systems, YAZAKI Corporation, Sumitomo Electric Industries, Ltd. and ZF Friedrichshafen AG. Major manufacturers are increasing their raw material supplier range to limit the reliance on a single supplier. In addition, technological advancements and product launches are among the key strategies observed in the industry.

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Browse Related Reports:

E-commerce Automotive Aftermarket Size By E-Commerce Retail (Third Party Retailers, Direct To Customer), By Parts (Braking [Brake Pads, Hydraulics & Hardware, Rotor & Drum], Steering & Suspension [Control Arms, Ball Joints, Tie Rods, Sway Bar Links, Bushings, Bearings/Seals, Coil Springs], Hub Assemblies, Universal Joints, Gaskets, Wipers, Filters, Lighting, Spark Plug), By Consumer (B2C, B to Big B, B to Small B) Industry Analysis Report, Regional Outlook (U.S., Canada, France, Germany, Poland, UK, Spain, Russia, Benelux, Nordics, China, India, Japan, South Korea, Mexico, Argentina, Brazil, KSA, South Africa, UAE), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2025

https://www.gminsights.com/industry-analysis/e-commerce-automotive-aftermarket

Automotive Wheel Market Size By Material (Aluminum, Steel, Magnesium, Carbon Fiber), By Product (Regular, High Performance), By End-Use (OEM, Aftermarket), By Vehicle (Passenger Cars, Light Commercial Vehicles, Heavy Trucks, Buses & Coaches, Trailers), Industry Analysis Report, Regional Outlook (U.S., Canada, France, Germany, Italy, Russia, UK, Czech Republic, Poland, Slovakia, Spain, Turkey, China, Japan, India, South Korea, Thailand, Australia, Malaysia, Philippines, Taiwan, Vietnam, Indonesia, Brazil, Argentina, Mexico, Colombia, Iran, South Africa, Morocco, Egypt, Algeria), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024

https://www.gminsights.com/industry-analysis/automotive-wheel-market

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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Source: Global Market Insights, Inc.