Market Size of Asia-Pacific Automotive Parts And Components Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Market Size (2024) | USD 55.35 Billion |
Market Size (2029) | USD 76.17 Billion |
CAGR (2024 - 2029) | 5.00 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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).
Type | |
Driveline and Powertrain | |
Interiors and Exteriors | |
Electronics | |
Bodies and Chassis | |
Wheel and Tires | |
Other Types |
Application | |
Original Equipment Manufacturers (OEMs) | |
Aftermarket |
Country | |
India | |
China | |
Japan | |
South Korea | |
Rest of Asia-Pacific |
Asia-Pacific Automotive Parts And Components Market Size Summary
The Asia-Pacific automotive parts and components market is poised for significant growth, driven by a resurgence in demand following the initial impacts of the COVID-19 pandemic. As restrictions eased, key players in the region adopted various growth strategies, fostering market momentum. The increasing demand for automotive components, particularly in the aftermarket sector, is bolstered by the rise of e-commerce platforms, enabling manufacturers to reach a broader consumer base. The Do-It-Yourself (DIY) segment is gaining traction due to its cost-effectiveness and consumer interest in automotive maintenance. However, challenges such as the presence of low-cost replicas from Chinese companies pose potential hurdles. Major automotive hubs like India, China, and Japan are central to this market's expansion, supported by favorable government policies and a focus on electric vehicle (EV) adoption.
The market landscape is characterized by a high degree of fragmentation and competition, with both global and local manufacturers vying for market share. The presence of luxury carmakers and the growing preference for eco-friendly vehicles are influencing consumer choices, driving demand for advanced automotive features. Manufacturers are increasingly investing in innovative solutions and expanding their production capabilities to capture the growing market. Strategic partnerships, mergers, and acquisitions are prevalent as companies seek to enhance their technological capabilities and market presence. The region's competitive advantage is further strengthened by the availability of low-cost labor and raw materials, making it a pivotal area for automotive production and innovation.
Asia-Pacific Automotive Parts And Components Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Driveline and Powertrain
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2.1.2 Interiors and Exteriors
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2.1.3 Electronics
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2.1.4 Bodies and Chassis
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2.1.5 Wheel and Tires
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2.1.6 Other Types
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2.2 Application
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2.2.1 Original Equipment Manufacturers (OEMs)
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2.2.2 Aftermarket
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2.3 Country
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2.3.1 India
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2.3.2 China
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2.3.3 Japan
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2.3.4 South Korea
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2.3.5 Rest of Asia-Pacific
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Asia-Pacific Automotive Parts And Components Market Size FAQs
How big is the Asia-Pacific Automotive Parts And Components Market?
The Asia-Pacific Automotive Parts And Components Market size is expected to reach USD 55.35 billion in 2024 and grow at a CAGR of greater than 5% to reach USD 76.17 billion by 2029.
What is the current Asia-Pacific Automotive Parts And Components Market size?
In 2024, the Asia-Pacific Automotive Parts And Components Market size is expected to reach USD 55.35 billion.