SEATTLE, March 31, 2020 (GLOBE NEWSWIRE) -- The automotive aftermarket refers to the secondary market of the automotive industry that deals with remanufacturing, distribution, retailing, and installation of vehicular parts. According to the International Trade Administration in the Department of Commerce, aftermarket parts are segregated into two categories including accessories and replacement parts. The vehicle parts available in the aftermarket may or may not be manufactured by the original equipment manufacturer (OEM). Moreover, aftermarket vehicle parts cab be intended to be used as substitutes for OEM replacement parts can have similar quality. 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 is estimated to account for US$ 53,016.0 Mn in 2019 and is expected to grow at a CAGR of 9.7 % over the forecasted period 2019-27.
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Market Drivers
- Increasing demand for aesthetics, comfort, and infotainment in vehicles is expected to support growth of the ASEAN automotive aftermarket during the forecast period
Living up to the requirements of customers for aesthetics, infotainment, and comfort in vehicles, the OEM’s have introduced additional accessories in a vehicle which could be customized according to requirement in the aftermarket thus fueling the growth of automotive aftermarket. These accessories including light bars, wheel rims, gauges, dome lights, seat covers, fancy dashboards, spoilers, LED lights, stop and tail lights, stickers, mirrors, number plates, etc. However, these components have limited operational life and are constantly evolving as per consumer demand.
- Growing concern over road safety is expected to boost the ASEAN automotive aftermarket growth over the forecast period
Increasing incidences of road accidents across the globe due to the failure of automotive components. According to the World Health Organization (WHO), road traffic injuries kill around 316,000 people each year in South-East Asia, which 25% of total global road traffic deaths. As a result of this general populace is become more and more aware of the importance of replacement of vehicle parts. Moreover, service life of vehicle parts highly depend upon the utilization of components. According to analysis, the global automotive aftermarket is expected to be valued at US$ 1.2 trillion by 2020, registering a CAGR of 3.9% during 2016-2020.
Key Takeaways
- Indonesia holds the dominant position in the ASEAN Automotive Aftermarket and is expected to witness significant growth over the forecast period 2019-27. This is owing to increases the sales of vehicle in Indonesia which represents a lucrative opportunity for automotive after-market in the region. For instance, according to Organisation Internationale des Constructeurs d'Automobiles (OICA), the total sales increased from 764,710 in 2010 to 104, 3017 in 2019 in Indonesia.
- Among vehicle type segment, passenger vehicle sub segment is expected to dominate the ASEAN automobile aftermarket over the forecasted period 2019-27. Passenger cars have become most preferred mode of transport which increases the demand for passenger car segment over the forecast period. For instance, according to Organisation Internationale des Constructeurs d'Automobiles (OICA), the total sales of passenger car increased from 541, 475 in 2010 to 798,813 in 2019 in Indonesia.
- Among parts type segment tires sub segment is expected to create a lucrative opportunity for ASEAN automotive aftermarket. This is owing to replacement or changing of tire after regular interval of time or after the specific km a vehicle has driven.
Competitive Section
Key companies involved in the ASEAN automotive aftermarket are Aisin Seiki Co., Ltd., Continental AG, Denso Corporation, Bridgestone Corporation, Faurecia SA, Hella KGaA Hueck & Co., Robert Bosch GmbH, Delphi Automotive PLC, Magneti Marelli SpA, and ACDelco.
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Key Developments
- Major companies in the market are focused on business expansion, in order to enhance the market presence. For instance, in December 2019, Aisin Seiki Co., Ltd. announced to establish Kyushu Development Center Hakata Laboratory for the AI development structure in Fukuoka City, Japan.
- Key players in the market are involved in product launches, in order to expand product portfolio. For instance, in November 2019, Hella KGaA Hueck & Co. launched product solutions for increased visibility and safety at Solutrans International Transport Trade Fair.
Market Segmentation:
- By Category
Accessories
1. Interior
2. Exterior
Parts
1. Lubricants
2. Tires
3. Batteries
4. Wear & Tear Parts
5. Filters
6. Collision Body
7. Starters & Alternators
8. Lighting
9. Exhaust Components
10. Spark Plugs
Services
1. General Automotive Repairs
2. Automotive Transmission Repairs
- By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- By Country
- Malaysia
- Indonesia
- Philippines
- Vietnam
- Singapore
- Thailand
- Rest of ASEAN