The report provides overview of the current scenario of the market for spare parts, analyzes all dynamics such as drivers, restraints, and opportunities that will define the demand in the near future, segments the market on the basis of end-use industries, takes stock of the potential of various regional markets, and profiles some of the key vendors to represent the competitive landscape.
As per the projections of this report, the demand in the Asia Pacific spare parts logistics market will increment at a CAGR of 6.47% during the forecast period of 2017 to 2021. This prosperity of the spare parts logistics market in the region of Asia Pacific is a reflection of recent detection by the vendors that spare parts offer higher profit margins than core vehicles, as much as 20 to 30%. Noticing that, the manufacturers of spare parts are investing on strengthening their supply chain and meet the requirements of automotive companies. Rapid industrialization in China has revolutionized the manufacturing of spare parts and it is ideally meeting the needs across various industries. The market for automotive and consumer products is flourishing in various emerging economies such as India, China, South Korea, Malaysia, Japan, and Thailand, and augmenting the demand in this market.
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In addition to that, the report observes that technology of manufacturing spare parts logistics has improved quite a bit in the recent times and vendors are now providing advanced services as well as spare parts inventory management. Moreover, the companies operating in the global spare parts logistics market are adopting for cloud-based customer relationship management (CRM) solutions in order to improve their relationship with suppliers via more visible supply chain process, which also helps in reducing the SCM complexity.
Based on end-users, the report segments the Asia Pacific spare parts logistics market into automotive, industrial, aerospace, and electronics. In 2016, the automotive sector served the maximum demand and is expected to remain highly profitable throughout the forecast period. The automotive segment can be further sub-segmented into passenger cars, commercial vehicles, electric vehicles, and heavy trucks, two- and three-wheelers, multi-utility vehicles, tractors, and automotive components. The availability of auto loan at cheaper rates in the region of Asia Pacific, rise in industrialization, development of infrastructure by the respective governments, and increasing disposable income of the urban population are some of the factors favoring the automotive segment of the Asia Pacific spare parts logistics market. Country-wise, the report gauges the potential of spare parts logistics market in India, China, Japan, and others. By the end of the forecast period, which is 2021, China is anticipated to remain the largest vehicle manufacturer after the country produced 28 million units of automobiles in 2016. The presence of several component manufacturers in China is also aiding to the prosperity.
As far as the competitive landscape is concerned, the Asia Pacific spare parts logistics market is largely fragmented, although a few players do hold a position of strength, such as DHL, DB Schenker, CEVA Logistics, UPS, and KUEHNE + NAGEL. The report also identifies FedEx, C.H. ROBINSON, Agility, DSV, Broekman Logistics, Kerry Logistics, Ryder, Rhenus, Yusen Logistics, and TVS Logistics as some of the other key players of this market, wherein delivery speed, price of spare parts, and supplying capacity is of optimum importance.
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