Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Market Insight- ASEAN Automotive Aftermarket

Market Overview

The automotive aftermarket is the secondary market of the automotive industry which deals with manufacturing, remanufacturing, distribution, retailing, and installation of vehicle parts, equipment, chemicals, and accessories. This is done after the sale of the automobile by the original equipment manufacturer (OEM) to the consumer. The automotive aftermarket deals with oil and lubricants, batteries, tires, filters, starters and alternators, coatings and paint consumables, exhaust components, spark plugs, crash parts, etc. Moreover, there are interior and exterior accessories including audio/video devices, steering wheels, parking brake handles, shift boots, grills, headlight covers, front & rear guards, mirrors, etc. Consumers can repair their vehicles on their own with the DIY segments or can take the vehicle to professional repair facilities.

The ASEAN automotive aftermarket was accounted for US$ 25,250.2 Mn in 2019 is expected to exhibit a CAGR of 9.7% during the forecast period.

Market Dynamics- Drivers

  1. Growing disposable income and rise in the vehicle part is expected to drive growth of the ASEAN automotive aftermarket during the forecast period

Increasing vehicle demand and rapidly rising urban population density are expected to boost ASEAN automotive production output. Disposable income in ASEA has increased significantly and as a result of this, consumers’ expenditure on automotive parts is increasing thereby boosting automotive sales. This, in turn, has led to increasing vehicle parc and thus a rise in demand for aftermarket services. Moreover, proactive government policies such as First Car Scheme policy (2012-2013) by Thailand government under which first time car buyers are provided with tax rebate of up to US$ 3,250. This led to a 33% increase in vehicle sales in Thailand in 2012-2013.  According to Organisation Internationale des Constructeurs d’Automobiles (OICA), the sales of passenger cars  in Singapore increased from 17,197 units in 2012 to 43,423 units in 2016 while that in Philippines the sales rose from 21,860 units in 2012 to  62,560 units in 2016. Therefore, these factors are expected to drive the market growth in the near future.

  1. Poor quality of road infrastructure is expected to propel the ASEAN automotive aftermarket growth over the forecast period

The road infrastructure quality in emerging economies from ASEAN is not adequate. Poor quality of road infrastructure leaves a negative impact on the life and parts of vehicle. A pothole can cause a severe impact that can lead to damaging of wheel rim and tires. Moreover, pits on the road can lead to premature wears and tears on struts and shocks, steering system, suspension damage, misalignment, exhaust system damage, or damage to the engine. Some countries in ASEAN have extremely poor road infrastructure quality, which leads to more wear and tear thereby requiring the need for replacement of parts. Thus, such factors are expected to propel the ASEAN automotive aftermarket growth over the forecast period.

Indonesia country dominated the ASEAN automotive aftermarket in 2019, accounting for 34.5% share in terms of value, followed by Thailand and Malaysia, respectively

 | Coherent Market Insights

Source: Coherent Market Insights

Market Dynamics- Restraint

  1. High replacement and maintenance cost is expected to restrain growth of the ASEAN automotive aftermarket during the forecast period

Increasing technical complexities of the vehicles, cost of replacement parts, and maintenance costs are the major factors impacting growth of the market. Moreover, cost of tools and equipment has increased in the recent past, due to advancements in replacement parts. These factors combined with increasing labor costs and reluctance of customers to adapt to these high-cost parts are expected to restrain the market growth in the near future. According to the primary interviews conducted with key opinion leaders, the annual passenger car maintenance cost per unit is expected to increase up to 2X over the forecast period.

  1. Inconsiderate attitude towards maintenance and services is expected to hinder the ASEAN automotive aftermarket growth over the forecast period

In emerging countries from ASEAN, cars owners are unwilling to invest in preventive maintenance, which leads to high costs. Majority of owners get their car serviced and parts replaced under the warranty period. However, after this period, service frequency increases significantly. This is typically due careless attitude of vehicle owners towards safety of vehicle and focus on saving additional expenditure in maintenance. Thus, these factors are expected to hinder the ASEAN automotive aftermarket growth over the forecast period.

Market Opportunities

  1. Increasing demand for used-cars in Thailand can provide lucrative growth opportunities

The number of warranty vehicles in Thailand is expected to increase, owing to large inventory created by the increase in sales of vehicles in 2012 under the first scheme policy. According to Coherent Market Insights’ analysis, while Bangkok is the most lucrative market for independent aftermarket services, the demand for North-Eastern regions is expected to increase in the near future. Moreover, according to a survey conducted in Thailand, the used car dealership owners are pairing up with finance companies to grant loans hence there is expected to substantial increase in the Thailand aftermarket.

