Market Analysis

Asia Pacific Automotive Aftermarket Analysis

The replacement parts dominate the Asia Pacific automotive aftermarket and is predicted to generate around USD 170 billion revenue by 2028. Increased maintenance requirements owing to vehicle aging and poor driving conditions will raise aftermarket parts demand. The rising penetration of parts manufacturers, low cost of production, and increasing accidents will further open opportunities for aftermarket parts & services. Industry shift toward the reduction of overall vehicle weight and improving fuel efficiency, followed by consumer demand for vehicle customization is supporting market penetration.
 

Professional sales outlets are poised to account for more than 60% of the revenue share by 2028. Product expertise, increasing demand for premium quality products, proximity to stores, and service quality are further increasing the demand for aftermarket sales and services from these outlets.
 

During the projection period, the professional sales outlets sector from quick lubes is set to expand at a high rate. Quick lubes dominated the overall sales in the professional sales outlet segment. Convenient locations, coupons & deals, and the speed with which services are provided are the growth factors of this sector.
 

China automotive aftermarket is slated to register 8.5% gains through 2028 fueled by increasing manufacturing of new automobiles, and modification & upgrade of the existing vehicles. Advancements in technology and innovation in the automotive industry are likely to open up new prospects for China's aftermarket companies.
 

Due to increasing customer preferences toward energy-efficient vehicles, rising sales of hybrid, gas & electric vehicles are projected to foster automotive demand; hence, sustaining aftermarket requirements. The industry growth is also propelled by the adoption of various customization and digitization in automobiles, followed by the use of Bluetooth devices and a variety of other accessories.
 

The growing adoption of advanced technologies in auto part manufacturing, increasing automotive production, and the digitization of automotive component delivery services are spurring automotive sales in India. The Indian automotive market continues to evolve with regular product upgrades and new product debuts, followed by amazing technological advancements in automobiles. While domestic manufacturing has historically fulfilled the majority of the domestic demand, product localization is driving access to and the cost of these new-age technology-rich automobiles.