DECEMBERASIA BUSINESS OUTLOOK9NEWSROOMPAKISTAN PROPOSES NATION-WIDE PLAN TO TACKLE ECONOMIC INEQUALITYThe market for automotive aftermarket wear and tear in Asia Pacific is projected to grow at a compound annual rate of 3.7 percent between 2023 and 2028, as per report from Globaldata. It is expected that this industry, encompassing car parts for repairs, mechanical parts, components subject to wear and tear, and tires, will grow from 1.4 billion units in 2023 to 1.68 billion units by 2028.Madhuchhanda Palit, an automotive analyst at GlobalData, pointed out that market expansion will be impacted by various factors such as the quantity of vehicles on the road, frequency of accidents, driving habits, and population characteristics.Countries like India and Thailand, which heavily depend on personal vehicles, are forecasted to experience a substantial increase in demand for aftermarket products and services. Furthermore, variables such as the state of roads, traffic regulations, and the implementation of advanced driver assistance systems could affect the need for crash repair services and other aftermarket parts.The Automotive Industry is forecasted to increase to USD 6950.55 billion by 2032 from USD 4075.65 Billion in 2024, showing a CAGR of 6.9 percent from 2024 to 2032. The Automotive Industry market was worth $3812.5 billion in 2023. The automotive market is experiencing growth due to a rise in demand for luxury passenger vehicles, as well as increased urbanization and infrastructure spending in the economy. Despite its minimal contribution to global greenhouse gas emissions (less than 1 percent), Pakistan is highly vulnerable to climate change, ranking fifth globally in climate risk. The country's leaders are calling for global accountability, stressing that the Global South should collectively demand funding from wealthier nations, who bear greater responsibility for emissions. To address these challenges, Pakistan has introduced a National Adaptation Plan aimed at reducing climate vulnerability and bridging social and economic inequalities.Pakistan is ramping up its climate resilience efforts with a sophisticated disaster management system that tracks weather patterns across the country through nearly 300 sensors. This system, managed by the National Disaster Management Authority in Islamabad, has already proven effective. For example, in 2022, it helped evacuate 150,000 people in Punjab from impending flood danger. These proactive measures reflect the country's adaptation to an escalating climate crisis following the devastation of the 2022 floods that submerged a third of Pakistan, claiming 1,700 lives and affecting 33 million people.Prime Minister Shehbaz Sharif addressed the COP29 summit in Baku, Azerbaijan, emphasizing the urgency of climate finance for developing countries and calling for US$6.8 trillion in funding by 2030. Sharif highlighted that while developing nations face severe climate impacts, they often lack the resources to manage these challenges effectively. According to the World Bank, the cost of tackling Pakistan's climate and development needs could reach US$348 billion by 2030.Romina Khurshid Alam, the prime minister's climate coordinator, underscored that the situation is not only a financial challenge but a human rights issue. She advocated for climate justice, stating that developing nations struggling with climate impacts deserve a platform and support from those more responsible for the climate crisis. APAC'S AUTOMOTIVE AFTERMARKET GEARS UP FOR 3.7 PERCENT GROWTH SURGE BY 2028
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