Asia Pacific Automotive Aftermarket Introduction 

The automotive aftermarket refers to the secondary market that involves manufacturing, distribution, retailing, and installation of replacement parts, equipment, and accessories after the sale of a vehicle. The Asia Pacific automotive aftermarket includes countries such as China, India, Japan, South Korea, and ASEAN countries. The region has a large number of vehicles on the road, and the demand for replacement parts and accessories is high. The increasing disposable income and the growing middle-class population are major factors driving the growth of the Asia Pacific automotive aftermarket. Additionally, the rise of e-commerce platforms and the increasing popularity of do-it-yourself (DIY) repairs are also contributing to the growth of the market.

Asia Pacific Automotive Aftermarket Size

The Asia Pacific Automotive Aftermarket size was valued at USD 182.54 billion in 2020 and is projected to reach USD 256.58 billion by 2025, growing at a CAGR of 7.1% during the forecast period. The growth of the market can be attributed to factors such as the increasing average age of vehicles, growing vehicle parc, and rising demand for vehicle customization and modification. Additionally, the increasing adoption of e-commerce platforms for automotive parts and accessories is also expected to drive the growth of the Asia Pacific Automotive Aftermarket.

Asia Pacific Automotive Aftermarket Share

The Asia Pacific automotive aftermarket had a market share of approximately 31.4% in 2020. However, this can vary depending on the specific country and type of product or service within the aftermarket.

Asia Pacific Automotive Aftermarket Trends

Some of the trends observed in the Asia Pacific Automotive Aftermarket include:

Growing demand for electric and hybrid vehicles: With the increasing focus on reducing carbon emissions and promoting sustainable modes of transportation, there is a growing demand for electric and hybrid vehicles in the Asia Pacific region. This has led to an increase in the demand for aftermarket parts and services for these vehicles.

Increasing adoption of connected technologies: The Asia Pacific region is witnessing a rapid adoption of connected technologies such as telematics, advanced driver-assistance systems (ADAS), and infotainment systems. This has created opportunities for the development of new aftermarket products and services that cater to these technologies.

Emergence of e-commerce platforms: The rise of e-commerce platforms in the Asia Pacific region has disrupted traditional distribution channels for automotive aftermarket products. This has created new opportunities for small and medium-sized enterprises (SMEs) to enter the market and compete with established players.

Focus on vehicle customization: There is a growing trend among consumers in the Asia Pacific region to customize their vehicles to meet their individual preferences and needs. This has led to an increase in the demand for aftermarket products and services that enable vehicle customization.

Shift towards sustainable products: There is a growing trend towards the use of sustainable and eco-friendly products in the Asia Pacific automotive aftermarket. This includes the use of recycled and biodegradable materials in the manufacturing of aftermarket parts and the adoption of sustainable practices in the distribution and disposal of these products.

Asia Pacific Automotive Aftermarket Driving factors

The Asia Pacific automotive aftermarket is being driven by a variety of factors, including:

Growing Vehicle Sales: The increasing sales of vehicles in the Asia Pacific region is a major driving factor for the automotive aftermarket. As more vehicles hit the roads, the demand for aftermarket products and services such as spare parts, accessories, and maintenance services also increases.

Rising Vehicle Age: The average age of vehicles on the roads in the Asia Pacific region is increasing. As vehicles get older, they require more maintenance and repair services, which drives the demand for aftermarket products and services.

Increasing Disposable Income: As disposable income levels rise in the Asia Pacific region, more consumers are willing to spend on vehicle customization and maintenance. This drives the demand for aftermarket products such as performance upgrades, aesthetic modifications, and premium accessories.

Technological Advancements: The increasing sophistication of vehicles and their components is driving the demand for advanced aftermarket products such as high-performance engines, advanced infotainment systems, and safety enhancements.

Government Regulations: Government regulations mandating periodic maintenance and safety inspections are driving the demand for aftermarket products and services. In addition, regulations mandating the use of eco-friendly products and services are also driving the demand for green aftermarket products.

Overall, these factors are expected to continue driving growth in the Asia Pacific automotive aftermarket in the coming years.

Asia Pacific Automotive Aftermarket Regional Analysis

The Asia Pacific region is a large and diverse market for the automotive aftermarket. Here's a brief analysis of the major countries in the region:

China: China is the largest automotive aftermarket in the Asia Pacific region, accounting for more than 40% of the regional market. The country's large population, growing economy, and increasing vehicle fleet are major drivers for the automotive aftermarket. The market is highly fragmented, with many small and medium-sized players.

Japan: Japan is the second-largest automotive aftermarket in the Asia Pacific region, with a highly developed and mature market. The country is known for its advanced technology and high-quality products, which make it a major exporter of automotive aftermarket products. The market is dominated by large companies such as Denso, Aisin Seiki, and Yazaki.