  1. Major business opportunity for locally-owned repair shops

Majority of local repair shops do not offer a complete range of repair and maintenance services. Thus, shop owners can follow a competitive strategy of providing specialist service or they can increase number of services they are providing. Moreover, small shop owners can enter into partnerships with fleet operators and leasing firms to provide lucrative replacement and maintenance services at lower prices. According to Coherent Market Insights’ analysis, there are over 5,000 independent repair shops in Thailand.

 | Coherent Market Insights

Source: Coherent Market Insights

Market Trend

  1. Adoption of self-inflating tires is an emerging trend in the market

Inflating a tire beyond a limit can result in wear and tear while not having enough pressure. As a result of this, companies such as the Goodyear Tire and Rubber Company have produced self-inflating tire system, which can maintain the pressure at preferred levels. The self-inflating tire system works on air maintenance technology, which utilizes peristaltic pump to maintain the pressure Most of car owners are focused on adopting self-inflating tires system, in order to avoid unnecessary maintenance costs.

  1. Advent of silicon anode batteries in electric vehicles is another major trend in the market

Silicon anode batteries have greater energy density and enhance battery life. This is due to growing focus of automotive manufacturers on incorporating these batteries in electric vehicles. The use of silicon anode batteries could significantly improve battery life, which is why it is gaining popularity among OEMs.

Segment Information:

In ASEAN automotive aftermarket, by vehicle type segment, passenger car sub segment dominated the ASEAN market in 2019, accounting for 73.1% share in terms of value.

 | Coherent Market Insights

Source: Coherent Market Insights

Competitive Section

Key players operating in the ASEAN automotive aftermarket are Bridgestone Corporation, ACDelco, Denso Corporation, Aisin Seiki Co., Ltd., Hella KGaA Hueck & Co., BorgWarner Inc., Robert Bosch GmbH, Continental AG, Magneti Marelli SpA, Delphi Automotive PLC, and Faurecia SA.

Key Developments

  1. Key players operating in the market are focused on product launches, in order to enhance the product portfolio. For instance, in ACDelco, a U.S.-based provider of automotive parts introduced its ‘Cabon Air Filter’ at ACMA Automechanika.
  2. Major market players are involved in contracts and agreements, in order to gain competitive edge in the market. For instance, in December 2018, Aisin Seiki Co. Ltd. entered into an agreement with Denso Corporation to form a new company, ‘BluE Nexus’ to develop and sell driving modules for electric vehicles.

The automotive aftermarket is the automotive industry market which includes equipment, replacement tires, service repair, collision, repair and accessories, etc. Companies operated in automotive aftermarket are manufacturing, remanufacturing, retailing, distribution, and installation of replacement vehicle parts, automotive accessories, service repair, and equipment. The automotive aftermarket deals with oil and lubricants, batteries, tires, filters, starters and alternators, coatings and paint consumables, exhaust components, spark plugs, crash parts, etc. There are interior and exterior accessories including audio/video devices, steering wheels, parking brake handles, shift boots, grills, headlight covers, front & rear guards, mirrors, etc. Consumers can repair their vehicles on their own with the DIY segments or can take the vehicle to professional repair facilities.

Market Dynamics

Increase in the average age of a vehicle is expected to boost growth of the ASEAN automotive aftermarket during the forecast period. Material and technology used for automotive manufacturing has improved from the past which increases the average age of vehicles. According to Coherent Market Insights’ analysis, in 2016, the number of vehicle on road with age between 5-8 years were around 6 million in Thailand. According to the same source, the number of vehicles with over 12 years of age is expected to increase by 15% over the next five years globally. Moreover, reliability of vehicles has improved substantially over the past decade. Consumers are not selling their vehicle instead of keeping old cars as second preferable vehicle. As a result of this, vehicle age is increasing and which in turn, increases the demand for replacement parts, repair, and maintenance. Thus, these factors are expected to drive the market growth over the forecast period.

Moreover, growing disposable income and rise in the vehicle part is also expected to drive growth of the ASEAN automotive aftermarket during the forecast period.  Disposable income in ASEA has increased significantly and increases consumers expenditure on automotive parts is driving the growth of market due to increase n automotive sales. According to Organization Internationale des Constructeurs d’Automobiles (OICA), the sales of passenger cars  in Singapore increased from 17,197 units in 2012 to 43,423 units in 2016 while that in Philippines the sales rose from 21,860 units in 2012 to  62,560 units in 2016. Therefore, these factors are expected to drive the market growth in the near future.

Market Taxonomy

This report segments the ASEAN automotive aftermarket on the basis of by category type, by vehicle type, and country. On the basis of category type, the ASEAN automotive aftermarket is segmented into accessories( interior and exterior),parts (lubricants ,tires, batteries ,wear & tear parts ,filters ,collision body ,starters & alternators, lighting exhaust components and spark plugs and services(general automotive repairs and automotive transmission repairs). On the basis of vehicle type, ASEAN automotive aftermarket is segmented into passenger car and commercial vehicles. On the basis of country, ASEAN automotive aftermarket is segmented into Malaysia, Indonesia, Philippines, Vietnam, Singapore, Thailand and Rest of ASEAN.

