[PDF] ASEAN Automotive Aftermarket Market : New Incredible Transformations

What Is ASEAN Automotive Aftermarket?

The automotive aftermarket is the automotive industry market which includes equipment, replacement tires, service repair, collision, repair and accessories, etc. Companies operated in automotive aftermarket are manufacturing, remanufacturing, retailing, distribution, and installation of replacement vehicle parts, automotive accessories, service repair, and equipment. The automotive aftermarket deals with oil and lubricants, batteries, tires, filters, starters and alternators, coatings and paint consumables, exhaust components, spark plugs, crash parts, etc. There are interior and exterior accessories including audio/video devices, steering wheels, parking brake handles, shift boots, grills, headlight covers, front & rear guards, mirrors, etc. Consumers can repair their vehicles on their own with the DIY segments or can take the vehicle to professional repair facilities.

ASEAN Automotive Aftermarket Market Key Players:

Bridgestone Corporation, ACDelco, Denso Corporation, Aisin Seiki Co., Ltd., Hella KGaA Hueck & Co., BorgWarner Inc., Robert Bosch GmbH, Continental AG, Magneti Marelli SpA, Delphi Automotive PLC, and Faurecia SA.

The Global ASEAN Automotive Aftermarket Market is expected to be valued at US$ 53,016.04 million by 2027, exhibiting a CAGR of 9.7 % during the forecast period (2019-2027)

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Market Dynamics Increase in the average age of a vehicle is expected to boost growth of the ASEAN automotive aftermarket during the forecast period. Material and technology used for automotive manufacturing has improved from the past which increases the average age of vehicles. According to Coherent Market Insights’ analysis, in 2016, the number of vehicle on road with age between 5-8 years were around 6 million in Thailand. According to the same source, the number of vehicles with over 12 years of age is expected to increase by 15% over the next five years globally. Moreover, reliability of vehicles has improved substantially over the past decade. Consumers are not selling their vehicle instead of keeping old cars as second preferable vehicle. As a result of this, vehicle age is increasing and which in turn, increases the demand for replacement parts, repair, and maintenance. Thus, these factors are expected to drive the market growth over the forecast period.

ASEAN Automotive Aftermarket Market Taxonomy

ASEAN Automotive Aftermarket, By Category Type

Accessories
Interior
Exterior
Parts
Lubricants
Tires
Batteries
Wear & Tear Parts
Filters
Collision Body
Starters & Alternators
Lighting
Exhaust Components
Spark Plugs
Services
General Automotive Repairs
Automotive Transmission Repairs
ASEAN Automotive Aftermarket , By Vehicle Type

Passenger Cars
Commercial Vehicles

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Key Developments

Key players operating in the market are focused on product launches, in order to enhance the product portfolio. For instance, in ACDelco, a U.S.-based provider of automotive parts introduced its ‘Cabon Air Filter’ at ACMA Automechanika.
Major market players are involved in contracts and agreements, in order to gain competitive edge in the market. For instance, in December 2018, Aisin Seiki Co. Ltd. entered into an agreement with Denso Corporation to form a new company, ‘BluE Nexus’ to develop and sell driving modules for electric vehicles.

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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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This release was published on openPR.