The ASEAN automotive aftermarket is set for impressive growth, with projections indicating it will reach a whopping USD 55.53 Billion by 2033, driven by a robust CAGR of 8.5%. This surge highlights the dynamic expansion and increasing demand within the region’s automotive sector. Factors such as rising vehicle ownership, technological advancements, and an aging vehicle fleet contribute to this upward trend.
As more consumers prioritize maintenance and aftermarket services, businesses within the ASEAN Automotive Aftermarket are poised to capitalize on this growing market, ensuring vehicle longevity and performance while driving economic growth across the region.
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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 USD 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:
The ASEAN automotive aftermarket is shaped by leading key players such as NGK Spark Plug, ZF Friedrichshafen AG, Continental AG, Robert Bosch GmbH, and HELLA GmbH & Co. KGaA, among others. Notable contributors also include Denso Corporation, AC Delco, AISIN CORPORATION, and Marelli Corporation, driving innovation and quality in the market. Tire giants Bridgestone Corporation and Michelin, along with automotive technology leaders Faurecia SA, Hitachi Astemo Ltd, Valeo SA, Mahle GmbH, and KYB Corporation, play significant roles. Additionally, BorgWarner Inc., SAMMITR GREEN POWER CO., LTD., Bangkok Diecasting and Injection Co., Ltd., Aisin Takaoka Asia Co., Ltd., S.P. Metal Part Co., Ltd., and Tan Chong Motor Holdings Berhad are pivotal in supporting the region’s robust automotive aftermarket growth.
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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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