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).

Key Developments

  1. Robert Bosch GmbH a global supplier of technology and services. Automotive Aftermarket division represented a wide range of new developments and innovations like new diagnostic and testing tools from Robert Bosch GmbH with cutting-edge measurement methods for the workshop market at Automechanika (The world's biggest trade fair of automobile aftermarket) in Frankfurt from September 13 to September 17, 2022. To carry out diagnostic, maintenance, and repair work on even the latest vehicle models effectively and to a high standard of quality.
  2. Major companies in the market are involved in mergers and acquisitions, in order to gain a competitive edge in the market. For instance, in January 2020, BorgWarner Inc., a U.S.-based provider of automotive industry components and parts, acquired Delphi Automotive PLC for US$ 3.3 billion.

Market Driver

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.

To know the latest trends and insights prevalent in this market, click the link below:

 Browse 150 market data tables* and 90 figures* on “ASEAN automotive aftermarket forecast to 2030”

https://www.coherentmarketinsights.com/market-insight/asean-automotive-aftermarket-3604

 Key Trends and Analysis of the Australia Lime Market:

  • Remote vehicle diagnostic systems allow real-time monitoring of vehicle parameters to analyze its performance against benchmarks. Advancements in-vehicle technologies and growing focus on vehicle safety and connected cars have increased adoption of remote diagnostics system in commercial as well as utility vehicles. Moreover, authorized dealers and OEMs are laying emphasis on utilizing their capabilities and providing advanced services such as remote diagnosis, in order to gain competitive edge in the market. Furthermore, fleet operators are preferring adoption of remote vehicle diagnostics systems since it allows fleet owners on-board system failure modes earlier and optimizes vehicle maintenance schedules.
  • The LED matrix headlights are the latest trends in automotive headlights. The LED matrix headlight works on a glare-free high beam function which allows drivers to drive with high beam all the time. An ultralight sensitive camera identifies traffic on the road thereby providing automatic distribution of light from high beam to cover a specific area. Moreover, this light provides a high beam without blinding other drivers. The LED matrix headlight is a software-driven system that adjusts the beam in real-time.
  • 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.

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