Press release
automotive after market to Witness Significant Rise in Revenue During the Forecast Period 2018 - 2028
ASEAN automotive aftermarket was valued at US$ XX Mn by 2018 end and is expected to create an incremental $ opportunity of US$ XX Mn expanding at a CAGR of XX% over the forecast period.
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Increase in the average age of vehicle and rising demand for aesthetics, infotainment and comfort features in cars along with the rising vehicle parc in the ASEAN region is expected to drive the growth for ASEAN automotive aftermarket.
With the better quality of materials used for manufacturing and technological advancements, the average age of vehicle is increased. The increase in the age calls for the replacement and maintenance of parts as auto parts and accessories have a limited lifespan. As a result, the aftermarket replacement and repair is gaining traction. The countries like Philippines and Singapore have shown substantial increase in the vehicle parc thus driving the ASEAN automotive aftermarket. The demand for customization by end users in relation to aesthetics, infotainment and comfort has increased. As a result, the OEM’s have included various options to accessorize. These accessories could be easily replaced and customized as per demand in the aftermarket. Various accessories include floor mats, liners, fancy dashboards, gauges, headlights etc.
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Leading market players dominating the ASEAN automotive aftermarket
Some of the leading players identified across the ASEAN automotive aftermarket are: Denso Corporation, Hella KGaA Hueck & Co., Continental AG, Delphi Automotive PLC, ACDelco, Faurecia SA, Magneti Marelli SpA, Robert Bosch GmbH, Aisin Seiki Co., Ltd., Bridgestone Corporation.
Passenger cars segment is expected to hold the major market share in the ASEAN automotive aftermarket and is anticipated to grow at a faster rate
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On the basis of vehicle type the ASEAN automotive aftermarket is segmented into passenger cars and commercial vehicles. Passenger cars accounted for 69% of the total market value in 2015 and is expected to grow at a significant CAGR due to the increase in vehicle production and rising disposable income.
On the basis of country, the ASEAN automotive aftermarket is segmented into Malaysia, Indonesia, Philippines, Vietnam, Singapore, Thailand and rest of ASEAN. Malaysia accounted for XX% of the total market share and is expected to expand at a CAGR of XX% over the forecast period. High growth in the region is mainly attributed to the increase in vehicle production and sales in the region.
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