South Korea: South Korea is a rapidly growing automotive aftermarket market in the Asia Pacific region, with a strong focus on research and development. The country is known for its advanced automotive technology, particularly in the fields of electronics and software. The market is dominated by large companies such as Hyundai Mobis, Mando, and Halla.

India: India is a rapidly growing automotive aftermarket market in the Asia Pacific region, driven by the country's large population and increasing vehicle fleet. The market is highly fragmented, with many small and medium-sized players. The market is expected to grow rapidly in the coming years, with the government's focus on the "Make in India" initiative.

ASEAN countries: The ASEAN countries (Indonesia, Thailand, Malaysia, Philippines, Vietnam, and Singapore) are a rapidly growing automotive aftermarket market in the Asia Pacific region. The region is home to a large population and a growing middle class, which is driving the demand for aftermarket products and services. The market is highly fragmented, with many small and medium-sized players.

Overall, the Asia Pacific automotive aftermarket is a diverse and rapidly growing market, driven by a variety of factors such as growing vehicle sales, rising vehicle age, increasing disposable income, technological advancements, and government regulations. The market is highly fragmented, with many small and medium-sized players, and is expected to continue growing in the coming years.

Asia Pacific Automotive Aftermarket Forecasts 2030 

The Asia Pacific automotive aftermarket is expected to continue growing over the next decade, driven by a variety of factors such as increasing vehicle sales, rising vehicle age, and increasing disposable income. Here are some forecasts for the Asia Pacific automotive aftermarket by 2030:

Market Size: The Asia Pacific automotive aftermarket is expected to reach a market size of around $400 billion by 2030, growing at a CAGR of around 6% from 2021 to 2030.

Product Categories: The largest product categories in the Asia Pacific automotive aftermarket are expected to be parts and components, accounting for around 50% of the market share, followed by accessories and appearance products, and then chemicals and fluids.

Distribution Channels: The distribution channels in the Asia Pacific automotive aftermarket are expected to shift towards online platforms, as more consumers prefer to purchase aftermarket products online. E-commerce is expected to grow at a CAGR of around 10% from 2021 to 2030.

Country-wise Growth: China and India are expected to be the largest markets in the Asia Pacific automotive aftermarket by 2030, accounting for more than 50% of the regional market share. ASEAN countries are also expected to see strong growth, driven by increasing vehicle sales and rising disposable incomes.

Key Players: The Asia Pacific automotive aftermarket is expected to remain highly fragmented, with many small and medium-sized players. However, large companies such as Denso, Aisin Seiki, and Hyundai Mobis are expected to continue dominating the market.

Overall, the Asia Pacific automotive aftermarket is expected to see strong growth in the coming years, driven by increasing vehicle sales, rising vehicle age, and increasing disposable income. The market is highly fragmented, with many small and medium-sized players, but is also attracting the attention of large multinational companies who see the region as a key growth opportunity.

Asia Pacific Automotive Aftermarket Key Industry Players

The Asia Pacific automotive aftermarket is a highly fragmented market with a large number of small and medium-sized players. However, there are several key industry players that dominate the market. Here are some of the major players in the Asia Pacific automotive aftermarket:

Denso Corporation: Denso is a leading manufacturer of automotive components and systems, including air conditioning systems, engine management systems, and safety systems. The company has a strong presence in the Asia Pacific region, with a focus on research and development.

Aisin Seiki Co., Ltd.: Aisin Seiki is a leading manufacturer of automotive components and systems, including automatic transmissions, braking systems, and engine parts. The company has a strong presence in Japan, but also has manufacturing facilities and sales offices in other countries in the Asia Pacific region.

Hyundai Mobis: Hyundai Mobis is a major supplier of automotive components and systems, including suspension systems, braking systems, and safety systems. The company is headquartered in South Korea and has a strong presence in the Asia Pacific region, with manufacturing facilities in China, India, and other countries.

Mando Corporation: Mando is a leading manufacturer of automotive components and systems, including suspension systems, braking systems, and steering systems. The company is headquartered in South Korea and has manufacturing facilities in several countries in the Asia Pacific region.

Bosch Limited: Bosch is a leading supplier of automotive components and systems, including engine management systems, braking systems, and safety systems. The company has a strong presence in India and other countries in the Asia Pacific region.

Yazaki Corporation: Yazaki is a leading supplier of electrical systems and components for the automotive industry, including wire harnesses, connectors, and sensors. The company has a strong presence in Japan and other countries in the Asia Pacific region.

Overall, these key industry players are expected to continue dominating the Asia Pacific automotive aftermarket, but the market is also attracting the attention of new players as the region continues to see strong growth.