ASEAN Automotive Aftermarket Segment Contributing Large Share

ASEAN Automotive Aftermarket Growth
ASEAN Automotive Aftermarket 


The global ASEAN Automotive Aftermarket Market is estimated to be valued at US$ 28.7 Bn or Mn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.



Market Overview:
The ASEAN automotive aftermarket consists of replacement parts, accessories, chemicals, tools, and equipment required for repairing and maintaining vehicles. Parts include engine components, cooling and climate control components, underbody components, auto electrical, filters, and others. These parts enhance the performance, safety, and aesthetics of the vehicle. The rising vehicle fleet on the roads and increasing average age of vehicles have boosted the demand for automotive aftermarket parts and services in ASEAN countries.

Market key trends:
One of the key trends in the ASEAN automotive aftermarket is the growing demand for customized and performance-enhancing aftermarket parts. Consumers are increasingly opting for aftermarket parts such as alloy wheels, racing seats, spoilers, and audio/infotainment systems to make their vehicles stand out and perform better. Major automotive part manufacturers are introducing a wide range of customizable aftermarket parts catering to consumer preferences for stylish and high-performing vehicles. This thriving customization trend is expected to drive the growth of the aftermarket for non-replacement parts and accessories.
Segment Analysis
Content: The ASEAN automotive aftermarket is segmented into replacement parts, accessories, and services. The replacement parts segment dominated the market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to the large base of vehicles in Southeast Asian countries that require frequent replacement of parts like tires, batteries, braking components, filters, and belts & hoses.

Key Takeaways
Market size: The global ASEAN automotive aftermarket is expected to witness high growth, exhibiting a CAGR of 9.8% over the forecast period 2023-2030, due to the increasing vehicle parc in Southeast Asian countries and rising demand for vehicle maintenance and repair.

Regional analysis: Southeast Asian countries like Indonesia, Thailand, and Malaysia are the fastest growing markets for the ASEAN automotive aftermarket. Indonesia dominated the market in 2023 due to the presence of a large vehicle base that requires regular maintenance and repairs.

Key players: Key players operating in the ASEAN automotive aftermarket include Bridgestone Corporation, Denso Corporation, Hella KGaA, BorgWarner Inc., Robert Bosch GmbH, Continental AG, Enkei Corporation, F.C.C. Co.,Ltd., Mitsuba Corp., Schlemmer, Showa Corporation, Yachio Industry Co., Ltd., TOYOTA MOTOR CORPORATION, and ZF Friedrichshafen AG. Bridgestone Corporation leads the market owing to its wide product portfolio and strong distribution network across Southeast Asian countries.

Read More:

https://www.dailyprbulletin.com/the-asean-automotive-aftermarket-poised-to-witness-strong-growth-due-to-increasing-vehicle-parc/

 

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