Future Outlook: ASEAN Automotive Aftermarket to Exceed USD 55.53 Billion by 2033, with a CAGR of 8.5%

Posted on 2024-07-29 by Future Market Insights in Automotive // 0 Comments

The ASEAN automotive aftermarket is poised for impressive growth, with projections indicating it will reach a staggering USD 55.53 billion by 2033, driven by a robust CAGR of 8.5%. This surge underscores the dynamic expansion and increasing demand within the region’s automotive sector. Key factors such as rising vehicle ownership, technological advancements, and an aging vehicle fleet contribute to this upward trend.

As more consumers prioritize maintenance and aftermarket services, businesses within the ASEAN automotive aftermarket are well-positioned to capitalize on this growing market, ensuring vehicle longevity and performance while driving economic growth across the region.

Companies across the region are unveiling comprehensive mobility solutions, offering full-stack support for various app centers. Additionally, the limited maintenance budget after purchasing a car encourages end users to move away from OEM solutions and instead opt for aftermarket automotive services.

Request for a Sample of this Research Report
https://www.futuremarketinsights.com/reports/sample/rep-as-661

As individual financial conditions improve and foreign automobile manufacturers expand their presence in the ASEAN region, the market becomes increasingly significant. Rising maintenance costs and expensive OEM automobile parts are prompting end users to seek alternatives. Moreover, the extensive range of components is categorized based on material quality, size, and price, providing diverse options for consumers.

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.

Seize the Opportunity: Get Report Now for a Thorough Report
https://www.futuremarketinsights.com/checkout/661

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

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Matched content

Editor’s pick