The foundation for maintaining the smooth operation and stylish appearance of your car is made up of automotive parts and accessories. Parts are the necessary elements that comprise an automobile’s basic operation, such as the engine, brakes, or transmission. Your automobile wouldn’t start without them. Conversely, accessories offer an additional degree of convenience or personalization. They might be anything from performance enhancements and roof racks to floor mats and phone chargers. Accessories add a personal touch to your driving experience and can even improve a car’s functionality for certain purposes, even though they are not essential for the basic operation of the vehicle.
According to SPER Market Research, ‘Asia Pacific Automotive Parts and Accessories Market Size- By Component, By Application, By Vehicle Type, – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Asia Pacific Automotive Parts and Accessories Market is estimated to reach USD 93.33 billion by 2033 with a CAGR of 5.21%.
New technology and component acceptance are driven by regulations pertaining to safety requirements, fuel efficiency, and vehicle emissions. For example, stricter emissions regulations force the market to adopt greener technology like electric and hybrid cars, which increases demand for related accessories and parts. In a similar vein, producers in those segments benefit from safety rules that mandate the use of sophisticated safety systems and components. Innovation in the aftermarket industry is also fueled by regulatory compliance, as businesses create solutions to meet changing standards and satisfy shifting consumer demands for safer and more environmentally friendly products.
There are several challenges facing the Asia-Pacific automotive parts and accessories market. Advanced automotive technology increases vehicle complexity, which can be advantageous to dealerships by making maintenance and part replacements more difficult for independent shops. The market for conventional engine parts may become smaller as electric vehicles become more popular, completely upending the current parts landscape and necessitating the development of new parts. The rivalry from counterfeit parts also restrains market expansion since cost-conscious consumers may be drawn to these less expensive, frequently dangerous substitutes.
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The Asia-Pacific automobile parts and accessories market was first negatively impacted by COVID-19. Lockdowns decreased demand and disrupted the supply chain, causing the manufacture of cars to halt. The market has proven resilient, though. Parts producers adjusted with e-commerce platforms and calculated expansion strategies as regulations loosened. The market is anticipated to develop in the upcoming years due to the continued need for maintenance and repairs.
China holds the highest share in the Asia Pacific for automotive parts and accessories, This can be attributed as China holds a prominent position in the automotive industry due to its strong manufacturing sector, wide-ranging supply chain, substantial expenditures in electric vehicles, and adoption of cutting-edge automotive technologies. Major players in the market are Aisin Corporation, Continental AG, Denso Corporation, HELLA GmbH & Co. KgaA, Magna International Inc., Marelli Holdings Co., Ltd, Mitsubishi Electric Corporation, Nidec Corporation, Robert Bosch GmbH, ZF Friedrichshafen AG, and Others.
Asia Pacific Automotive Parts and Accessories Market Segmentation
By Components:
- Driveline and Powertrain
- Interiors and Exteriors
- Electronics
- Bodies and Chassis
- Braking System
- Others
By Application:
- OEM
- Aftermarket
By Vehicle Type:
- Two-wheelers
- Three-wheelers
- Off-the Road
- Passenger Cars
- Others
By Region:
- Australia
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
For More Information, refer to below link:-
Asia Pacific Car Accessories Market Outlook
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SPER Market Research
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