Asia Pacific Automotive After Market Size & Outlook
Asia Pacific automotive aftermarket market, 2017-2030 (US$M)
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Asia Pacific automotive aftermarket market highlights
- The Asia Pacific automotive aftermarket market generated a revenue of USD 129,024.2 million in 2023.
- The market is expected to grow at a CAGR of 5.3% from 2024 to 2030.
- In terms of segment, tire was the largest revenue generating replacement part in 2023.
- Turbochargers is the most lucrative replacement part segment registering the fastest growth during the forecast period.
- Country-wise, India is expected to register the highest CAGR from 2024 to 2030.
Asia Pacific data book summary
| Market revenue in 2023 | USD 129,024.2 million |
| Market revenue in 2030 | USD 185,505.5 million |
| Growth rate | 5.3% (CAGR from 2023 to 2030) |
| Largest segment | Tire |
| Fastest growing segment | Turbochargers |
| Historical data covered | 2017 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Tire, Battery, Brake Parts, Filters, Body parts, Lighting & Electronic components, Wheels, Exhaust components, Turbochargers |
| Key market players worldwide | 3M Co, Continental AG, Goodyear Tire & Rubber Co, Denso Corp, HELLA GmbH & Co KGaA, Robert Bosch Engineering & Business Solutions, Valeo SA |
Other key industry trends
- In terms of revenue, Asia Pacific region accounted for 28.8% of the global automotive aftermarket market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 185,505.5 million by 2030.
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Automotive Aftermarket Market Scope
Automotive Aftermarket Market Companies
| Name | Profile | # Employees | HQ | Website |
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Asia Pacific automotive aftermarket market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to automotive aftermarket market will help companies and investors design strategic landscapes.
Tire was the largest segment with a revenue share of 22.47% in 2023. Horizon Databook has segmented the Asia Pacific automotive aftermarket market based on tire, battery, brake parts, filters, body parts, lighting & electronic components, wheels, exhaust components, turbochargers covering the revenue growth of each sub-segment from 2017 to 2030.
In terms of both revenue and volume, Asia Pacific held the major share of the global automotive glass aftermarket in 2018. This can be attributed to the increasing number of vehicles in operation in the region and rising road traffic accidents.
The increasing number of vehicles operated on the road can be attributed to the high economic growth, rising disposable income, and subsequent increase in the demand for vehicles in the region. Countries such as China and India have been witnessing a shift in consumer demands in terms of vehicle styling, safety, and comfort.
This has led the manufacturers to highly focus on enhancing the efficiency of vehicles. Asia Pacific has been witnessing high demand for premium vehicles on account of changing consumer lifestyle and rising disposable income. This, in turn, is likely to propel the demand for aftermarket glass for luxury vehicles.
In addition, factors such as high domestic demand, raw material availability, cheap labor cost, and abundant land availability result in a lower glass manufacturing cost in Asia Pacific as compared to that in North America and Europe. Therefore, the demand for cheaper aftermarket glass in Asia Pacific is higher as compared to that in North America and Europe.
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Target buyers of Asia Pacific automotive aftermarket market databook
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Our clientele includes a mix of automotive aftermarket market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of continent-level data and insights on the Asia Pacific automotive aftermarket market , including forecasts for subscribers. This continent databook contains high-level insights into Asia Pacific automotive aftermarket market from 2017 to 2030, including revenue numbers, major trends, and company profiles.
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Asia Pacific automotive aftermarket size, by country, 2017-2030 (US$M)
Asia Pacific Automotive Aftermarket Market Outlook Share, 2023 & 2030 (US$M)
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