Light Commercial Vehicle
Unveiling Asia Pacific automotive aftermarket trends in terms of the geographical spectrum: India and Vietnam to emerge as bright spots on the industry growth map by 2024
Owing to a drastic rise in the demand for state-of-the-art and highly-efficient automotive spare parts, the Asia Pacific (APAC) automotive aftermarket share has been registering commendable progress in the last few years. The eventual wear and tear of existing vehicles is invariably leading car owners to replace the car’s internal components and old spare parts for improved safety and enhancement of the vehicle’s appearance. Moreover, the transformational shifts in global mobility policies across various emerging economies in the region is positively favoring the APAC automotive aftermarket, which is slated to garner more than USD 165 billion in terms of remuneration by the year 2024.
China LCV Aftermarket Market, By Sales Outlet, 2017 & 2024, (USD Million)
Amidst a gradual slowdown in the global economic activity in the recent times, the developing countries in the Asia Pacific terrain are experiencing unprecedented growth. This has facilitated the expansion of the automotive aftermarket across major Asian nations such as China, India, Japan, Singapore, along with smaller economies like Vietnam and Thailand catching up fast enough.
India
The most prominent factor that has been favoring the India automotive aftermarket is the rapidly growing trend of vehicle ownership in rural and semi-urban regions of the country. The statistics published by the Society of Indian Automobile Manufacturers (SIAM) – is the premier organization representing the nation’s automotive industry – are testament to the humongous rise in the sales of passenger and commercial vehicles over the last few years. Recording a y-o-y growth rate of 14.78 percent, the increase in automotive sales has boosted the demand for auto spare parts and other ancillary components across the country, which has, in turn, proved highly-beneficial for the India automotive aftermarket.
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Speaking along similar lines, the growing adoption of vehicle insurance policies in the nation would further propel the India automotive aftermarket expansion. It is quite prudent to mention that the third-party insurance cover for new cars has been made mandatory for period of three years following a Supreme Court order effective from September 2018.
Vietnam
Following the footsteps of major developing economies of the region like India and China, Vietnam is making ground-breaking progress in the APAC automotive aftermarket in the recent years owing to marked uptick in automobile sales and rise in the disposable income of its residents. As per the Industrial Policies Strategies Institute (IPSI) under the Ministry of Trade and Industry, the automobiles production in the nation is expected to increase at an average of 18.5 percent each year over 2018 to 2025, essentially boosting the APAC automotive aftermarket.
In line with Vietnam’s ambitious strategy to carve out a profitable growth path for the nation’s automobile industry, the formation of an auto manufacturing center in the vital central economic region is being visualized presently. The proposed Kim Long Motors Hue complex is slated to be set up in the Chan May-Lang Co Economic Zone to not only utilize the port and logistical advantage of the province but also to attract more investors to the local mechanical and spare parts industries in the times to come.
Industry analysts believe that the new auto manufacturing complex and the increasing automobile sales would open up unprecedented opportunities for the major firms operating in the APAC automotive aftermarket and position Vietnam as a significant contributor toward the burgeoning automotive industry in the region. In fact, according to a research report put together by Global Market Insights, Inc., Vietnam automotive aftermarket is forecast to expand at an annual growth rate of more than 9 percent over the estimated time frame.
With the dynamically surging demand for advanced modifications in cars in economies such as India, China, and Japan, the commercialization potential of the Asia Pacific automotive aftermarket industry is anticipated to surge majorly over 2018-2024. Powered by the ever-increasing requirement of advanced replacement parts and the dynamic expansion of the regional automotive market, the APAC automotive aftermarket industry is slated to traverse alongside a highly profitable growth path in the years ahead.
Author Name : Saif Ali Bepari
Automotive glass market to witness significant proceeds in Asia-Pacific, Safety regulations and innovations to underline the Industry trends
With ever increasing demand for automobiles worldwide, the automotive glass market is expected to be a perpetual industry underlined with numerous innovations and regulations supporting its development. The rising disposable income especially in the developing economies will push the automobile production and create a favorable environment for the consumption of automotive glass. Designed and produced with safety in mind, glass is used in windshields, sidelites & backlites, parking lights, headlights and other sections of a vehicle. A USD 12 billion market in 2017, higher awareness regarding passenger safety and constant technological improvements in vehicle manufacturing will further propel the automotive glass industry.
Europe Automotive Glass Market Size, By Application, (Mn Sq.m), 2015 & 2024
The overwhelming casualty rate arising from automobile accidents has highlighted gaps in vehicle safety. With glass being the most delicate part in a vehicle, the automotive glass industry is certain to witness a slew of opportunities in the coming years. With the overall industry promising a 7% CAGR between 2018 and 2024, the United States automotive glass market will show considerable growth owing to safety focused legal amendments such as United Nations Economic Commission for Europe (UNECE or ECE) & Federal Motor Vehicle Safety Standards (FMVSS). These amendments are intended to ensure that the maximum fuel efficiency and safety features are given to the customers, leading manufactures to invest greatly in R&D. Another source of fuel for the segment is the unmatched production of vehicles in Asia-Pacific resulting from higher demand and tremendous FDIs supporting the industry. A significant amount of revenue is expected to be apportioned from light and heavy commercial segment owing to the rapid urbanization and the need for logistics in emerging economies.
The evolution of automotive designs with changing lifestyle preferences and industry outlooks has led to the augmented use of glass in vehicles. The utilization of vehicles in several capacities & terrains lead them to face potholes, rocks and common fender-benders apart from accidents. In this regard, the laminated glass market has gained substantial traction. In fact, the laminated glass industry held a revenue of USD 7 billion in 2017. The product is further anticipated to record significant growth rate, driven by its durability and ease of installation.
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Elaborating further on the product landscape, tempered glass sales will also have a noticeable contribution to the overall automotive glass industry size. The product is estimated to procure 45% of the global share by 2024. The product is renowned for its strength and ability to withstand climate changes and heavy rains while providing a clear view.
The automotive glass market is also boosted by consistent innovations in glass features and replacement of metal components by glass supports to reduce overall vehicle weight. Automobile features like sunroofs are also increasing in demand and the availability of sunroof is not restricted to luxury vehicles any more, with manufactures installing it in many low and middle-end vehicles as well. Tinted windows allow for reduced glare, security, privacy and enhanced aesthetics for automobiles, but their use is restricted in most countries through government regulations. Amidst this backdrop, upgraded glass products such as smart glass is gaining traction within the automotive glass industry with upward trend in the premium car segment.
To emphasize the significance of innovations in the automotive glass industry, Glass Apps has introduced a leading smart glass technology which applies a Polymer Liquid Crystal film between two layers of glass and layers of conductive interlayers. Such a smart glass can help to alter the visual appearance of the windows as desired by changing the tint color and opacity by using electricity. It also diminishes the air-conditioning requirements as less sun-light enters the vehicle, limiting the carbon emissions. With the advent of smart technologies and consciousness of customers towards safer, more fuel-efficient vehicles has driven the research and development efforts globally and will provide an impetus to the automotive glass market. In terms of commercialization, the global renumeration portfolio is anticipated to cross USD 21 billion by 2024.
Author Name :Pankaj Singh
Global Market Insights Inc. 