December 8, 2024
ASEAN Automotive Aftermarket

The ASEAN Automotive Aftermarket Is Estimated To Witness High Growth Owing to Rising Vehicle Parc

The ASEAN Automotive Aftermarket Market is estimated to be valued at US$ 28.7 Bn 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, and services for commercial vehicles, passenger cars, and other automobiles in the region, once they have left the manufacturing chain. Some key products in the market include tires, batteries, lighting products, engine components, body parts, lubricants, and electronic components. A well-established and large vehicle parc generates significant demand for replacement and maintenance parts in the aftermarket. According to the International Organization of Motor Vehicle Manufacturers, the total vehicle sales in ASEAN countries reached over 4.5 million units in 2021. This growing vehicle fleet is expected to propel demand for spare parts and servicing in the aftermarket.

Market Dynamics:

Rising vehicle parc- Growing vehicle sales over the past decade have led to substantial increase in the total number of vehicles plying on roads in ASEAN countries. As of 2020, the total vehicle parc was estimated to be over 130 million units. With economic growth and increasing disposable incomes, vehicle ownership is expected to continue rising rapidly. This will drive the need for replacement parts and regular maintenance, acting as a key driver for the automotive aftermarket.

Growing demand for advanced components- There is growing demand for technologically advanced components such as vehicle electronics and precision engine parts from workshops and individual car owners. This is attributed to rising electrification of vehicles and demand for improved performance and fuel efficiency. Manufacturers are focusing on introducing innovative and advanced aftermarket parts, which is expected to drive higher demand over the forecast period.

Segment Analysis

The ASEAN automotive aftermarket comprises replacement parts, tires, batteries, accessories, and performance parts segments. The replacement parts segment, which includes brake pads, filters, gaskets, and spark plugs, dominates the market with over 35% share as regular replacement of high wear parts is necessary to keep vehicles functioning properly.

PEST Analysis

Political: Governments in ASEAN are focusing on improving road infrastructure which will drive vehicle parc growth in the region.

Economic: Rising disposable incomes and economic growth is leading to increased vehicle ownership in the region.

Social: Changing lifestyles and increasing preference for personal vehicles is surging vehicle usage.

Technological: Advancements in vehicle components and parts are making replacements and repairs easier.

Key Takeaways

The ASEAN automotive aftermarket is expected to witness high growth, exhibiting CAGR of 9.8% over the forecast period 2023-2030, due to increasing vehicle parc and rising demand for maintenance and replacement of parts. Indonesia is expected to be the fastest growing market in the region supported by its high economic growth rate.

The replacement parts segment dominates the ASEAN automotive aftermarket with over 35% share owing to necessity of replacing high wear parts on a regular basis. Regional analysis related content comprises Regional analysis related content. The Philippines market is expected to witness significant growth attributable to increasing fleet operations in the logistics sector of the country.
Key players related content comprises Key players related content (Key players operating in the ASEAN automotive aftermarket are 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.)

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Money Singh
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. 

Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. 

View all posts by Money Singh →