The ASEAN automotive aftermarket is set for remarkable growth, with projections estimating its value will reach USD 55.53 billion by 2033, propelled by a robust CAGR of 8.5%. This growth reflects the expanding and increasingly dynamic automotive sector in the region. Key drivers include rising vehicle ownership, technological advancements, and an aging vehicle fleet.
As consumers increasingly focus on vehicle maintenance and aftermarket services, businesses in the ASEAN automotive aftermarket are well-positioned to leverage this growing demand. By enhancing vehicle longevity and performance, these businesses contribute to economic growth throughout the region.
Companies are also rolling out comprehensive mobility solutions, providing full-stack support for various app centers. Additionally, with limited budgets for post-purchase maintenance, many consumers are shifting from OEM solutions to aftermarket automotive services.
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The market’s significance is further amplified by improving individual financial conditions and the expansion of foreign automobile manufacturers into the ASEAN region. Rising maintenance costs and expensive OEM parts are driving end users to explore alternative options. The wide range of aftermarket components, categorized by material quality, size, and price, offers consumers diverse choices to meet their needs.
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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