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Asia-Pacific Automotive Aftermarket Market on a Steady Growth Trail; FMI Provides Projections in Light of COVID-19 Pandemic in its New Revised Report

FMI study offers a 10-year forecast for the Asia-Pacific Automotive Aftermarket between 2015 and 2025. The market is expected to register a CAGR of 9.7% during the projected period. The study demonstrates the market value in all the Asia-Pacific region along with countries, which influences the current value and future value of the Asia-Pacific Automotive Aftermarket over the forecast period.

This Future Market Insights outlook examines the ‘Asia-Pacific automotive aftermarket market’ for the period 2015 – 2025. The primary objective of the outlook is to offer updated market value on the replacement parts, accessories and services that gives a rise to automotive aftermarket in Asia-Pacific.

The Automotive aftermarket is basically a market, which starts right after the post-sale of the vehicle and emphases on the remanufacturing, manufacturing, distribution, and installation of automobile components and accessories. When these components and accessories are installed next to the initial sale of the vehicle by the dealer or service provider is termed as automotive aftermarket. Additionally, accessories are customization or parts made for convenience, safety, comfort and performance.

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These are designed for add-on after the original assembly of the vehicle. Services helps on keeping the vehicles on the road by providing consumers the choice of where they want their vehicles serviced, maintained, or customized.

To understand and assess the opportunities in this industry the market outlook and forecast is categorically split under four sections namely: market analysis by geographic regions, by replacement parts, accessories and services. The report analyses Asia-Pacific automotive aftermarket in terms of market value (US$ Billion). FMI covers the automotive aftermarket performance in terms of revenue.

As highlighted earlier, replacement parts (oil and lubricants, tires, batteries, wear and tear parts, filters, collision body, starters and alternators, lighting exhaust components and spark plugs) accessories (Interior and exterior accessories) services (general automotive repairs and automotive transmission & others). All these sub-segments are included in this section to make the study more comprehensive.

The next section of the outlook highlights Asia-Pacific adoption by countries. It provides a market outlook for 2015 – 2025 and sets the forecast within the context of the automotive aftermarket ecosystem. Key countries assessed in the outlook are China, India, ASEAN, Oceania and Rest of APEJ.

All the above sections, by replacement parts, by accessories, by services or by regions, evaluate the present scenario and the growth prospects of the automotive aftermarket for the period 2015 – 2025. We have considered 2014 as the base year and provide data for the trailing 12 months.

To calculate the market size, the market outlook and forecast considers various aspects based on secondary research. Furthermore, data points such as country split and market split by components, accessories and services and qualitative inputs from primary respondents have been incorporated to arrive at appropriate market estimates. The forecast presented here assesses the total revenue of the Asia-Pacific automotive aftermarket. When developing the forecast of the market, the starting point is sizing the current market, which forms the basis for the forecast of how the market is anticipated to take shape in the near future. Given the characteristics of market, we triangulated the data via different analysis based on supply side, demand side and dynamics of automotive (parent) market. However, quantifying the market across above-mentioned segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalizing them after the forecast has been completed.

In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyse on the basis of key parameters such as year-on-year (Y-o-Y) growth to understand the predictability of the market and to identify the right opportunities across the automotive aftermarket market.

Key Segments Covered

  • Components types covered in the Asia-Pacific Automotive Aftermarket outlook and forecast include:
    • Oil & Lubricants
    • Tires
    • Batteries
    • Wear & Tear Parts
    • Filters
    • Collision Body
    • Starters & Alternators
    • Lighting
    • Exhaust Components
    • Spark Plugs
  • Accessories covered in the Asia-Pacific Automotive Aftermarket outlook and forecast include:
    • Interior Accessories
    • Exterior Accessories

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  • Services covered in the Asia-Pacific Automotive Aftermarket outlook and forecast include:
    • General Automotive Repairs
    • Automotive Transmission & Other Repairs
  • Countries covered in the Asia-Pacific Automotive Aftermarket outlook and forecast include:
    • China
    • India
    • ASEAN
    • Oceania
    • Rest of Asia-Pacific

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