Asia Pacific automotive aftermarket is expected to witness over 6% gains up to 2024. This growth is credited to the increasing consumer preference for incorporating high performance and aesthetic features in their vehicles. Further, increasing vehicle sales across the region owing to the presence of major automobile manufacturers including Hyundai, Toyota, and Suzuki, among others offering wide range of vehicles at varying price point are positively influencing the market growth till 2024. Increasing aftermarket parts exports from the U.S. to South Korea is providing a positive outlook for the industry expansion.
Minimal replacement and repair cost are one of the major factors driving the market development in the DIY segment. Growing consumer awareness pertaining to the online upkeep tutorials is one of the key factors driving market growth. Additionally, ease in operations and widespread availability of replacement parts and components such as changing tires, oil, and mirrors with minimum application and handling of tools, are fueling the do it yourself sales outlet market.
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Accessories segment is projected to witness significant growth of around 7% over the projected time frame. This growth is attributed to the rising demand for vehicle customization across the globe. Availability of a wide range of accessories for enhancing the core aesthetics is supporting the segment growth over the projected time frame. The proliferating accessory packages offered as per the consumer requirements along with diversified interior modifying alternatives will enhance the automotive aftermarket business expansion.
The increasing preference of customers to opt for base models of vehicles and upgrade with technologically advanced equipment is supporting the industry proliferation. Incorporation of the latest technology into the product portfolio including ADAS systems, electrical components among others, increases the requirement for periodic upgradation and maintenance of these components for optimum performance, strengthening the automotive aftermarket expansion till 2024.
Emergence of organized multi-branded authorized car service centers offering superior quality servicing at lower costs is supporting the industry expansion in the coming years. Shifting preference towards upgrading and maintaining old cars owing to economical, costing is further supporting the industry proliferation over the study time frame.
Supporting government regulations for mandatory compliance of automotive aftermarket parts and components prior to commercialization is proliferating the business share over the forecast timeframe. For instance, the European legislation mandates the CE certification of all electronic components to be equipped in cars along with mandatory testing and approval requirements, supporting the market growth till 2024.
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Rising necessity for maintenance and periodic servicing of vehicles to maintain their performance and efficiency is driving the automotive aftermarket growth over the forecast timeframe. Increasing innovations along with rising competition is enabling industry participants to continuously invest in R&D for introducing low cost reliable solutions to attract customers.
Few key players in the automotive aftermarket include Magna International, 3M Company, Lear Corp., Yazaki, ALCO Filters, Denso Corporation and Continental AG. Other key players include Akebone Brake Corporation, Magneti Marelli, and Copper Tire & Rubber Company. Strategic collaborations and partnerships are among the major strategies adopted by industry participants for increasing their market share. For instance, In June 2015, 3M?s Automotive Aftermarket Division entered into a strategic partnership with Ringbrothers for developing new tools and solutions for the aftermarket.