The APEJ automotive aftermarket is projected to grow at a 7.1% CAGR from 2021 to 2031, driven by IOT services and electric vehicles.
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
“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:
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:
Key Segments
Category
Vehicle Type
Country
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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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The main topic is the growth forecast of the APEJ automotive aftermarket, expected to grow at a 7.1% CAGR by 2031.
The proliferation of electric vehicles is expected to positively impact the APEJ automotive aftermarket by increasing demand for new components.
China leads with a 60.8% market share, while India and ASEAN regions are expected to show significant growth.
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