Press release
Driving Innovation and Growth: Insights into the ASEAN Automotive Aftermarket
The ASEAN automotive aftermarket is projected to grow at a steady CAGR of 8.5% throughout the forecast period. The market is estimated to generate USD 24.56 billion in revenue in 2023 and is expected to surpass USD 55.53 billion by 2033.The ASEAN automotive aftermarket is witnessing remarkable growth, driven by expanding vehicle ownership, rising disposable incomes, and a burgeoning demand for vehicle maintenance and repair services. The region's automotive sector benefits from a thriving economy, rapid urbanization, and an increasing middle-class population, all of which fuel the need for reliable aftermarket solutions.
The market encompasses a diverse range of products and services, including replacement parts, tires, lubricants, accessories, and repair services. Technological advancements, such as connected car technologies and predictive maintenance, are transforming the aftermarket landscape, offering enhanced efficiency and customer satisfaction.
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Governments across the ASEAN region are supporting the automotive industry with initiatives to promote local manufacturing and trade. Meanwhile, market players are capitalizing on digital platforms to improve customer reach and streamline service delivery, meeting the demands of tech-savvy consumers.
Key Drivers
Growing Vehicle Parc: The rising number of vehicles in ASEAN countries increases the demand for aftermarket products and services.
Aging Vehicle Fleet: Older vehicles require frequent repairs and maintenance, driving the need for aftermarket services.
Economic Growth and Urbanization: Expanding urban populations and rising incomes boost vehicle ownership and spending on aftermarket solutions.
Technological Advancements: Integration of smart technologies in aftermarket services, such as predictive maintenance, enhances operational efficiency.
E-Commerce Expansion: Online platforms are revolutionizing the distribution and accessibility of aftermarket parts and services.
Government Policies: Favorable regulations and incentives for local manufacturing contribute to a robust aftermarket ecosystem.
Key Takeaways
The ASEAN automotive aftermarket is projected to grow at a significant rate, driven by increasing vehicle ownership and economic development in the region.
Replacement parts and repair services account for a substantial share, catering to an aging vehicle fleet and growing consumer expectations.
Technological advancements, such as connected car systems and predictive analytics, are transforming traditional aftermarket practices.
E-commerce platforms are emerging as a vital distribution channel, enhancing market accessibility and customer convenience.
Collaboration between regional players and international brands is fostering innovation and competitiveness in the market.
Competition Scenario
The key players focus on producing services and products equivalent to the OEM producer. Limiting prices and options of different quality, sizes, and material is also a part of the competitive strategy. Furthermore, the collaboration between small-scale vendors and fleet operators is increasing the competition in the market.
Market Developments
Aisin Seiki Co. Ltd. announced to set up Kyushu Development Center Hakata Laboratory for artificial intelligence (AI) technologies in Fukuoka City, Japan, to strengthen its AI infrastructure.
Continental AG acquired CRP Industries' automotive aftermarket business. Through this, it aims to enhance its distribution channel and sales funnel in the ASEAN region.
In-Depth Market Analysis: A Complete Report
https://www.futuremarketinsights.com/reports/asean-automotive-aftermarket
Key Players
NGK Spark Plug
ZF Friedrichshafen AG
Continental AG
Robert Bosch GmbH
HELLA GmbH & Co. KGaA
Denso Corporation
AC Delco
AISIN CORPORATION
Marelli Corporation
Bridgestone Corporation
Faurecia SA
Hitachi Astemo Ltd
Valeo SA
Michelin
Mahle GmbH
KYB Corporation
BorgWarner Inc.
SAMMITR GREEN POWER CO., LTD.
Bangkok Diecasting and Injection Co., Ltd.
Aisin Takaoka Asia Co.,Ltd.
S.P.Metal Part Co., Ltd.
Tan Chong Motor Holdings Berhad
Market Segmentations
Category Type:
Parts
Tires
Batteries
Filters
Starters and Alternators
Lighting
Exhaust Components
Lubricants
Collision Body (Coating & Paint Consumables)
Suspension
Brakes
Engine & Transmission
Spark Plugs
Steering
Accessories
Interior
Exterior
Services
General Automotive Repair
Automotive Transmission and Others
By Vehicle Type:
Passenger Car
Light Commercial Vehicle
Heavy Commercial Vehicle
By Country:
Malaysia
Indonesia
Philippines
Vietnam
Singapore
Thailand
Rest of the Association of Southeast Asian Nations
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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[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,…