Asia Pacific Automotive AfterMarket to Increase During the Forecast Period 2022-2028
Category: #business  By Rahul Varpe  Date: 2022-11-22
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Asia Pacific Automotive AfterMarket to Increase During the Forecast Period 2022-2028

The Asia Pacific automotive aftermarket is anticipated to witness robust growth by 2028 owing to surging demand for vehicle upgrades in the region. In addition, growing emphasis on digitization of distribution channels is likely to further support market growth through the forecast timeframe.

Digitization has the ability to significantly improve the supply chain of the industry. Original equipment manufacturers focus on shifting from the b2b to the b2c model, which allows then to partner with suppliers, engage customers, and interact with data. Thus, growing prominence of digitization in the automotive aftermarket has been favorable for industry expansion.

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Notably, key market players have been implementing lucrative strategies to extend their consumer reach and cater to consumer requirements. For instance, in October 2021, Akebono Brake Industry, a Japanese manufacturer of motorcycles, brake components, trains, and industrial machinery, announced that Lynk & Co, a premium vehicle brand owned by automotive giant Geely Auto Group, had adopted Akebono's products. Through the deal, Akebono agreed to supply 4-pot disc brake callipers as well as copper-free disc brake pads for the Lynk & Co 05+ model's front wheels.

In another instance, in November 2021, Delphi Technologies, a key provider of automotive parts, added novel components to its steering and suspension advancing range for the Tesla Model S, paving the way for a new repair possibility. The launch consisted of several new parts, including tie rods, link stabilizers, control arms, and ball joints. The novel parts were intended to allow a workshop to provide various repairs and replacements for the popular Tesla Model S.

The Asia Pacific automotive aftermarket has been segmented on the basis of product, sales outlet, and country. Based on sales outlet, the Asia Pacific automotive aftermarket has further been divided into professional, DIY, and OEM factory fill. The OEM factory fill segment is foreseen to observe robust growth by 2028, registering approximately 7.5% CAGR over the forecast period. Surging demand for quality product followed by new product innovation is expected to drive segmental growth.

From the country point of view, the Asia Pacific automotive aftermarket spans the geographies of India, China, Japan, South Korea, Thailand, Indonesia, Vietnam, Malaysia, and Australia. The South Korea automotive aftermarket is projected to grow steadily at approximately 5% CAGR through the study timeline. Increasing manufacturing of affordable and highly functional auto parts is projected to propel segmental development. In 2020, South Korea vehicle part trade accounted for more than 6% of the market revenue.

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Meanwhile, the Japan automotive aftermarket is estimated to see considerable progress at nearly 4.5% CAGR over the analysis period. Digitization of distribution channel, coupled with mounting demand for automotive upgradation, is anticipated to open new avenues for the market in the future.

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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