The ASEAN Automotive Aftermarket is anticipated to thrive at a steady CAGR of 8.5% between 2023 and 2033. The market is expected to have a market share of USD 55.53 billion by 2033, while it is likely to be valued at USD 24.56 billion in 2023.
Factors accelerating market growth include:
- Increased per capita income of the population living in Southeastern countries is upscaling their living standard. This leads to higher sales of automobiles.
- The lack of OEM infrastructure to deliver service, part replacement, and maintenance creates growth opportunities for the manufacturers.
- The affordable prices and the option of different sizes, prices, and materials garner market growth.
- Rising opportunities through technological advancements, online services, and parts providers.
- Increased penetration of eCommerce platforms.
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- The technologies such as artificial intelligence, machine learning, and increased demand for affordable third-party products.
- The ASEAN automotive aftermarket’s vendors include the business-to-business (B2B) Integration strategy that provides better sales figures for the competitors.
- Automotive vendors are focused on equipping products and services to remote and rural areas of the region.
- Automotive parts manufacturers yield different brand parts and services depending on the price.
- Key players in the region are catering with cutting-edge services at reasonable prices to drive end users’ attention to them.
Key Points
- The Indonesian market is a leading region for ASEAN automotive aftermarket in terms of market share. It held a market share of 34.4% in 2021. The growth in the country is attributed to the collaboration of local brands with international vehicle manufacturing companies. Furthermore, the discounted automotive parts along with the online sales channel option are propelling the market growth in this country.
- Thailand’s ASEAN automotive aftermarket is another significant market. It thrives at a CAGR of 7.6% between 2023 and 2033. The growth is attributed to the lack of OEM infrastructure in the area. Coupled with the people not spending high amounts on maintenance and part replacement services.
- The parts category type segment is leading the segment as it held a market share of 67.1% in 2022. The growth is attributed to the affordable prices and lower shelf life of some parts such as tires.
- Based on the vehicle type, the fractionated segment leads as it held a substantial global share of 68.9% in 2022.
Competitive Landscape
The key vendors work on better quality, higher support, reliability, and longer shelf-life of the aftermarket automotive products. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel.
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Key Players of ASEAN Automotive Aftermarket
- 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
Market 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 the Association of Southeast Asian Nations
Recent Market Developments
- Robert Bosch Aftermarket has introduced its automotive training program for its service technician while providing future-proof business solutions. Furthermore, it launched revised parts like batteries, brakes, bulbs and lighting, and diesel parts and components.
- Valeo SA is a France-based global automotive supplier. The company has introduced its key contracts for its recent LiDAR systems.
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