The ASEAN automotive aftermarket is expected to expand its roots at a steady CAGR of 8.5% during the forecast period. The market is likely to hold a revenue of US$ 24.56 billion in 2023, while it is anticipated to surpass US$ 55.53 billion by 2033.
The increasing sale of imported vehicles, second-hand motors, and lack of OEM replacement or service centers have flourished the market growth. Furthermore, a surge in aftermarket automotive part manufacturers in emerging economies contributes to market growth.
Factors driving the market growth
| Attributes | Details |
|---|---|
| ASEAN Automotive Aftermarket CAGR (2023 to 2033) | 8.5% |
| ASEAN Automotive Aftermarket Size (2023) | US$ 24.56 billion |
| ASEAN Automotive Aftermarket Size (2033) | US$ 55.53 billion |
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The improving financial condition of individuals and international vehicle brands' penetration in the ASEAN region makes it a prominent market. The higher maintenance charge and costly OEM automotive parts are pushing end users to look for other options. Alongside this, the long list of parts is segregated based on the quality of material used, sizes, and pricing.
The advent of electric vehicles is likely to transform the ASEAN automotive aftermarket as the production of EV parts might expand the market size. Other than this, the increasing driving population wants to spend a minimum on the maintenance and repair of their vehicles. This has led to massive aftermarket automotive parts suppliers and manufacturers entering the market system. The tender for government automobile maintenance projects also helps producers survive in the market.
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Key restraints include end users preferring OEM parts, reduced quality of some parts, and higher end-support from the OEM centers. Furthermore, higher reliability and people having their vehicles under insurance schemes are choosing the original manufacturer to replace or repair any products.
| Country | Indonesia |
|---|---|
| Market Share/CAGR | 34.4% of the ASEAN Market in 2021 |
| Country | Thailand |
|---|---|
| Market Share/CAGR | 7.6% (2023 to 2033) |
Higher Penetration of Aftermarket Automotive Parts Manufacturers along with Affordable Automotive Solutions fuels the Market
Indonesia held a market share of 43.4 in ASEAN automotive aftermarket in 2021. The growth is owned by the rise in producers that deliver aftermarket automotive parts with customizations available. Furthermore, different pricing, sizes, and quality also provide end-users with multiple choices.
The increase in technological breakthroughs includes advanced battery systems, electric vehicle aftermarket parts, and new product launches. The collaboration of local brands with international vehicle manufacturing companies is also flourishing the demand in Indonesia.
Discounted automotive parts and online sales channels in the region are helping end users buy these products for their vehicles. Some other developments include diverse technologies and business frameworks for different market requirements.
Technological Integrations, Limited Maintenance Budget, and Lack of OEM Infrastructure fuel the Market Growth in Thailand
Thailand thrives at a CAGR of 7.6% between 2023 and 2033 in the ASEAN automotive aftermarket. The growth is attributed to the expanding automotive sector post covid-19 virus breakthrough. Thailand-based aftermarket automotive parts and Japanese auto spare parts are flourishing in the market growth.
Companies in the country have introduced their mobility solutions, including full-stack support for any app centers. Furthermore, the limited maintenance budget post buying the vehicle also pushes end users to leave OEM solutions and adopt aftermarket automotive solutions.
A surge in warranty-based automobiles in Thailand is projected to gain traction. The growth is attributed to the big inventory created by the First Car Scheme policies beginning in 2012. At the same time, Bangkok is among the profitable market for independent automobile aftermarket service providers. Moreover, sales of the same are likely to rise in Northeastern provinces during the forecast period.
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| Attribute | Details |
|---|---|
| Category | By Category |
| Leading Segment | Parts |
| Market Share (2023) | 67.1% |
| Attribute | Details |
|---|---|
| Category | By Vehicle Type |
| Leading Segment | Passenger |
| Market Share (2023) | 68.9% |
The parts segment leads in the ASEAN automotive aftermarket based on category type. It holds a market share of 67.1 % in 2023. The growth is attributed to the higher prices of OEM parts such as tires, batteries, rims, and other parts. Furthermore, the limited shelf life of some parts of the vehicle also makes the segment active in terms of sales.
The tire sub-segment leads in the parts segment as the lifespan of a tire is short, and it depends upon the road conditions. The aftermarket for tires is rising with the increase in per capita income and consumers' expanded focus on safety.
