ASEAN Automotive Aftermarket Analysis, Trends, And Forecasts 2027
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.
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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.
ASEAN Automotive Aftermarket, By Category Type
Wear & Tear Parts
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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.
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