The size of Asia Pacific automotive aftermarket was registered at USD 115 Billion in the year 2017 and is anticipated to cross USD 165 Billion by 2024. Between the period 2018-2024, the market is expected to register a CAGR of 5%, as per the research by Global Market Insights Inc.
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 APAC automotive aftermarket experiencing a distinguished growth rate.
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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. This would in consequence, majorly pave the way for Vietnam to emerge as the next lucrative investment ground for APAC automotive aftermarket.
Another factor that has been helping Vietnam contribute to the Asia Pacific automotive aftermarket is the rising purchase parity of the nation on account of the changing dynamics of economic growth across the continent. Powered by the increasing spending power of citizens and the rapidly expanding regional automotive industry, Vietnam automotive aftermarket is anticipated to register a CAGR of 9% over 2018-2024.
Aided by vehicle technologies such as heated & ventilated seats and smart phone integration constantly being deployed across its automobile sector, the Australia automotive aftermarket industry is slated to be one of the most remunerative investment grounds for APAC. Australia, with a relatively small population of about 25 million is still one of the world’s largest automotive aftermarkets with more than 20 million vehicles driving across the country’s roads. The country is known to sell over 1.2 million new vehicles (from over 70 different brands) on a yearly basis, providing a formidable ground for the development of the regional automotive aftermarket industry. Indeed, more than 23,000 independent workshops exist across Australia that generate a turnover of about A$16 billion from repairs as well as aftermarket parts.
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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Some Point from Table of Contents:
TABLE 1. Asia Pacific automotive aftermarket industry 3600 synopsis, 2013 – 2024
TABLE 2. Asia Pacific automotive aftermarket market estimates and forecast, 2013 – 2017, (USD Million)
TABLE 3. Market estimates and forecast, 2018 – 2024, (USD Million)
TABLE 4. Market revenue, by vehicle, 2013 – 2017, (USD Million)
TABLE 5. Market revenue, by vehicle, 2018 – 2024, (USD Million)
TABLE 6. Market revenue, by vehicle part, 2013 – 2017, (USD Million)
TABLE 7. Asia Pacific automotive aftermarket market revenue, by vehicle part, 2018 – 2024, (USD Million)
TABLE 8. Market revenue, by sales outlet, 2013 – 2017, (USD Million)
TABLE 9. Market revenue, by sales outlet, 2018 – 2024, (USD Million)
TABLE 10. Market revenue, by country, 2013 – 2017, (USD Million)
TABLE 11. Asia Pacific automotive aftermarket market revenue, by country, 2018 – 2024, (USD Million)
TABLE 12. Vendor matrix
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