Press Release Description
Electric Vehicles to Boost Asia-Pacific Automotive Parts and Components Market
The Asia-Pacific Automotive Parts and Components Market is projected to grow at a CAGR of 6.05% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The industry is witnessing a substantial increase in revenue, primarily driven by a strong demand for automotive components and accessories for repair and maintenance purposes. This robust growth can be attributed to various factors, including a surge in vehicle production, technological advancements, and a growing consumer preference for safer and more sustainable vehicles. The rise in market revenue is further fueled by the increasing prevalence of e-commerce, prompting many industry manufacturers to invest in online platforms such as Amazon and eBay. This strategic move allows them to tap into the expanding online consumer market.
Moreover, government support for the automotive industry in the APAC region, particularly in countries like China, India, and Japan, has led to a notable increase in automobile production. These countries have enhanced their industrial capabilities by incorporating advanced foreign technologies and management practices. Additionally, shifting consumer preferences, particularly the rising interest in electric & hybrid vehicles, are influencing specific component demands within the market. This includes a heightened need for batteries, electric motors, and associated electronics. The globalization of the automotive industry has further facilitated increased cross-border trade of automotive parts and components.
Furthermore, as the automotive landscape evolves, the aging vehicle fleet is contributing significantly to the surge in demand for automotive parts and components, particularly for the replacement of worn-out components. This trend emerges as a key driver of growth in the Asia-Pacific Automotive Parts and Components Market.
Besides, the increasing adoption of electric vehicles across the region is augmenting the demand for specific automotive components such as batteries, drivetrains, electronics, and others, thereby contributing to enhancing the market share., further states the research report, “Asia-Pacific Automotive Parts and Components Market Analysis, 2024.”
Asia-Pacific Automotive Parts and Components Market Segmentation Analysis
Braking Systems Boost the Asia-pacific Automotive Parts and Components
Based on the Components segment, the market is further bifurcated into, Driveline and Powertrains, Interiors and Exteriors, Electronics, Bodies and Chassis, braking systems, and Others (Wheels and tires, Seating, Lighting, etc.,) APAC’s automotive brake system segment is growing at a rapid pace due to the growing awareness of road safety among the general public and the growing number of well-to-do families. The number of incidents of accidents and fatalities is increasing due to which, consumers are looking for high-tech braking systems like ABS and Advanced Driver Assistance Systems (ADAS) in their cars. The development of the automotive braking system in APAC is also due to the safety regulations in the state and the authorities.
Original Equipment Manufacturers to Create Huge Demand for Automotive Parts and Components
Based on the Application segment, the market is segmented into Original Equipment Manufacturers (OEMs) and Aftermarket. The Original Equipment Manufacturers (OEMs) segment is expected to capture a significant share of the Asia-Pacific Automotive Parts and Components Market. This dominance is attributed to the growing production of automobile vehicles in the APAC region, driven by lower labor costs and robust government support and schemes aimed at promoting automotive production. These factors collectively position the OEMs segment as one of the leading segments in the regional market.
Additionally, the Asia-Pacific region has attracted numerous international automotive OEMs that have established a robust presence. These companies have set up extensive manufacturing facilities and supply chains, spanning multiple countries within the region.
China to Dominate the APAC Automotive Parts and Components Market
In the coming years, China is expected to strengthen its dominance in the Asia-Pacific Automotive Parts and Components Market. With one-third of the world's automobile production, China is one of the region's largest markets for automotive parts and components. The country's valuable position is reinforced by a solid infrastructure, a large pool of skilled labor, and significant technological investments, making it an ideal hub for automotive component manufacturing.
Furthermore, as the emphasis on environmentally friendly and sustainable transportation grows, the China Automotive Parts and Components Market has the potential to thrive in this shifting landscape.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Denso Corporation, Robert Bosch GmbH, HELLA GmbH & Co., KGaA, ZF Friedrichshafen AG, Nidec Corporation, Aisin Corporation, Marelli Holdings Co., Ltd., Continental AG, Mitsubishi Electric Corporation, Magna International Inc., and others are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the Asia-Pacific Automotive Parts and Components Market?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various countries?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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