Automotive aftermarket players in the APEJ region are encouraging the consolidation of parts distributors to sustain market expansion post pandemic.
DUBAI, UAE / ACCESSWIRE / July 13, 2020 / The APEJ automotive aftermarket is expected to grow at an promising 9.1% CAGR throughout the forecast period 2015- 2025. According to FMI analysts, the coronavirus pandemic will negatively affect the APEJ automotive aftermarket in the short term as the lockdown rules restrict supply chains, reduce the number of vehicles on the road, and hurt demand for new vehicles. The market is expected to recovery steadily towards 2021 as the contagion is brought under control.
“Changes in consumer bias towards upgrades for existing vehicles with novel technologies will bolster the Asia Pacific excluding Japan automotive aftermarket. Strong demand for the installation of communication-based hardware will also generate opportunities for suppliers and distributors. Rising adoption of ADAS, infotainment, and telematics systems will also improve aftermarket prospects,” says the FMI analyst.
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APEJ Automotive Aftermarket – Important Takeaways
- Tire replacement is expected to have major market share owing to shorter replacement cycles in comparison to other components.
- Retailers are primary distributors for the APEJ automotive aftermarket. Wholesale alternatives are rapidly gaining ground driven by large scale aftermarket maintenance operations.
- Genuine certification remains highly popular, supported by superior quality of products. However, uncertified variants will generate key opportunities, owing to low costs.
- China and India will remain dominant automotive aftermarkets in the APEJ region, supported by massive vehicle pax.
APEJ Automotive Aftermarket – Driving Factors
- Increasing expenditure by automobile owners to increase vehicle performance and appearance is a key growth factor.
- Strict emission and performance regulations being imposed on vehicles and components support market growth.
- Component delivery digitization has bolstered supply chains increasing speed and access to key aftermarket services.
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APEJ Automotive Aftermarket – Leading Constraints
- High capital requirements for the purpose of research and development hold back APEJ market developments.
- Volatility in production costs of automotive components hurts prospects of the APEJ automotive aftermarket.
Expected Impact on Aftermarket by Coronavirus Outbreak
The massive impact of the coronavirus outbreak on China, the largest producer of aftermarket automotive components is a major factor hurting the short-term prospects of the automotive aftermarket in the APEJ region. With the suspension of businesses and industrial activity, the demand for commercial automobiles has also gone down. The economic uncertainty from the outbreak has changed consumer behavior. However, the aftermarket is likely to witness gradual recovery through 2021 as transport restrictions are relaxed.
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Some of the top players operating in the APEJ automotive aftermarket are Mando Corporation, Hitachi Automotive Systems, Robert Bosch GmbH, and Denso Corporation among others. APEJ aftermarket players are investing in R&D for product and operations improvements in terms of performance and cost. For instance, Topre has revealed its upgrade to a cloud-based ERP system for automotive parts manufacturing operations.
More on the Report
FMI’s provides in-depth insights on the APEJ automotive aftermarket. The aftermarket is segmented in terms of replacement parts (oil & lubricants, tires, batteries, wear & tear parts, filters, collision body, starters & alternators, spark plugs, lighting, and exhaust components), accessories (interior and exterior) and services (general automotive repairs, automotive transmission, and others) across five key regions (China, India, ASEAN, Oceania, and Rest of APEJ).
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FMI is a leading provider of aftermarket intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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