- ASEAN Automotive Aftermarket includes the replacement, repair and maintenance of various auto parts and accessories.
- The aftermarket replacement and repair market is gaining traction.
- Increasing demand for aesthetics, infotainment and comfort features in cars also play a major role in the aftermarket accessories market.
ASEAN Region Automotive Aftermarket includes the replacement, repair and maintenance of various auto parts and accessories. Most common auto parts that are replaced and repaired in the aftermarket includes tires, batteries, spark plugs, lighting, filters, starters and alternators, exhaust components, collision body, and wear and tear parts.
Moreover the increasing demand for aesthetics, infotainment and comfort features in cars, also play a major role in the aftermarket for accessories. The aftermarket also includes various services like general automotive repairs and automotive transmission and others.
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Increase in the average age of vehicles and rising demand for aesthetics, infotainment and comfort features in cars along with the rising number of vehicles in the ASEAN region is expected to drive the growth for ASEAN automotive aftermarket.
With superior quality materials used in manufacturing and technological advancements, the average age of vehicles increases. The need for replacement and maintenance parts increases, as auto parts and accessories have a limited lifespan. As a result, the aftermarket replacement and repair market is gaining traction. Countries like the Philippines and Singapore have shown substantial increase in vehicle age, thus driving the ASEAN automotive aftermarket.
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Demand for customization by end users in relation to aesthetics, infotainment and comfort has increased. As a result, manufacturers have included various means to accessorize vehicles. These accessories could be easily replaced and customized according to demand in the aftermarket. Various accessories include floor mats, liners, fancy dashboards, gauges, headlights etc.
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Leading market players dominating the ASEAN automotive aftermarket
Some of the leading players identified across the ASEAN automotive aftermarket are: Denso Corporation, Hella KGaA Hueck & Co., Continental AG, Delphi Automotive PLC, ACDelco, Faurecia SA, Magneti Marelli SpA, Robert Bosch GmbH, Aisin Seiki Co. Ltd., and Bridgestone Corporation.
The passenger cars segment is expected to hold the major market share in the ASEAN automotive aftermarket and is anticipated to grow at a faster rate
On the basis of vehicle type the ASEAN automotive aftermarket is segmented into passenger cars and commercial vehicles. Passenger cars accounted for 69% of the total market value in 2015 and is expected to grow at a significant CAGR due to the increase in vehicle production and rising disposable income.
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On the basis of country, the ASEAN automotive aftermarket is segmented into Malaysia, Indonesia, Philippines, Vietnam, Singapore, Thailand and rest of ASEAN. Malaysia is expected to expand over the forecast period. High growth in the region is mainly attributed to the increase in vehicle production and sales in the region.
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