The ASEAN automotive aftermarket size is expected to expand its roots at a steady CAGR of 8.5% during the forecast period. The market is likely to hold a revenue of US$ 24.56 billion in 2023, while it is anticipated to surpass US$ 55.53 billion by 2033.
The ASEAN Automotive Aftermarket is a diverse and dynamic sector driven by the growing vehicle parc, increasing vehicle ownership, rising disposable income, and a vibrant automotive culture across the region.
The aftermarket encompasses a wide range of products and services, including spare parts, components, accessories, maintenance services, repair services, customization and tuning, vehicle modification, performance upgrades, and distribution channels catering to passenger cars, commercial vehicles, motorcycles, and other automotive segments.
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Key Players:
Automotive Parts Manufacturers: Leading manufacturers of automotive parts and components, both domestic and international, supply aftermarket products to the ASEAN region. Companies like Bosch, Denso, Continental, NGK, and Delphi Technologies are key players in providing high-quality aftermarket components.
Aftermarket Distributors and Retailers: Distributors, wholesalers, retailers, and e-commerce platforms play a crucial role in the distribution and sales of aftermarket products to consumers and automotive service providers across the ASEAN region.
Automotive Service Providers: Independent repair shops, authorized service centers, garages, and specialized workshops provide a wide range of aftermarket services, including vehicle maintenance, repairs, installations, and customization, serving the diverse needs of vehicle owners.
Market Drivers:
Vehicle Parc Growth: The increasing number of vehicles on the road in the ASEAN region drives demand for aftermarket products and services, including replacement parts, maintenance, and repair services to keep vehicles running efficiently and safely.
Aging Vehicle Population: As vehicles age, the demand for replacement parts, maintenance services, and repairs increases, presenting opportunities for aftermarket providers to offer solutions for vehicle maintenance, performance enhancement, and restoration.
Urbanization and Motorization: Urbanization, population growth, and rising motorization rates in ASEAN countries lead to higher demand for personal mobility, driving aftermarket demand for automotive products and services catering to urban commuters and vehicle owners.
Customization and Personalization: Consumer preferences for vehicle customization, personalization, and performance upgrades drive aftermarket sales of accessories, tuning kits, styling enhancements, and aftermarket modifications to differentiate and personalize vehicles.
Market Challenges:
Counterfeit Parts: The presence of counterfeit and imitation parts in the aftermarket poses challenges in terms of product quality, safety, reliability, and intellectual property rights enforcement, impacting consumer confidence and brand reputation.
Regulatory Compliance: Compliance with regulatory standards, emissions requirements, safety regulations, and import/export regulations across ASEAN member countries presents challenges for aftermarket manufacturers, distributors, and service providers.
Supply Chain Disruptions: Supply chain disruptions, logistics challenges, trade barriers, and import/export restrictions may affect the availability, pricing, and distribution of aftermarket products and components within the ASEAN region.
Technological Complexity: Rapid advancements in automotive technology, vehicle electronics, connectivity, and advanced driver assistance systems (ADAS) increase the complexity of aftermarket repairs, diagnostics, and servicing, requiring specialized skills, equipment, and training.
Market Trends:
Digitalization and E-Commerce: The growing adoption of e-commerce platforms, online marketplaces, and digital channels facilitates the sale and distribution of aftermarket products, enabling consumers to access a wide range of products, compare prices, and make purchases conveniently.
Sustainable Solutions: Increasing awareness of environmental sustainability and green initiatives drive demand for eco-friendly aftermarket products, including remanufactured parts, recycled components, energy-efficient technologies, and alternative fuels.
Connected Vehicles and IoT: Integration of connected vehicle technologies, telematics, and IoT (Internet of Things) solutions in aftermarket products enables remote diagnostics, predictive maintenance, fleet management, and enhanced vehicle connectivity for aftermarket service providers and vehicle owners.
Rise of Mobility Services: The emergence of shared mobility services, ride-hailing platforms, and vehicle leasing programs in ASEAN countries creates opportunities for aftermarket providers to offer fleet management solutions, maintenance contracts, and on-demand servicing for commercial fleets and shared vehicles.
Key Takeaways from ASEAN Automotive Aftermarket
- Indonesia accounts for more than 30% of the market share. This could be credited to presence of huge number of key participants herein.
- Thailand stands second with respect to contribution through revenue. This could be reasoned with the start of Car Scheme Policy starting 2012. Bangkok is known as a profitable market on the count of independent automobile aftermarket services.
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Key Market Segments Covered
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
Vehicle Type:
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Country:
- Malaysia
- Indonesia
- Philippines
- Vietnam
- Singapore
- Thailand
- Rest of ASEAN
What does the Report assess?
- The research study is based on type (parts (tires, batteries, filters, starters and alternators, lighting, exhaust components, lubricants, collision body (coating & painting consumables), suspension, brakes, engine & transmission, spark plugs, and steering), accessories (exterior and interior), and services (automotive transmission and general automotive repair)), by vehicle type (passenger car, light commercial vehicle, and heavy commercial vehicle), and by country (Malaysia, Indonesia, Philippines, Vietnam, Singapore, Thailand, and Rest of ASEAN).
- With expansion of mobility technology in ASEAN, automotive aftermarket is expected to go great guns in the ASEAN Automotive Aftermarket going forward.
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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