The ASEAN automotive aftermarket 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.
Between 2023 and 2033, Thailand will grow at a CAGR of 7.6% in the ASEAN automotive aftermarket. The expansion of the automobile sector following the discovery of the COVID-19 virus is responsible for the rise. Thailand-based aftermarket automotive components and Japanese car spare parts are seeing market expansion.
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Companies around the country have unveiled their mobility solutions, which include full-stack support for any app center. Furthermore, the restricted maintenance budget after purchasing the car encourages end users to abandon OEM solutions and instead employ aftermarket automotive solutions.
Individuals’ financial conditions are increasing, and foreign automobile manufacturers’ expansion in the ASEAN area has made it an important market. The rising maintenance costs and expensive OEM automobile parts are causing end users to explore for alternatives. In addition, the extensive list of components is divided into categories depending on material quality, size, and price.
Key Takeaways from the ASEAN Automotive Aftermarket Report:
- Indonesia accounts for more than 30% of the market share. This could be credited to the presence of a huge number of key participants herein.
- Thailand stands second with respect to contribution through revenue. This could be reasoned with the start of the Car Scheme Policy starting in 2012. Bangkok is known as a profitable market on the count of independent automobile aftermarket services.
Competitive Aftermarket:
- Aisin Seiki Co. Ltd., in December 2019, announced setting up Kyushu Development Center Hakata Laboratory for AI technologies at Fukuoka City (Japan) to strengthen the AI infrastructure.
- Continental AG, in October 2019, completed the acquisition of the automotive aftermarket business of CRP Industries.
- Bridgestone Corporation, in August 2022, did announce expanding and modernizing the Morrison-based Warren County, Tennessee Truck and Bus Radial (TBR) Tire Plant. The company has invested US$ 550 Million for expanding the existing footprint by 850K sq. ft. to accelerate the usage of advanced technologies supporting safer, cleaner, and more efficient commercial bus and truck fleets and also for supporting increasing capacity.
- ACDelco, in July 2021, did transfer the non-automotive products as well as aftermarket services to Denso Solution Corporation. This transfer was inclusive of product planning, development, and aftersales service functions that were undertaken by Denso’s Automotive & Life Solutions Division.
Leading 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,
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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 the expansion of mobility technology in ASEAN, the automotive aftermarket is expected to go great guns in the ASEAN Automotive Aftermarket going forward.
ASEAN Automotive Aftermarket Segmentation:
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 ASEAN
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