Key features of the study:

  • This report provides an in-depth analysis of the ASEAN automotive aftermarket and provides market size (US$ million) and compound annual growth rate (CAGR %) for the forecast period (2019-2027), considering 2018 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the ASEAN automotive aftermarket based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered in the ASEAN automotive aftermarket include Bridgestone Corporation, ACDelco, Denso Corporation, Aisin Seiki Co., Ltd., Hella KGaA Hueck & Co., BorgWarner Inc., Robert Bosch GmbH, Continental AG, Magneti Marelli SpA, Delphi Automotive PLC, and Faurecia SA.
  • These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology upgradation, market expansion, and marketing tactics
  • The ASEAN automotive aftermarket report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the ASEAN automotive aftermarket.

Detailed Segmentation:

  1. ASEAN Automotive Aftermarket, By Category Type
    • Accessories
      • Interior
      • Exterior
    • Parts
      • Lubricants
      • Tires
      • Batteries
      • Wear & Tear Parts
      • Filters
      • Collision Body
      • Starters & Alternators
      • Lighting
      • Exhaust Components
      • Spark Plugs
    • Services
      • General Automotive Repairs
      • Automotive Transmission Repairs
  2. ASEAN Automotive Aftermarket , By Vehicle Type
    • Passenger Cars
    • Commercial Vehicles
  3. ASEAN Automotive Aftermarket, By Region
    • Malaysia
    • Indonesia
    • Philippines
    • Vietnam
    • Singapore
    • Thailand
    • Rest of ASEAN
  4. Company Profiles
    • Bridgestone Corporation *
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • ACDelco, Denso Corporation,
    • Aisin Seiki Co., Ltd.,
    • Hella KGaA Hueck & Co.,
    • BorgWarner Inc.,
    • Robert Bosch GmbH,
    • Continental AG,
    • Magneti Marelli SpA,
    • Delphi Automotive PLC,
    • Faurecia SA.
  5.  *Browse all the market data tables and figures on “ASEAN Automotive Aftermarket- Forecast to 2027”

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Category Type
      • Market Snippet, By Vehicle Type
      • Market Snippet, By Country
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Industry Trend
    • Merger and Acquisitions
    • New system Launch/Approvals
  4. ASEAN Automotive Aftermarket, By Category Type, 2017-2027  (US$ Million )
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Accessories
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
        •  Interior
        •  Exterior
    • Parts
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
        • Lubricants
        • Tires
        • Batteries
        • Wear & Tear Parts
        • Filters
        • Collision Body
        • Starters & Alternators
        • Lighting
        • Exhaust Components
        • Spark Plugs
    • Services
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
        • General Automotive Repairs
        • Automotive Transmission Repairs
  5. ASEAN Automotive Aftermarket, By Vehicle Type, 2017-2027 (US$ Million  )
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Passenger Car
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Commercial Vehicles
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
  6. ASEAN Automotive Aftermarket, By Country, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, By country, 2017 and 2027 (%)
    • Malaysia
      • Regional Trends
      • Market Size and Forecast, By Category Type, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Vehicle Type, 2019–2027 (US$ Million)
    • Indonesia
      • Regional Trends
      • Market Size and Forecast, By Category Type, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Vehicle Type, 2019–2027 (US$ Million)
    • Philippines
      • Regional Trends
      • Market Size and Forecast, By Category Type, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Vehicle Type, 2019–2027 (US$ Million)
    • Vietnam
      • Regional Trends
      • Market Size and Forecast, By Category Type, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Vehicle Type, 2019–2027 (US$ Million)
    • Singapore
      • Regional Trends
      • Market Size and Forecast, By Category Type, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Vehicle Type, 2019–2027 (US$ Million)
    • Thailand
      • Regional Trends
      • Market Size and Forecast, By Category Type, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Vehicle Type, 2019–2027 (US$ Million)
    • Rest of ASEAN
      • Regional Trends
      • Market Size and Forecast, By Category Type, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Vehicle Type, 2019–2027 (US$ Million)
  7. Competitive Landscape
    • Company Profiles
      • Bridgestone Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • ACDelco, Denso Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Aisin Seiki Co., Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Hella KGaA Hueck & Co.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • BorgWarner Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Robert Bosch GmbH
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Continental AG
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Magneti Marelli SpA
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Delphi Automotive PLC
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Faurecia SA
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  8. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse market data tables and figures on “ASEAN Automotive Aftermarket-forecast to 2027”

Frequently Asked Questions

The ASEAN automotive aftermarket is estimated to reach US$ 53,016.04 Million by 2027.
Major players operating in the ASEAN automotive aftermarket include Bridgestone Corporation, ACDelco, Denso Corporation, Aisin Seiki Co., Ltd., Hella KGaA Hueck & Co., BorgWarner Inc., Robert Bosch GmbH, Continental AG, Magneti Marelli SpA, Delphi Automotive PLC, and Faurecia SA.
High replacement and maintenance cost is one of the major factors that is expected to hamper growth of the market over the forecast period.
Increasing vehicle demand and rapidly rising urban population density are some of the major factors that are expected to propel growth of the market over the forecast period.
The ASEAN automotive aftermarket is estimated to exhibit a CAGR of 9.7% during the forecast period (2019-2027).
Indonesia is expected to hold dominant position in the ASEAN automotive aftermarket in 2019, accounting for 34.5% share, in terms of value, followed by Thailand and Malaysia, respectively.
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