APEJ Automotive Aftermarket a will Register CAGR of 7.1% through 2031

 

Future Market Insights (FMI) sees impressive prospects for automotive aftermarket in APEJ. It has forecast the market to US$ 254.5 Bn by the end of 2031. Auto-components are subjected to abrasions and wear-outs by end use. Hence the need of repair and replacement of automotive components in existing vehicles has created an aftermarket system, consisting of multiple vendors providing the respective components. The type of vendors range from tier-1 multinational to small scale domestic vendors. Several factors such as expansion of the auto-components industry and the penetration of aftermarket services are anticipated to drive the APEJ automotive aftermarket during the forecast. FMI has projected sales of automotive parts to account for leading share of the market. According to the report, segment comprising parts will account for over 65% of the market in 2021.

The APEJ automotive aftermarket is expected to gain significantly from the advent of IOT enabled services. Since public transport will be reduced due to social distancing, demand for personal driving will surge. More miles driven indirectly will create opportunities for the aftermarket growth. Besides this, proliferation of electric vehicles will have positive impact on the market in the near future.

Key Takeaways of Automotive aftermarket components Market Study

·         APEJ automotive aftermarket is set to exhibit 7.1% CAGR between 2021 and 2031

·         China being the largest automotive market in the world, is also expected to dominant share of 60.8% in APEJ

·         India however is expected to exhibit higher growth. FMI has projected the India market to register nearly 7% Y-o-Y growth in 2021

·         ASEAN will emerge as a highly lucrative market, rising at an accelerated pace through forecast period

·         South Korea and Oceania will remain bright spots in APEJ automotive aftermarket

“The automotive aftermarket has been a profitable business since the last few years. Predictive maintenance programs and product performance monitoring have offered a value added proposition to the aftermarket products. Robust supply chain management has proven to be instrumental in establishing the business footprint for component manufacturers.”

Who is Winning?

The APEJ automotive aftermarket is a highly competitive market exhibiting presence of global as well as regional players. Companies operating in the market are focusing on innovations, launches, and strategic collaborations to gain significant impetus.

For instance:

1.     Nippon Paint inked partnership with HMSI, to authorize aftermarket paints and ancillary products in India, in June 2019

2.    Bridgestone’s webfleet solutions enabled vehicle manufacturers to connect their vehicles to fleet management solutions. This allowed access to rich OEM data for customers to benefit from actionable, data-driven insights easily, eliminating the need for aftermarket hardware installations.

Some of the leading players operating in the market are Bosch, Denso Corporation, Continental AG and ZF.

Some of the leading companies operating in the market are:

·         Bosch

·         Denso Corporation

·         Hella KGaA Hueck & Co.

·         Continental AG

·         Delphi Automotive PLC

·         3M

·         Aisin Seiki Co., Ltd.

·         Bridgestone Corporation

·         ZF Friedrichshafen AG

·         Mahle GmbH

Key Segments

Category

·         Parts

·         Tires

·         Batteries

·         Filters

·         Starters and Alternators

·         Lighting

·         Exhaust components

·         Spark Plugs

·          Lubricants

·          Collision body

·          Wear and Tear Parts

·         Accessories

·         Interior

·         Exterior

·         Services

·         General automotive repair

·         Automotive transmission and others

Vehicle Type

·         Passenger Cars

·         Commercial Vehicles

Country

·         India

·         China

·         South Korea

·         Oceania

·         ASEAN

·         Rest of APEJ

For more information:

https://www.futuremarketinsights.com/reports/apej-automotive-aftermarket

Comments

Post a Comment

Popular posts from this blog

Automotive Wiring Harness Market to witness a high CAGR through 2027

  Substantial increase in the investment for automated driving activities and development of electric vehicles charging infrastructure across the globe are expected to remain key defining factors in the global  automotive wiring harness market . As per FMI’s analysis, the global automotive wiring harness sales are set to exceed US$ 48 Bn in 2021, whereas in the long-term, revenues will grow at 9.4%. FMI’s latest edition of the report reveals latest perspectives, along with a detailed analysis of how COVID-19 induced slowdown will impact future sales. The COVID-19 pandemic crisis has severely affected the global economic growth, resulting in complete shutdown manufacturing activities and disruptions in the supply chain networks. However, automotive wiring harness market is expected to recover sharply as the economic activity resumes post the containment of pandemic. Key Takeaways ·          Automotive wiring harness demand is driven...
Read more

Automotive Pump Market Expected to Behold a CAGR of 6.1% through 2021-2031

  The automotive pump market is expected to witness a significant growth in 2021, thanks to the implementation of various carbon emission norms across various countries. A study by Future Market Insights (FMI) on  automotive pump market  has forecast it to reach US$ 106.0 Mn by the end of 2031, growing at a CAGR of 6.1% over the forecast years (2021-2031). The rising passenger vehicle sales will remain a chief growth driver. In terms of vehicle type, passenger vehicle segment is forecast to remain dominant, accounting for over 70% of sales recorded in the market. Key Takeaways of Automotive Pump Market Study ·          After a period of slow growth amid COVID-19, the automotive pump sales is poised to recover, exhibiting nearly 6% Y-o-Y growth in 2021 ·          The demand from the U.S. will remain a chief growth driver as the country continues accounting for over 80% of...
Read more

Battery Energy Storage System Market Estimated to Exhibit 32% CAGR through 2026

  According to an analysis by Future Market Insights (FMI), the   battery energy storage systems  market  is expected to be valued at US$ 64.92 Bn in 2032, with 27.9% CAGR during the forecast period. The market’s expansion can be attributed to rising demand for  grid energy storage systems  due to ongoing grid modernization, increasing penetration of lithium-ion batteries in the  renewable energy  sector, and the rising trend of adopting a low-carbon fossil-fuel-free economy, as well as the ongoing  renewable energy  revolution. The most common renewable energy kinds stored in grids are  solar and wind energy . However, the energy generation process is disrupted when the sun is obscured by clouds or by changing wind currents. Moreover, the significant financial investment necessary to build battery energy storage devices, on the other hand, is limiting industry expansion. Such oscillations necessitate the deployment of flexibl...
Read more