Asia Pacific Automotive AfterMarket to Record Considerable Opportunity Assessment Through the Forecast Period 2022-2028
the Asia Pacific automotive aftermarket is anticipated to exceed a remuneration of USD 200 billion by 2028, as cited by the latest study conducted by Global Market Insights Inc.
The official announcement of the 2022 AAAE (Australian Auto Aftermarket Expo) by the Australian Automotive Aftermarket Association (AAAA) is indicative of key future opportunities for Asia Pacific automotive aftermarket players. The Expo, which is the only all-inclusive exhibition for the country’s USD 25 billion aftermarket industry, is expected to bring forth an array of new features and initiatives.
The event is set to be held in April 2022 with the theme ‘The Workshop of the Future is Here’ and is poised to display new technology, the latest accessories and tools, parts, as well as vehicle repair and servicing equipment. Owing to these factors, the Asia Pacific automotive aftermarket is anticipated to exceed a remuneration of USD 200 billion by 2028, as cited by the latest study conducted by Global Market Insights Inc.
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Indian companies search for innovative ways to overcome industry challenges
Changes in regulations such as the push for EV adoption and the implementation of BS6 norms have been instrumental in creating certain challenges for the expansion of the Indian automotive industry. Numerous companies are, therefore, looking for innovative ways for the purpose of overcoming hardship.
The current decline of the automotive industry could be attributed to various factors including confusion around BS-VI emission norms, slowing income growth, and increasing fuel prices.
Increasing opportunities in China: Reformulation of policies to support the growth of aftermarket companies
According to a study conducted by a state-run think tank, the car ownership in China is expected to hit 495 million by 2035. While these findings are anticipated to impel the industry demand in the country, regulatory bodies are also keen to introduce new policies that would help in enhancing market penetration through the coming years.
Considering an instance, in October 2020, China unveiled its next five-year plan, centered on the significance of prioritizing and supporting sustainability and circular economy. Additionally, the country also shared plans to promote remanufacturing, green product design, recycling, and renewable resources.
Another key aspect of the program included supporting companies involved in recycling, green tech, and waste management technology. The country elevated the significance of remanufacturing in the maximization of resource efficiency and the lifecycles of products.
To cite the industry landscape in other countries, the Indonesia automotive aftermarket size is expected to expand at a CAGR of 7% over the forecast span.
Industry participants take lead in the adoption of corporate strategies
Prominent automotive aftermarket companies in the Asia Pacific include 3M, Delphi Automotive PLC, Aisin Seiki, Tenneco, Toyota Motor Corporation, Denso Corporation, Lear Corporation, Shandong Zhengnuo Group Co., Ltd., Johnson Control International Plc., and others. Several of these participants are depicting a keen interest in the formulation and implementation of corporate strategies including mergers, acquisitions, as well as product developments for the consolidation of their position in the industry.
Quoting an example, in April 2021, DENSO Corporation announced plans for the purpose of transferring its non-automotive and aftermarket products organization to DENSO Solution Japan Corporation. The move intended to strengthen DENSO’s structure, providing seamless operations that encompass design, product planning, sales, quality assurance, aftersales, technology development, and others.
In the years to come, stringent government norms for the purpose of modernizing existing accessories, increasing disposable income, and the escalating trend of vehicle customization are expected to drive the future of automotive aftermarket in the Asia Pacific region.
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