DUBAI, United Arab Emirates, Sept. 07, 2022 (GLOBE NEWSWIRE) — The ASEAN automotive aftermarket is anticipated to exhibit a robust CAGR of 8.7%, with a market valuation that reached US$ 21.05 Bn in 2021. As per the historical time frame from 2016 to 2020, the demand for ASEAN automotive aftermarket grew stable CAGR of 3.9%. The Covid-19 pandemic in 2020, dampened the sales prospects due to the massive production slowdown. Countries including Thailand, Indonesia, and Malaysia accounted for a larger share of the ASEAN market from 2016-2020.
In the year 2020, sales in automotive aftermarket accounted for approximately 4.1% of global automotive parts aftermarket demand in ASEAN, which is expected to remain consistent over the estimated period.
According to Future Market Insights (FMI), it has been forecasted that Indonesia will exhibit lucrative opportunities for the global ASEAN automotive aftermarket during the estimation period by exhibiting a phenomenal CAGR of 9.2% CAGR between 2021 and 2031.
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- It has been expected that online sales of automotive parts will soon become a lucrative trend in the automotive aftermarket by 2025. Rising interest in online channels owing to their easy availability, reasonably low price, and easy accessibility to the complete product portfolio of parts, accessories, and services is expected to bode well for the market.
- The internet-based new entrants are responsible for the sales of aftermarket parts and online services. OEMs and wholesalers are inclining their interests in online sales of accessories and parts. The commonly sold products incorporate easily identifiable parts and easy-to-install parts like tires, wiper blades, bulbs, brake pads, filters, etc.
- By trimming down the margins for wholesalers, customers identify new products by themselves. OEMs and OESs are rapidly collaborating with online retail hubs including Amazon and eBay. In addition to that, wholesalers are focusing on multi-channel presence or collaborations with online market players.
- Although small and locally owned repair businesses do not provide an entire range of repair and maintenance services on the other hand these small local shop owners are able to form partnerships or standard contracts with fleet operators and leasing companies to provide replacement and maintenance services at a lesser cost.
- It has been estimated that there are more than 1,500 independent repair shops in the Philippines, and this number is anticipated to surge over the forecast period. Attributing to these factors, growth in the ASEAN automotive aftermarket is expected to rise.
- The diverse technologies and business frameworks are expected to drive the ASEAN automotive aftermarket to a great extent. These technologies come with one thing in common which is that all of them feature unique methods of transporting things or consumers in automotive sector.
The dominant market players in the ASEAN automotive aftermarket are employing a competitive strategy of delivering specialized services or diversifying the services they offer. Moreover, small-scale vendors are collaborating with fleet operators and leasing businesses in order to provide high-quality repair and replacement services at an economic price range.
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More Insights into the ASEAN Automotive Aftermarket
Indonesia accounted for a massive chunk of the global market share about 34.4% in 2021. Due to the presence of a large number of manufacturers, Indonesia is anticipated to be a profitable market for aftermarket components throughout the projection period.
One of the prominent key factors driving market growth in Indonesia is the rising focus of manufacturers on technological advancements and breakthroughs for new product creation or upgrading existing items for the aftermarket.
In Thailand, sales are expected to surge at a robust CAGR of 7.7% throughout the assessment period. In terms of revenue share, Thailand ranks second in the ASEAN automotive aftermarket, after Indonesia.
Bangkok is considered to be one of the most profitable markets for independent automobile aftermarket services. As per the projections, the demand for warranty automobiles in Thailand is expected to propel over the forecast period. In addition to that, the northeastern province is also exhibiting opulent growth opportunities in the near future.
Key Market Segments Covered
- Starters and Alternators
- Engine & Transmission
- Spark Plugs
- General Automotive Repair
- Automotive Transmission and Others
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Rest of ASEAN
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Table of Content
1. Market Overview
1.1. Market Coverage / Taxonomy
1.2. Market Definition / Scope / Limitations
2. Key Market Trends/Development
2.1. Key Trends Impacting the Market
2.2. Product Innovation / Development Trends
3. Key Success Factors
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