Sellbyville, DE -- (SBWire) -- 05/29/2019 --Passenger vehicle segment dominated the Asia Pacific automotive aftermarket, accounting for over USD 79 billion in 2017. Shifting consumer preference towards upgrading existing cars with advanced technologies & replacing old components will further spur the automotive aftermarket industry growth till 2024. High disposable income and easier credit facilities will positively influence the passenger cars sales over the projected timeframe. As per OICA, in 2017, passenger vehicles contributed to over 75% of the automotive parc across the region.
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Asia Pacific Automotive Aftermarket for Automotive transmission parts segment is expected to register over 6% CAGR up to 2024. Increasing demand for highly fuel-efficient transmission systems with smoother transition of gears is leading to the development of automated manual transmission systems. The lower cost along with improved fuel efficiency of the AMT systems compared to traditional automatic transmissions play a significant role in the business growth over the projected timeline. For instance, in October 2015, Magneti Marelli, announced the construction of a manufacturing plant for producing AMT gearboxes in India for catering to the growing demand.
Industry Growth drivers:
1 Implementation of brick & click business model
2 Sales of new and used vehicles
3 Rising replacement part demand
Independent professional sales outlet dominated the Asia Pacific Automotive aftermarket, accounting for over USD 75 billion in 2017. Wide presence of independent professionals coupled with the capability to service wide range of vehicles with the usage of high-quality machinery and tools are driving the segment share over the study timeframe.
China automotive aftermarket will grow significantly owing to increasing presence of online platforms to provide wide range of passenger car spare parts. Strategic collaboration between domestic and international vehicle manufacturers is expanding the market share till 2024. For instance, in July 2017, Renault announced a joint venture with Brilliance China Automotive Holdings Ltd (CBA) to expand its presence in the LCV segment across the country.
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Technological advancements in the e-commerce industry supported by tie-ups with automobile manufacturers are providing a positive outlook for the Asia Pacific automotive aftermarket expansion. For instance, In May 2018, Amazon announced a partnership with Sears to install automotive aftermarket products bought from the online portal with its Ship-To-Store Integration feature.
Asia Pacific Automotive Aftermarket Industry, By Vehicle Part
- Linkages
- Suspensions
- Transmission
- Braking
- Powertrain Components
Asia Pacific Automotive Aftermarket Industry, By Sales Outlet
- Independent Professional
- DIY
- OEM
Asia Pacific Automotive Aftermarket Industry, By Vehicle Segment
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Off-Highway Vehicle
Proliferating sales of new and used vehicles coupled with rising replacement parts demand are driving the Asia Pacific automotive aftermarket size. An upsurge in the usage of automotive aftermarket parts across passenger cars, light commercial vehicles, heavy commercial vehicles, and off-highway vehicles are further supporting the business growth. Growing internet penetration along with easier availability of internet access across the region is significantly improving the market demand till 2024.
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Key players in the Asia Pacific automotive aftermarket include Continental AG, Aisin Seiki Co Ltd, Denso, Robert Bosch GmbH, 3M Company, YAZAKI Corporation, Sumitomo Electric Industries, Ltd. and ZF Friedrichshafen AG. Technological advancements and product launches are among the key strategies observed in the industry. For instance, in 2018, Sumitomo Electric Industries launched a pedestrian detector featuring high accuracy in pedestrian detection in the aftermarket, as a step towards reducing traffic accidents.
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What's Driving the Asia Pacific Automotive Aftermarket Growth? Lear Corporation, HELLA, ACDelco, Hitachi Automotive Systems, Faurecia, Bridgestone Americas
Asia Pacific Automotive Aftermarket for Automotive transmission parts segment is expected to register over 6% CAGR up to 2024.