Based on the vehicle type, passenger vehicle holds a market share of 68.9% in 2023. The growth is attributed to the lack of OEM infrastructure for support, service, repair, and parts replacements. Furthermore, the limited lifespan of a passenger car with vehicle repair components available on the E-commerce platforms is flourishing the sales of automotive aftermarkets through passenger cars.
The key players focus on producing services and products equivalent to the OEM producer. Limiting prices and options of different quality, sizes, and material is also a part of the competitive strategy. Furthermore, the collaboration between small-scale vendors and fleet operators is increasing the competition in the market.
Market Developments
Market players are working on three key strategies
The market is valued at US$ 24.56 billion in 2023.
The growth potential of the ASEAN automotive aftermarket is 8.5% CAGR through 2033.
The market is estimated to reach US$ 55.53 billion by 2033.
Players are concentrating their efforts on delivering to remote areas.
NGK Spark Plug, ZF Friedrichshafen AG, and Continental AG are key ASEAN automotive aftermarket players.
1. Executive Summary | ASEAN Automotive Aftermarket Market
1.1. ASEAN Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Analysis 2018 to 2022 and Forecast 2023 to 2033, By Category Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Category Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Category Type, 2023 to 2033
5.3.1. Parts
5.3.1.1. Tires
5.3.1.2. Batteries
5.3.1.3. Filters
5.3.1.4. Starters and Alternators
5.3.1.5. Lighting
5.3.1.6. Exhaust Components
5.3.1.7. Lubricants
5.3.1.8. Collision Bod
5.3.1.9. Suspension
5.3.1.10. Brakes
5.3.2. Accessories
5.3.2.1. Interior
5.3.2.2. Exterior
5.3.3. Services
5.3.3.1. General Automotive Repair
5.3.3.2. Automotive Transmission and Others
5.4. Y-o-Y Growth Trend Analysis By Category Type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Category Type, 2023 to 2033
6. Analysis 2018 to 2022 and Forecast 2023 to 2033, By Vehicle Type
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Vehicle Type, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Vehicle Type, 2023 to 2033
6.3.1. Passenger Car
6.3.2. Light Commercial Vehicle
6.3.3. Heavy Commercial Vehicle
6.4. Y-o-Y Growth Trend Analysis By Vehicle Type, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Vehicle Type, 2023 to 2033
7. Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022
7.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033
7.3.1. ASEAN
7.4. Market Attractiveness Analysis By Region
8. Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
8.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
8.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
8.2.1. By Country
8.2.1.1. Malaysia
8.2.1.2. Indonesia
8.2.1.3. Philippines
8.2.1.4. Vietnam
8.2.1.5. Singapore
8.2.1.6. Thailand
8.2.1.7. Rest of ASEAN
8.2.2. By Category Type
8.2.3. By Vehicle Type
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Category Type
8.3.3. By Vehicle Type
8.4. Key Takeaways
9. Key Countries Automotive Aftermarket Analysis
9.1. Malaysia
9.1.1. Pricing Analysis
9.1.2. Market Share Analysis, 2022
9.1.2.1. By Category Type
9.1.2.2. By Vehicle Type
9.2. Indonesia
9.2.1. Pricing Analysis
9.2.2. Market Share Analysis, 2022
9.2.2.1. By Category Type
9.2.2.2. By Vehicle Type
9.3. Philippines
9.3.1. Pricing Analysis
9.3.2. Market Share Analysis, 2022
9.3.2.1. By Category Type
9.3.2.2. By Vehicle Type
9.4. Vietnam
9.4.1. Pricing Analysis
9.4.2. Market Share Analysis, 2022
9.4.2.1. By Category Type
9.4.2.2. By Vehicle Type
9.5. Singapore
9.5.1. Pricing Analysis
9.5.2. Market Share Analysis, 2022
9.5.2.1. By Category Type
9.5.2.2. By Vehicle Type
