Increasing demand for vehicle upgradation and digitization of distribution channels are driving the growth of Japan automotive aftermarket in the forecast period, FY2023-FY2027.
According to TechSci Research report, “Japan Automotive Aftermarket By Vehicle Type (Passenger Cars, Commercial Vehicles), By Component (Tires, Spark Plugs, Air Filter, Fuel Filter, Brake Pad, Brake Shoe, Brake Calliper, Batteries, Others), By Service Channel (DIFM (Do it for Me), DIY (Do it Yourself), and OE (Delegating to OEMs)), By Region, Competition, Forecast & Opportunities, FY2027”, the Japan automotive aftermarket is anticipated to witness steady growth in the forecast period, FY2023-FY2027. High demand for automotive parts and components for automotive maintenance and repair services across the country and the fierce competition among the market players is the primary influencing factor for the Japan automotive aftermarket. The growing awareness of the benefits of using automotive accessories as it enhances the driving experience and upgrades the existing automobiles with novel technologies is expected to create lucrative opportunities for market growth. The rising popularity of ADAS, entertainment, and infotainment systems and the growing use of telematics and connected technology in automobiles is expected to accelerate the Japan automotive aftermarket growth. Automotive accessories comprise interior and exterior parts. The main use of installing accessories in automobiles is to amplify the protection of both vehicles and passengers and improve the aesthetic appearance of automobiles. The accessories used in the automobiles are generally not provided by the original equipment manufacturers and are installed based on the needs and requirements of the consumers. Digitization of the automotive components and parts and the integration of advanced technologies is expected to boost the growth of the Japan automotive aftermarket. Automotive replacement part suppliers and service providers are adopting practices to strengthen the aftermarket parts, components, and accessories supply chain. These work together and provide results and affect the automotive sector at various stages. Availability of advanced automotive components and the simplification in the transactions along with the digitalization of the automotive aftermarket part sales is expected to influence the market sales. Due to the rise in the number of road accidents, consumers are keen to install safety equipment and technology in their automobiles, driving the sales of safety aftermarket components and accessories.
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The Japan automotive aftermarket is segmented into vehicle type, component, service channel, regional distribution, and competition landscape.
On the basis of vehicle type, the Japan automotive aftermarket is divided into passenger cars and commercial vehicles. The passenger cars segment is expected to hold the largest market share in the forecast period, FY2023-FY2027. Improvement in the lifestyle of the consumers and a growing preference for private vehicle ownership is driving the sales of passenger cars in Japan. Efforts made by the passenger car manufacturers to magnify the passenger car performance and efficiency in terms of speed, exhaust system, and fuel efficiency are expected to create huge growth potential for the Japan automotive aftermarket growth.
On the basis of component, the Japan automotive aftermarket is divided into tires, spark plugs, air filters, fuel filters, brake pads, brake shoe, brake calliper, batteries, and others The tires segment is expected to account for significant market share in the forecast period. The presence of advanced features in automobiles is increasing the average life of automobiles. Tires experience wear and tear in the long run, and to avoid any case of mishappening, consumers prefer to change the tires at regular intervals.
On the basis of service channel, the Japan automotive aftermarket is divided into DIFM (Do it for Me), DIY (Do it Yourself), and OE (Delegating to OEMs). The DIY (Do It Yourself) is expected to witness the fastest incremental growth in the next five years. The high sales of old and new automobiles and the availability of affordable aftermarket products in the market are the primary driving factors for the segment's growth. Market players are offering easy-to-use kits and launching innovative products to attract more customers. Increasing per capita income of consumers makes such products afford quality products to amplify the driving experience.
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“The high sales of electric vehicles in Japan to achieve the zero-emission target and produce environment-friendly vehicles influence the Japan automotive aftermarket sector to focus on providing excellent aftermarket services to retain and attract more customers. The aftermarket players' use of advanced technologies, providing quick and cost-effective solutions to the customers, and providing doorstep services to fulfill customer requests is expected to contribute to the growth of the Japan Automotive Aftermarket. Supportive government policies along with the availability of advanced electric vehicle charging infrastructure are expected to propel the Japan Automotive Aftermarket growth till FY2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Japan Automotive Aftermarket By Vehicle Type (Passenger Cars, Commercial Vehicles), By Component (Tires, Spark Plugs, Air Filter, Fuel Filter, Brake Pad, Brake Shoe, Brake Calliper, Batteries, Others), By Service Channel (DIFM (Do it for Me), DIY (Do It Yourself), and OE (Delegating to OEMs)), By Region, Competition Forecast & Opportunities, FY2027”, has evaluated the future growth potential of Japan Automotive Aftermarket and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Japan Automotive Aftermarket.
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