Selbyville, Delaware, Sept. 07, 2021 (GLOBE NEWSWIRE) --
The Asia Pacific Automotive Aftermarket revenue is anticipated to record a valuation of USD 190 billion by 2027, according to the most recent study by Global Market Insights Inc. Robust demand for automotive components and accessories for repair and maintenance purpose across the region is anticipated to be the major factor driving the overall Asia Pacific automotive aftermarket revenue throughout the assessment period.
The COVID-19 pandemic impact on the automotive industry was significant, especially during the initial days of the spread of the virus. Starting from the production perspective, many suppliers and parts manufacturers upstream or downstream, experienced initial regulatory shocks as many countries & cities decided to implement very stringent lockdowns and trade restrictions. The sale of passenger cars fell to over 32 million units in 2020, from a peak sales of over 41 million units in 2017 in Asia Pacific.
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The e-commerce penetration in Asia Pacific automotive aftermarket is around 5-8% in 2020. The parts manufacturers are using several online platforms including Amazon, eBay, and kfzteile24. The advantages offered by these platforms, including the comparison of parts along with discount offers, are escalating the revenue generation. Several business ventures are investing in online platforms to enhance wholesale automotive parts procurement. For instance, in July 2019, BP invested USD 3 million in PartsTech online platform to support the business of Castrol.
The accessories segment is anticipated to witness around 7% CAGR during the forecast period. The accessories are majorly divided into two types: interior and exterior. The major role of accessories is to give protection to the vehicle with a stylish look on the outside and in the interior by using various interior accessories. Accessories in the aftermarket are crucial since there are various accessories, which are not provided by the manufacturer. These accessories are used to enhance the life and style of the car and are provided by various companies such as Bosch, Denso Corporation, and Delphi Technology.
Asia Pacific automotive aftermarket from DIY segment held a market share of over 20% in 2020 and is anticipated to generate a revenue of over USD 47 billion by the end of 2027. The Do-It-Yourself (DIY) is one of the emerging segments due to cost-effective products and increasing passion for automobiles among consumers. The participation of different industry players in offering innovative & easy to use repair kits is driving the market. The other factors are the increasing per capita income and increased sales of old & new vehicles.
The Japan automotive aftermarket will generate over USD 25 billion by 2027. Japan is home to some of the largest automotive manufacturers and is projected to be the major factor driving the overall market in this country. Japan is among the largest automotive producers, and one of the major aftermarkets in Asia Pacific.
Some major findings of Asia Pacific Automotive Aftermarket report include:
- The market growth can be attributed to the increasing demand for used vehicles in China, India, and Indonesia.
- Upgradation and digitalization of new and old vehicles coupled with the penetration of e-commerce platforms in the distribution channel will further enhance the market growth.
- The COVID-19 pandemic impacted the overall automotive industry in Asia Pacific and disrupted the normal functioning of the industry.
- Among the various product segments, the replacement part dominates Asia Pacific automotive aftermarket and is projected to generate huge revenue gains throughout the forecast period.
- Among the sales outlet, the professional segment held the major market share in 2020.
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Partial chapters of report table of contents (TOC):
Chapter 3 Asia Pacific Automotive Aftermarket Industry Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.2.1 Part manufacturers
3.2.2 Profit margin trends
3.2.3 Distribution channel analysis
3.2.4 Value chain disruptions due to COVID-19
3.2.5 Vendor matrix
3.3 E-commerce automotive aftermarket overview
3.3.1 E-commerce penetration in Asia Pacific automotive aftermarket, 2020
3.4 Automotive industry overview
3.4.1 Major automotive trends
3.4.2 Vehicle parc (on road) statistics
3.5 Industry best practices & key buying criteria
3.5.1 Need recognition
3.5.2 Information search
3.5.3 Purchase decision
3.5.4 Post purchase behavior
3.6 COVID-19 influence on automotive industry
3.7 Technology landscape
3.7.1 Paintless dent removal
3.7.1 Electronic Diagnosis
3.8 Regulatory landscape
3.8.1 Australia
3.8.1.1 Motor Vehicle Standards Regulations 1989
3.8.2 China
3.8.2.1 New regulatory framework on auto distribution and aftermarket
3.8.3 India
3.8.4 Japan
3.8.4.1 Japan Automotive Products Association (JAPA)
3.9 Industry impact forces
3.9.1 Growth drivers
3.9.1.1 Growing demand for vehicle upgrade along with digitization of distribution channels
3.9.1.2 Increasing vehicle sales of new and preowned vehicles
3.9.2 Industry pitfalls and challenges
3.9.2.1 Adoption of vehicle safety technologies and rising electric vehicle sales
3.10 Innovation & sustainability
3.10.1 Augmented reality
3.11 Growth potential analysis, 2020
3.12 Porter’s analysis
3.13 Competitive landscape, 2020
3.13.1 Top players analysis, 2020
3.13.2 Key stakeholders
3.13.3 Strategy dashboard
3.14 PESTLE analysis
About Global Market Insights
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.
