APEJ Automotive Aftermarket to See 7.1% CAGR Growth by 2031
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
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.
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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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