Asia-Pacific Automotive Parts And Components Market Size (2024 - 2029)

APAC Automotive Parts and Components Market Analysis

The Asia-Pacific Automotive Parts And Components Market size is estimated at USD 55.35 billion in 2024, and is expected to reach USD 76.17 billion by 2029, growing at a CAGR of greater than 5% during the forecast period (2024-2029).

The impact of the COVID-19 pandemic on the automotive industry was significant, especially during the initial days of the pandemic, as many suppliers and parts manufacturers upstream or downstream experienced initial regulatory shocks owing to lockdowns. However, as restrictions eased, key players operating across this region started adopting several growth strategies, which were likely to create market momentum during the forecast period.

Strong demand for automotive components and accessories for repair and maintenance is expected to drive the overall Asia Pacific automotive aftermarket revenue. Moreover, with e-commerce penetration, several parts and component manufacturers are investing in online platforms and using Amazon, eBay, etc., to capture the online consumers' market.

The Do-It-Yourself (DIY) is one of the emerging segments due to its cost-effective products and increasing consumer passion for automobiles. The participation of different industry players in offering innovative and easy-to-use repair kits is expected to support the enhancement of the market. However, replicas and cheap alternatives from chinese companies are likely to act as a challenge during the forecast period.

India, China, and Japan are expected to play a major role in the market studied during the forecast period. These regions act as hubs for some of the largest automotive manufacturers and accommodate growing vehicle production and penetration of new vehicles over the forecast period.

APAC Automotive Parts and Components Industry Segmentation

Automotive parts and components include bodies, chassis, interiors, exteriors, seating, powertrains, electronics, mirrors, closures, roof systems, and modules. All the parts and components are installed in a vehicle to give customers the best driving experience. The report covers the latest trends and technologies, followed by the COVID-19 impact on the market.

The Asia-Pacific parts and components market is segmented by Type, Application, and Country. By Type, the market is segmented into Driveline and Powertrain, Interiors and Exteriors, Electronics, Bodies and Chassis, Wheels and Tires, and other types. By Application, the market is segmented into original equipment manufacturers (OEMs) and Aftermarket.

The market is segmented by India, China, Japan, South Korea, and the rest of Asia-Pacific. For each segment, the market sizing and forecast have been done based on value (USD billion).