ASEAN Automotive Aftermarket was valued at US$ 28,450.2 Mn in 2021 and is expected to surpass US$ 57,057.4 Million by 2030, registering a CAGR of 9.3% during the forecast period (2022-2030), according to the ASEAN Automotive Aftermarket, By Category Type (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)) , By Vehicle Type (Passenger Car and Commercial Vehicles), and by Country Malaysia, Indonesia, Philippines, Vietnam, Singapore, Thailand and Rest of ASEAN), published by Coherent Market Insights.
The automotive aftermarket is the automotive industry’s after-sale market. The aftermarket includes equipment, replacement tires, service repair, collision, repair and accessories, etc. Furthermore, the aftermarket includes companies in manufacturing, remanufacturing, retailing, distribution, and installation of replacement vehicle parts, automotive accessories, service repair, and equipment. Vehicle parts and accessories may or may not be manufactured by the original equipment manufacturer. 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 estimated to account for US$ 28,450.2 Mn in terms of value in 2021 and is predicted to grow at a CAGR of 9.3% during the forecast period (2022 to 2030).
Material and technology used for automotive manufacturing have improved significantly in the recent past, which in turn, has increased average operational age of vehicles. According to Coherent Market Insights’ analysis, in Thailand, the number of vehicle on road with age between 5-8 years were around 6 million in 2016. 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 increasingly keeping old cars as their second vehicle instead of reselling or scraping. As a result of this, vehicle age is increasing thereby boosting the demand for replacement parts, repair, and maintenance. Thus, these factors are expected to drive the market growth over the forecast period.
ASEAN Automotive Aftermarket-Impact of Coronavirus (Covid-19) Pandemic:
The COVID-19 pandemic has affected the ASEAN automotive aftermarket significantly. Lockdown was imposed across the globe as a precautionary measure by governments. This led to temporary suspension of all businesses in the automotive sector. Supply chain operations were disrupted causing a shortage of raw materials and components required for automotive manufacturing. This hampered the demand and manufacturing of automotive infotainment which have wide applications in the automotive sector and hence the ASEAN automotive aftermarket witnessed slow growth during the pandemic.
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