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ASEAN Automotive Aftermarket to Exhibit 8.7% CAGR from 2021

DUBAI, United Arab Emirates, Sept. 07, 2022 (GLOBE NEWSWIRE) — The ASEAN automotive aftermarket is anticipated to exhibit a sturdy CAGR of 8.7%, with a market valuation that reached US$ 21.05 Bn in 2021. As per the historic time-frame from 2016 to 2020, the demand for ASEAN automotive aftermarket grew secure CAGR of three.9%. The Covid-19 pandemic in 2020, dampened the gross sales prospects as a result of huge manufacturing slowdown. Nations together with Thailand, Indonesia, and Malaysia accounted for a bigger share of the ASEAN market from 2016-2020.

Within the yr 2020, gross sales in automotive aftermarket accounted for roughly 4.1% of world automotive components aftermarket demand in ASEAN, which is anticipated to stay constant over the estimated interval.

In line with Future Market Insights (FMI), it has been forecasted that Indonesia will exhibit profitable alternatives for the worldwide ASEAN automotive aftermarket in the course of the estimation interval by exhibiting an outstanding CAGR of 9.2% CAGR between 2021 and 2031.

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Key Takeaways

  • It has been anticipated that on-line gross sales of automotive components will quickly turn out to be a profitable pattern within the automotive aftermarket by 2025. Rising curiosity in on-line channels owing to their simple availability, moderately low value, and simple accessibility to the whole product portfolio of components, equipment, and companies is anticipated to bode properly for the market.
  • The web-based new entrants are liable for the gross sales of aftermarket components and on-line companies. OEMs and wholesalers are inclining their pursuits in on-line gross sales of equipment and components. The generally bought merchandise incorporate simply identifiable components and easy-to-install components like tires, wiper blades, bulbs, brake pads, filters, and so forth.
  • By trimming down the margins for wholesalers, clients determine new merchandise by themselves. OEMs and OESs are quickly collaborating with on-line retail hubs together with Amazon and eBay. Along with that, wholesalers are specializing in multi-channel presence or collaborations with on-line market gamers.
  • Though small and domestically owned restore companies don’t present a complete vary of restore and upkeep companies then again these small native store house owners are in a position to kind partnerships or customary contracts with fleet operators and leasing corporations to supply alternative and upkeep companies at a lesser value.
  • It has been estimated that there are greater than 1,500 impartial restore outlets within the Philippines, and this quantity is anticipated to surge over the forecast interval. Attributing to those components, development within the ASEAN automotive aftermarket is anticipated to rise.
  • The varied applied sciences and enterprise frameworks are anticipated to drive the ASEAN automotive aftermarket to a terrific extent. These applied sciences include one factor in frequent which is that each one of them function distinctive strategies of transporting issues or customers in automotive sector.

Aggressive Panorama

The dominant market gamers within the ASEAN automotive aftermarket are using a aggressive technique of delivering specialised companies or diversifying the companies they provide. Furthermore, small-scale distributors are collaborating with fleet operators and leasing companies as a way to present high-quality restore and alternative companies at an financial value vary.

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Extra Insights into the ASEAN Automotive Aftermarket

Indonesia accounted for an enormous chunk of the worldwide market share about 34.4% in 2021. Because of the presence of numerous producers, Indonesia is anticipated to be a worthwhile marketplace for aftermarket parts all through the projection interval.

One of many distinguished key components driving market development in Indonesia is the rising focus of producers on technological developments and breakthroughs for brand spanking new product creation or upgrading present objects for the aftermarket.

In Thailand, gross sales are anticipated to surge at a sturdy CAGR of seven.7% all through the evaluation interval. When it comes to income share, Thailand ranks second within the ASEAN automotive aftermarket, after Indonesia.

Bangkok is taken into account to be one of the worthwhile markets for impartial car aftermarket companies. As per the projections, the demand for guarantee cars in Thailand is anticipated to propel over the forecast interval. Along with that, the northeastern province can be exhibiting opulent development alternatives within the close to future.

Key Market Segments Coated

Class Sort:

  • Components
    • Tires
    • Batteries
    • Filters
    • Starters and Alternators
    • Engine & Transmission
    • Spark Plugs
    • Steering
  • Equipment
  • Companies
    • Normal Automotive Restore
    •  Automotive Transmission and Others

Car Sort:

  • Passenger Automotive
  •  Mild Business Car
  •  Heavy Business Car

Nation:

  • Malaysia
  •  Indonesia
  •  Philippines
  •  Vietnam
  •  Singapore
  •  Thailand
  • Remainder of ASEAN

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Desk of Content material

1. Market Overview

    1.1. Market Protection / Taxonomy

    1.2. Market Definition / Scope / Limitations

2. Key Market Tendencies/Improvement

    2.1. Key Tendencies Impacting the Market

    2.2. Product Innovation / Improvement Tendencies

3. Key Success Components

TOC continued…!

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About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified enterprise consulting & market analysis agency, a member of the Higher New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of excessive consumer rating (4.9/5), we have now been collaborating with international enterprises of their enterprise transformation journey and serving to them ship on their enterprise ambitions. 80% of the most important Forbes 1000 enterprises are our shoppers. We serve international shoppers throughout all main & area of interest market segments throughout all main industries.

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