Asia Pacific Automotive AfterMarket Technological Advancement And Growth Analysis With Forecast To 2024
Category: #business  By Ronak Bora  Date: 2021-08-02
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Asia Pacific Automotive AfterMarket Technological Advancement And Growth Analysis With Forecast To 2024

The Asia Pacific automotive aftermarket is projected to amass substantial gains from the country of Vietnam. Competing against the established regional behemoths like China, Japan, and South Korea, this Southeast Asia economy in recent times has emerged as one of the most remunerative geographical verticals of the APAC automotive aftermarket.

The principal factor responsible for the growth of the Asia Pacific automotive aftermarket industry from Vietnam is the rapid upsurge in automobile sales in the region. According to a prediction made by the Industrial Policies Strategies Institute under the Ministry of Trade and Industry, on the basis of the regional populace, income per head and the average number of automobiles per 1,000 people, the automobile industry in Vietnam is anticipated to hit 800,000 units by 2025 and close to 1.85 million units by 2035

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Fueled by the development of mechanically & technologically advanced components and growing vehicle modification demands, APAC automotive aftermarket industry is projected to consolidate itself as one of the most lucrative investment grounds. A steady increment in the level of income and the associated purchasing power across a number of nations in the region will majorly be responsible for the Asia Pacific automotive aftermarket experiencing a distinguished growth rate. This can be credited to the recent upsurge in the number of consumers, especially across the luxury or higher-end automotive segments, seeking to customize their automobile according to individualistic requirements.

Yet a couple of major factors that have helped augment the industry growth is the relatively low cost and significantly high availability of aftermarket parts in APAC compared to the parts provided by original equipment manufacturers (OEMs), which are relatively scarce and higher in terms of cost. On account of the expanding economic growth across a plethora of APAC nations, the average distance travelled by a vehicle has also been slated to undergo a steady rise, further facilitating a very strong outlook for different replacement parts, which would push the Asia Pacific automotive aftermarket industry size.

According to a 2018 study by the Indian Brand Equity Foundation, the India automotive aftermarket industry has been experiencing a healthy growth rate since the last few years. In FY 2017-18, the nation’s automobile component industry grew by more than 18%, hitting a valuation over $50 billion. The nation’s overall automotive industry has also been expanding at a remarkable pace, making the country a favorable investment ground for Asia Pacific automotive aftermarket players.

The nation possesses a crucial competitive advantage over industries from other regions owing to its extremely cost-effective manufacturing sector, which allows costs to be lower by as much as 10% to 25%. As the demand for organized and unorganized auto components surges (with the latter mostly comprising aftermarket products) and India’s automotive exports observe an incline, APAC automotive aftermarket is likely to accrue substantial profits from India.

The Australian Automotive Aftermarket Association (AAAA), Australia’s automotive industry watchdog with more than 2500 member manufacturing firms, is known for enforcing high standards for the quality of products being offered in the market. The quality level maintained by AAAA is expected to benefit both the country’s automotive sector and its consumers as it compels industry players to launch better quality, safe products. Endorsed by a supportive regulatory landscape and a robust influx of new vehicle technologies, Asia Pacific automotive aftermarket is anticipated to garner commendable proceeds from Australia.

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Partial Chapter of the Table of Content

Charts & Figures

FIG 1.    Asia Pacific Automotive Aftermarket segmentation

FIG 2. Asia Pacific Automotive Aftermarket landscape, (USD Billion), 2013 - 2024

FIG 3. Industry ecosystem analysis

FIG 4. European B2C e-commerce goods & service sales (USD Billion)

FIG 5. Average vehicle age, (2000 - 2014)

FIG 6. Country wise passenger cars sales in Asia Pacific, 2017 (Units)

FIG 7. Country wise commercial vehicles sales in Asia Pacific, 2017

FIG 8. Country wise automotive industry turnover in Asia Pacific (USD Million), 2017

FIG 9. Country wise road traffic deaths across Asia Pacific, 2013

FIG 10.    Distribution of road traffic deaths by type of road user across India, 2013 (%)

FIG 11.    Growth potential analysis, 2017

FIG 12.    Porter’s analysis

FIG 13.    Company market share analysis, 2017

FIG 14.    Asia Pacific Automotive Aftermarket PESTEL analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/asia-pacific-automotive-aftermarket

 

 

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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