ASEAN Automotive Aftermarket Analysis, Challenges, Growth and Forecast By 2030

pankaj Aug 26, 2022 | 187 Views
  • Automobiles
  • Business Products

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ASEAN Automotive Aftermarket includes the replacement, repair and maintenance of various auto parts and accessories. Most common auto parts that are replaced and repaired in the aftermarket includes tyres, batteries, spark plugs, lighting, filters, starters and alternators, exhaust components, collision body, and wear and tear parts. Moreover the increasing demand for aesthetics, infotainment and comfort features in cars, also play a major role in the aftermarket for accessories. The aftermarket also includes various services like general automotive repairs and automotive transmission and others.

 

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ASEAN automotive aftermarket was valued at US$ 21.05 Billion in 2021 end and is expected to create an incremental expanding at a CAGR of 8.7% over the forecast period.

Increase in the average age of vehicle and rising demand for aesthetics, infotainment and comfort features in cars along with the rising vehicle park in the ASEAN region is expected to drive the growth for ASEAN automotive aftermarket.

 

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With the better quality of materials used for manufacturing and technological advancements, the average age of vehicle is increased. The increase in the age calls for the replacement and maintenance of parts as auto parts and accessories have a limited lifespan. As a result, the aftermarket replacement and repair is gaining traction. The countries like Philippines and Singapore have shown substantial increase in the vehicle parc thus driving the ASEAN automotive aftermarket. The demand for customization by end users in relation to aesthetics, infotainment and comfort has increased. As a result, the OEM’s have included various options to accessorize. These accessories could be easily replaced and customized as per demand in the aftermarket. Various accessories include floor mats, liners, fancy dashboards, gauges, headlights etc.

 

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Passenger cars segment is expected to hold the major market share in the ASEAN automotive aftermarket and is anticipated to grow at a faster rate.

On the basis of vehicle type the ASEAN automotive aftermarket is segmented into passenger cars and commercial vehicles. Passenger cars accounted for 69% of the total market value in 2018 and is expected to grow at a significant CAGR due to the increase in vehicle production and rising disposable income.

On the basis of country, the ASEAN automotive aftermarket is segmented into Malaysia, Indonesia, Philippines, Vietnam, Singapore, Thailand and rest of ASEAN. Malaysia accounted for XX% of the total market share and is expected to expand at a CAGR of XX% over the forecast period. High growth in the region is mainly attributed to the increase in vehicle production and sales in the region.

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