The term "automotive parts and accessories" refers to a variety of parts and accessories that are necessary for the operation, personalisation, upkeep, and improvement of automobiles. Key mechanical, electrical, and electronic parts that are essential to a car's operation and safety include engines, transmissions, brakes, batteries, and lighting systems. Conversely, accessories—such as floor mats, audio systems, seat covers, and external trim—are optional but improve the vehicle's usability, appearance, and comfort. Original equipment manufacturers (OEMs) and the aftermarket are both served by the automotive parts and accessories industry. While aftermarket components are offered to customers for vehicle repairs, upgrades, and personalisation, OEM parts are supplied directly to automakers for the production of new cars.
According to SPER Market Research, ‘Asia Pacific Automotive Parts and Accessories Market Size- By Components, By Application, By Vehicle Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that Asia Pacific Automotive Parts and Accessories Market is estimated to reach USD 93.33 billion by 2033 with a CAGR of 5.21%.
Rapid urbanisation, rising disposable incomes, and growing vehicle production are the main factors propelling the Asia Pacific automotive parts and accessories market. Furthermore, the need for novel components is being fuelled by technological developments, especially in the areas of linked technologies and electric vehicles (EVs). Market dynamics are also significantly shaped by government programs supporting clean energy and strict pollution restrictions. The market's growth is also aided by the expanding aftermarket industry, which is fuelled by the need for auto maintenance and repairs. All things considered, a mix of technology advancements, economic expansion, and regulatory actions are the main factors powering the Asia Pacific automotive parts and accessories market.
The market for automobile parts and accessories in Asia Pacific is confronted with formidable obstacles as a result of evolving consumer preferences and technical breakthroughs. Traditional component makers are under pressure to innovate or risk obsolescence as a result of the rise of electric cars (EVs) and higher pollution rules. Furthermore, there is intense rivalry from manufacturers in nations like China and India that provide cost benefits, which affects regional firms who frequently put low prices ahead of quality. As businesses must quickly digitise and improve their distribution networks to remain competitive, the growing trend towards digital platforms for parts distribution also offers opportunities and problems. The Asia Pacific market for car parts and accessories is challenged by all of these issues.
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Due to a rebound in demand after the first effects of the COVID-19 epidemic, the Asia-Pacific automotive parts and components industry is expected to increase significantly. Key regional firms utilised a variety of expansion tactics when limitations loosened, which helped to accelerate the market. The growth of e-commerce platforms supports the growing demand for automotive components, especially in the aftermarket industry, by giving producers access to a wider range of customers. Due to its affordability and consumer interest in auto repair, the Do-It-Yourself (DIY) market is expanding. However, there may be obstacles due to issues like the availability of inexpensive imitations from Chinese businesses.
The China market dominated the Asia Pacific automotive parts and accessories market due to country strong infrastructure. Some of the key players are - Aisin Corporation, Continental AG, Denso Corporation, HELLA GmbH & Co. KgaA, Magna International Inc.
Asia Pacific Automotive Parts and Accessories Market Segmentation:
By Components: Based on the Components, Asia Pacific Automotive Parts and Accessories Market is segmented as; Driveline and Powertrain, Interiors and Exteriors, Electronics, Bodies and Chassis, Braking System, Others
By Application: Based on the Application, Asia Pacific Automotive Parts and Accessories Market is segmented as; OEM, Aftermarket
By Vehicle Type: Based on the Vehicle Type, Asia Pacific Automotive Parts and Accessories Market is segmented as; Two-wheelers, Three-wheelers, Off-the Road, Passenger Cars, Others.
By Region: This research also includes data for Australia, China, India, Japan, South Korea, Rest of Asia-Pacific.
For More Information, refer to below link: –
Asia Pacific Automotive Parts and Accessories Market Forecast
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