Future market insights delivers key insights on the ASEAN automotive aftermarket in its report titled ‘ASEAN Automotive Aftermarket: Global Industry Analysis and Opportunity Assessment, 2016-2026’. The long term outlook on the ASEAN automotive aftermarket remains positive, with market value expected to increase at a CAGR of 9.6% over the forecast period (2016-2026). Among all the parts replaced and repaired in the aftermarket, tyres are expected to expand at a significant CAGR in terms of value over the forecast period. Among accessories, interior accessories like floor mats, liners, dash boards, gauges, seat covers, shift knobs, steering wheels, sprays etc. are expected to hold dominant share over the forecast period expanding at a CAGR of 10.7% over the forecast period. ASEAN automotive aftermarket is estimated to be valued at US$ 19,334.0 Mn by the end of 2016, witnessing a Y-o-Y growth of 8.6% over the year 2015. Indonesia is estimated to account for 34.4% in the ASEAN automotive aftermarket and is estimated to retain its dominance throughout the forecast period.
With the increasing technological advancements and better quality of materials used for manufacturing, the average age of vehicles has substantially increased. The increase in vehicle age results in the need for replacement and repair of parts as auto parts have limited lifespan. The number of out of warranty vehicles are especially increasing in Thailand after the first car scheme policy in 2012-2013. The online sales of auto parts by the OEM’s and OES’s are expected to create significant opportunities in the ASEAN automotive aftermarket as it cuts down the wholesaler margin making it easily available. Moreover, the users are well versed with the latest parts and could access the whole range of products offered. The rising demand for aesthetics, infotainment and comfort features in cars by end users is further expected to drive the ASEAN automotive aftermarket. There is great demand for various interior and exterior accessories in the aftermarket. Moreover, the poor quality of road infrastructure in some countries of ASEAN is also one of the major factor that drives the growth of ASEAN automotive aftermarket.
However, the ASEAN automotive aftermarket is expected to face some challenges like: the rising cost for the replacement and repair of auto parts. A rising complexity in vehicles and technological advancements have led to rise in the cost of parts and services in the automotive aftermarket. These factors lead to significant maintenance costs that are likely to adversely impact the growth of the automotive aftermarket, subsequently restricting revenue growth of the ASEAN automotive aftermarket.
Segmentation Analysis
On the basis of parts, the tyres segment is anticipated to dominate the market in terms of value over the forecast period.
On the basis of accessories, interior accessories is anticipated to dominate the market and is expected to expand at a significant CAGR over the forecast period.
The general automotive repair segment is anticipated to witness robust growth over the forecast period.
On the basis of vehicle type, the passenger car is expected to be most attractive in terms of value and CAGR over the forecast period.
Regional Analysis
Malaysia and Indonesia will collectively account for 57.5% value share in the ASEAN automotive aftermarket by 2016 end. This growth is due to the increase in the vehicle production in these regions. Thailand is expected to witness significant increase in the number of out of warranty cars due to the first car scheme policy undertaken by the government which caused a sudden increase in the number of cars in 2012-2013. The out of warranty cars would require the need of repair and replacement of parts thus boosting the ASEAN automotive aftermarket. In Singapore, the automotive aftermarket was valued at US$ 641.2 Mn by 2015 end and is expected to reach US$ 1,682.0 Mn by 2026 end.
Vendor Insights
This report highlights some of the major companies in the ASEAN automotive aftermarket like: : Denso Corporation, Hella KGaA Hueck & Co., Continental AG, Delphi Automotive PLC, ACDelco, Faurecia SA, Magneti Marelli SpA, Robert Bosch GmbH, Aisin Seiki Co., Ltd., Bridgestone Corporation.
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