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Expansion of Automotive Aftermarket Poised to Reflect a CAGR of 9.6% for 2016 - 2026 Period

03-12-2018 10:28 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Future Market Insights

Expansion of Automotive Aftermarket Poised to Reflect a CAGR

In Future Market Insights’ market report titled, “Automotive Aftermarket: ASEAN Industry Analysis and Opportunity Assessment, 2016-2026”, poor road infrastructure and extended vehicle life have been identified as profitable factors for the growth of the automotive aftermarket in ASEAN. On account of growing out-of-warranty car parc, the US$ 19.3 Bn ASEAN automotive aftermarket is predicted to surpass US$ 48 Bn in revenues by 2026 end, increasing at a healthy CAGR of 9.6% through 2026.

Key Trends Impacting the ASEAN Automotive Aftermarket

Growing popularity of new, lightweight vehicle models

Advances in OEM technology and OEM globalisation

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Adoption of remote vehicle diagnostic systems, growing awareness about self-inflating tyres, and widespread acceptance of electric vehicle technology

Online sales of automotive parts and accessories

Establishment of franchises in emerging countries, especially those where vehicle parc is steadily gaining traction

Segmentation Highlights: Tyres Will Remain Highest Selling Parts; Indonesia to Remain the Largest Market

By type, tyres will continue to account for the largest revenue share. In the accessories segment, the interior accessories segment – which includes steering wheels, seat covers, seat belts, liners, floor mats, liners, gauges, dash boards, and shift knobs – will reportedly hold a major share of over 66%, crossing a value of US$ 9.0 Bn by 2026 end.

By service, general automotive repair is estimated at over 86% value share during the forecast period, maintaining dominance over automotive transmission repairs. By vehicle type, passenger cars will continue to attract higher revenues compared to commercial vehicles. Indonesia will remain the largest market accounting for 35% revenue share of the market in 2026. Thailand and Malaysia, the other key markets will collectively account for over 50% revenue share of the market.

Fundamental Shift in Consumer Preference and Driver’s Choice Will Impact the Market

With driverless car technology and dashboard pyro techniques steadily gaining traction, consumers are likely to have more aftermarket channels to shop. Consumer behaviour is expected to shift from a conventional way of buying vehicle parts, accessing repair services, and selecting accessories. Moreover, evolving driver preferences also reflect a new set of revenue generation opportunities for automakers, auto part suppliers, repair shops, and accessory retailers. Consumers are increasingly becoming aware of the latest launched products and thus, will access a plethora of aftermarket product offerings to cater to their comfort, aesthetics, and infotainment-related requirements.

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Key Players Focussing on Boosting Expansion Capacity

The key players highlighted in the ASEAN automotive aftermarket include Denso Corporation, Hella KGaA Hueck & Co., Continental AG, Delphi Automotive PLC, ACDelco, Faurecia SA, Magneti Marelli SpA, Robert Bosch GmbH, Aisin Seiki Co., Ltd., and Bridgestone Corporation. Bridgestone, one of the top companies, announced expansion of its international manufacturing capabilities in Germany this year. Post-acquisition of Speedy France, the company also launched a new manufacturing plant based in Indonesia. Continental AG also opened its new production plants in India and China this year.

Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services, which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, an aerial view of the competitive framework, and future market trends.

Future Market Insights
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