Market Size

Asia Pacific Automotive AfterMarket Size

Asia Pacific Automotive Aftermarket size crossed USD 127 billion in 2021 and is estimated to exhibit a CAGR of over 7.1% from 2022 to 2028. The growing demand for planned servicing and maintenance to extend the life of an older vehicle is propelling the regional industry growth.

The increased involvement of original equipment manufacturers in aftermarket activities combined with the consolidation of parts distributors is pointing to a bright future for this business. Vehicle sales are witnessing a boost due to the growing middle-class population and rising spending power, which present growth prospects for aftermarket parts manufacturers and supply chain providers. Revenue will observe a further growth on account of aging vehicle fleets and rising demand for replacement parts. Growing automotive production and utilization in India, China, Japan, South Korea, Australia & Southeast Asia will further aid market demand.
 

Shifting customer preferences to replace outdated vehicles with new technologies are likely to open new market avenues. Entertainment systems, ADAS, and vehicle telematics are gaining popularity among the younger population. The emergence of online portals for vehicle components coupled with the digitization of aftermarket sales and services is anticipated to increase market concentration in the region.