Mergers and acquisitions have created mega-suppliers responsible for satisfying the inherent needs of consumers in the automotive industry. the automotive components industry is now relying more on firms that can design, develop and sell systems and sub-assemblies in various industries.
DUBAI, UAE / ACCESSWIRE / February 22, 2021 / Future Market Insights: FMI states in its recent study on the apej automotive aftermarket that the market will record a CAGR of 7.1% through 2031. Demand for APEJ automotive aftermarket is anticipated to continue surging particularly due to undergoing a transformation which is boosted by dynamic consumer preference with various product innovations.
'The auto-components market has expanded multifold in the past few years at regional as well as global levels. The increasing capacity, competition, redundancy, and overlap has resulted in a strong aftermarket business..' says the FMI analyst.
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APEJ automotive aftermarket - Important Highlights
- The tires segment is anticipated to witness a rise in demand in the automotive aftermarket during the projected years.
- According to vehicle type, passenger vehicles are driving sales of automotive aftermarket owing to its lesser cost than the commercial ones.
- According to product type, Parts are expected to constitute the leading share in the automotive aftermarket.
- China is anticipated to be at the forefront of the APEJ Automotive aftermarket in the upcoming years.
APEJ automotive aftermarket - Drivers
- The growing demand for tires, batteries, lighting, and filters is directly related to the surging sales of vehicles.
- Qualitative improvements in terms of better performance, improved fuel consumption, improved protection and comfort, an adaptation of technology, improved connectivity streamline operations are driving the market growth.
- An increase in investment in research and development activities by different manufacturers is boosting the growth of the market.
APEJ automotive aftermarket - Restraints
- Stringent government regulations regarding the materials used and their safety are hindering the growth of the market.
- A serious challenge to the industry is the online distribution of car repair parts at a cheaper price than the normal stores.
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COVID-19 Impact on APEJ automotive aftermarket
The APEJ automotive aftermarket growth is anticipated to be hampered owing to the unprecedented COVID-19 pandemic. At different stages, the COVID-19 pandemic is now influencing the global economy, and the effect is also seen on the automotive aftermarket. The APEJ automotive aftermarket growth is estimated to be impacted by the COVID-19 pandemic crisis and is predicted to see a major decrease in demand in 2021. Profitable growth has also been hampered due to uncertainties in the retail sector and supply chain, with a range of end-use sectors affected in many countries. however, the market is likely to set on a path of regaining as economies start to stabilize.
The APEJ automotive aftermarket players are leaning towards the expansion of the production facilities besides opting for strategic collaborations to attain a competitive edge. For instance, In June 2019, Nippon Paint agreed with HMSI to approve aftermarket paints and auxiliary products in India.
A few of the key companies functioning in the global market include Bosch, Denso Corporation, Hella KGaA Hueck & Co., Continental AG, Delphi Automotive PLC, 3M, Aisin Seiki Co., Ltd., Bridgestone Corporation
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About the Study
The study offers readers a comprehensive assessment of the APEJ automotive aftermarket. Global, regional, and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on parts (Tires, Batteries, Filters, Starters and Alternators, Lighting, Exhaust components, Spark Plugs), accessories (interior, exterior) and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, 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 make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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