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Research Reports

APEJ Automotive Aftermarket is set to exhibit 7.1% CAGR between 2021 and 2031 | Industry Growth, COVID-19 Business Impact Analysis, Research Report, Trends with Top Key Players

Published by Uma Rajagopal

Posted on January 18, 2022

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Future Market Insights (FMI) sees impressive prospects for automotive aftermarket in APEJ. It has forecast the market to US$ 254.5 Bn by the end of 2031. Auto-components are subjected to abrasions and wear-outs by end use. Hence the need of repair and replacement of automotive components in existing vehicles has created an aftermarket system, consisting of multiple vendors providing the respective components. The type of vendors range from tier-1 multinational to small scale domestic vendors. Several factors such as expansion of the auto-components industry and the penetration of aftermarket services are anticipated to drive the APEJ automotive aftermarket during the forecast. FMI has projected sales of automotive parts to account for leading share of the market. According to the report, segment comprising parts will account for over 65% of the market in 2021.

The APEJ automotive aftermarket is expected to gain significantly from the advent of IOT enabled services. Since public transport will be reduced due to social distancing, demand for personal driving will surge. More miles driven indirectly will create opportunities for the aftermarket growth. Besides this, proliferation of electric vehicles will have positive impact on the market in the near future.

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Key Takeaways of Automotive aftermarket components Market Study

APEJ automotive aftermarket is set to exhibit 7.1% CAGR between 2021 and 2031
China being the largest automotive market in the world, is also expected to dominant share of 60.8% in APEJ
India however is expected to exhibit higher growth. FMI has projected the India market to register nearly 7% Y-o-Y growth in 2021
ASEAN will emerge as a highly lucrative market, rising at an accelerated pace through forecast period
South Korea and Oceania will remain bright spots in APEJ automotive aftermarket

“The automotive aftermarket has been a profitable business since the last few years. Predictive maintenance programs and product performance monitoring have offered a value added proposition to the aftermarket products. Robust supply chain management has proven to be instrumental in establishing the business footprint for component manufacturers.”

Who is Winning?

The APEJ automotive aftermarket is a highly competitive market exhibiting presence of global as well as regional players. Companies operating in the market are focusing on innovations, launches, and strategic collaborations to gain significant impetus.

For instance:

Nippon Paint inked partnership with HMSI, to authorize aftermarket paints and ancillary products in India, in June 2019
Bridgestone’s webfleet solutions enabled vehicle manufacturers to connect their vehicles to fleet management solutions. This allowed access to rich OEM data for customers to benefit from actionable, data-driven insights easily, eliminating the need for aftermarket hardware installations.

Some of the leading players operating in the market are Bosch, Denso Corporation, Continental AG and ZF.

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Some of the leading companies operating in the market are:

Bosch
Denso Corporation
Hella KGaA Hueck & Co.
Continental AG
Delphi Automotive PLC
3M
Aisin Seiki Co., Ltd.
Bridgestone Corporation
ZF Friedrichshafen AG
Mahle GmbH

Key Segments

Category

Parts
- Tires
- Batteries
- Filters
- Starters and Alternators
- Lighting
- Exhaust components
- Spark Plugs
- Lubricants
- Collision body
- Wear and Tear Parts
Accessories
- Interior
- Exterior
Services
- General automotive repair
- Automotive transmission and others

Vehicle Type

Passenger Cars
Commercial Vehicles

Country

India
China
South Korea
Oceania
ASEAN
Rest of APEJ

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About FMI

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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