July 19, 2024
ASEAN Automotive Aftermarket

Heavy Vehicles Parts Market Dominates the ASEAN Automotive Aftermarket

The global ASEAN Automotive Aftermarket is estimated to be valued at US$ 28.7 Bn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The ASEAN Automotive Aftermarket consists of replacement parts, accessories, supplies and services for passenger cars, sports utility vehicles, heavy trucks and light commercial vehicles. It caters to the demand for replacement components and maintenance, repair and overhaul activities. Parts such as brake pads, wiper blades, filters and gaskets experience wear and tear and require periodic replacement to ensure optimal vehicle performance.

Market key trends:

One of the key trends driving growth in the ASEAN Automotive Aftermarket is the rapidly expanding vehicle parc across Southeast Asian countries. ASEAN nations are witnessing strong economic growth which has augmented individual purchasing power and boosted sales of new vehicles. However, a larger fleet size also translates to higher demand for replacement components and periodic repairs/maintenance. Parts requirement is particularly high for heavy vehicles used for commercial transportation and construction activities which undergo more rigorous operating cycles compared to passenger cars.

One of the key trends in the ASEAN automotive aftermarket is the growing demand for replacement parts and accessories. The automotive aftermarket in the ASEAN region is driven by the large and growing vehicle parc across Southeast Asian countries. With increasing average age of vehicles on the road, the demand for replacement parts like filters, gaskets, brakes pads, etc. is on the rise. Furthermore, consumers are also increasingly spending on accessories to customize and enhance the exteriors and interiors of their vehicles.

SWOT Analysis

Strength: Large and expanding vehicle parc in the ASEAN region driven by rising incomes and automobile sales provides a big market for aftermarket parts and services.

Weakness: Fragmented nature of local aftermarket industry with many small players.

Opportunity: Growing demand for customized and enhanced vehicle accessories provides new opportunities.

Threats: Increased sale of electric vehicles could impact demand for certain conventional aftermarket components in the long run.

Key Takeaways

The ASEAN automotive aftermarket is expected to witness high growth, exhibiting a CAGR of 9.8% over the forecast period 2023-2030. The market size is projected to reach US$ 51.3 Bn by 2030 from US$ 28.7 Bn in 2023.

Regional analysis: Indonesia is expected to dominate the ASEAN automotive aftermarket during the forecast period. This can be attributed to the large and expanding vehicle parc in Indonesia driven by rising incomes. Thailand and Malaysia are also likely to exhibit high growth owing to well-established automotive industries in these countries.

Key players: Key players operating in the ASEAN automotive aftermarket include Bridgestone Corporation, Denso Corporation, Hella KGaA, BorgWarner Inc., Robert Bosch GmbH, Continental AG, Enkei Corporation, F.C.C. Co.,Ltd., Mitsuba Corp., Schlemmer, Showa Corporation, Yachio Industry Co., Ltd., TOYOTA MOTOR CORPORATION, and ZF Friedrichshafen AG. These players are focusing on expanding their distribution networks and service centers across Southeast Asian countries to tap the growth opportunities.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it