9.6. Thailand
9.6.1. Pricing Analysis
9.6.2. Market Share Analysis, 2022
9.6.2.1. By Category Type
9.6.2.2. By Vehicle Type
10. Market Structure Analysis
10.1. Competition Dashboard
10.2. Competition Benchmarking
10.3. Market Share Analysis of Top Players
10.3.1. By Regional
10.3.2. By Category Type
10.3.3. By Vehicle Type
11. Competition Analysis
11.1. Competition Deep Dive
11.1.1. NGK Spark Plug
11.1.1.1. Overview
11.1.1.2. Product Portfolio
11.1.1.3. Profitability by Market Segments
11.1.1.4. Sales Footprint
11.1.1.5. Strategy Overview
11.1.1.5.1. Marketing Strategy
11.1.2. ZF Friedrichshafen AG
11.1.2.1. Overview
11.1.2.2. Product Portfolio
11.1.2.3. Profitability by Market Segments
11.1.2.4. Sales Footprint
11.1.2.5. Strategy Overview
11.1.2.5.1. Marketing Strategy
11.1.3. Continental AG
11.1.3.1. Overview
11.1.3.2. Product Portfolio
11.1.3.3. Profitability by Market Segments
11.1.3.4. Sales Footprint
11.1.3.5. Strategy Overview
11.1.3.5.1. Marketing Strategy
11.1.4. Robert Bosch GmbH
11.1.4.1. Overview
11.1.4.2. Product Portfolio
11.1.4.3. Profitability by Market Segments
11.1.4.4. Sales Footprint
11.1.4.5. Strategy Overview
11.1.4.5.1. Marketing Strategy
11.1.5. HELLA GmbH & Co. KGaA
11.1.5.1. Overview
11.1.5.2. Product Portfolio
11.1.5.3. Profitability by Market Segments
11.1.5.4. Sales Footprint
11.1.5.5. Strategy Overview
11.1.5.5.1. Marketing Strategy
11.1.6. Denso Corporation
11.1.6.1. Overview
11.1.6.2. Product Portfolio
11.1.6.3. Profitability by Market Segments
11.1.6.4. Sales Footprint
11.1.6.5. Strategy Overview
11.1.6.5.1. Marketing Strategy
11.1.7. AC Delco
11.1.7.1. Overview
11.1.7.2. Product Portfolio
11.1.7.3. Profitability by Market Segments
11.1.7.4. Sales Footprint
11.1.7.5. Strategy Overview
11.1.7.5.1. Marketing Strategy
11.1.8. AISIN CORPORATION
11.1.8.1. Overview
11.1.8.2. Product Portfolio
11.1.8.3. Profitability by Market Segments
11.1.8.4. Sales Footprint
11.1.8.5. Strategy Overview
11.1.8.5.1. Marketing Strategy
11.1.9. Marelli Corporation
11.1.9.1. Overview
11.1.9.2. Product Portfolio
11.1.9.3. Profitability by Market Segments
11.1.9.4. Sales Footprint
11.1.9.5. Strategy Overview
11.1.9.5.1. Marketing Strategy
11.1.10. Bridgestone Corporation
11.1.10.1. Overview
11.1.10.2. Product Portfolio
11.1.10.3. Profitability by Market Segments
11.1.10.4. Sales Footprint
11.1.10.5. Strategy Overview
11.1.10.5.1. Marketing Strategy
11.1.11. Faurecia SA
11.1.11.1. Overview
11.1.11.2. Product Portfolio
11.1.11.3. Profitability by Market Segments
11.1.11.4. Sales Footprint
11.1.11.5. Strategy Overview
11.1.11.5.1. Marketing Strategy
11.1.12. Hitachi Astemo Ltd
11.1.12.1. Overview
11.1.12.2. Product Portfolio
11.1.12.3. Profitability by Market Segments
11.1.12.4. Sales Footprint
11.1.12.5. Strategy Overview
11.1.12.5.1. Marketing Strategy
11.1.13. Valeo SA
11.1.13.1. Overview
11.1.13.2. Product Portfolio
11.1.13.3. Profitability by Market Segments
11.1.13.4. Sales Footprint
11.1.13.5. Strategy Overview
11.1.13.5.1. Marketing Strategy
11.1.14. Michelin
11.1.14.1. Overview
11.1.14.2. Product Portfolio
11.1.14.3. Profitability by Market Segments
11.1.14.4. Sales Footprint
11.1.14.5. Strategy Overview
11.1.14.5.1. Marketing Strategy
11.1.15. Mahle GmbH
11.1.15.1. Overview
11.1.15.2. Product Portfolio
11.1.15.3. Profitability by Market Segments
11.1.15.4. Sales Footprint
11.1.15.5. Strategy Overview
11.1.15.5.1. Marketing Strategy
11.1.16. KYB Corporation
11.1.16.1. Overview
11.1.16.2. Product Portfolio
11.1.16.3. Profitability by Market Segments
11.1.16.4. Sales Footprint
11.1.16.5. Strategy Overview
11.1.16.5.1. Marketing Strategy
12. Assumptions & Acronyms Used
13. Research Methodology
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ASEAN Automotive Aftermarket
