Prominent ASEAN automotive aftermarket players are increasingly leveraging vehicle owner demand for vehicle aesthetic and performance customization to bolster revenue streams once the pandemic is under control.
DUBAI, UAE / ACCESSWIRE / July 30, 2020 / The ASEAN automotive aftermarket will expand at a highly promising 8.7% CAGR, between 2020 and 2030. The coronavirus pandemic will negatively influence the automotive aftermarket in ASEAN in the short term, as sales of new vehicles fall sharply, and aftermarket dealerships have been forced to temporarily suspended operations to contain the spread of the outbreak. However, a large population of aged vehicles will aid a steady recovery towards 2021, as restrictions are relaxed.
"The number of automobiles over 10 years old is anticipated to expand exponentially in the near future in ASEAN countries. In addition, tech innovations and reliability of vehicles has increased significantly creating a fertile foundation for the expansion of the aftermarket in the region. The transition towards hybrids and electric vehicles will generate lucrative opportunities after the conclusion of the pandemic," says the FMI analyst.
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ASEAN Automotive Aftermarket - Key Takeaways
- Silicon and Li-ion batteries are rapidly gaining traction in the ASEAN automotive aftermarket, aided by the steady transition to electric vehicles.
- Tires account for substantial revenue share, owing to high replacement cycle rates and innovations in self-inflation technology.
- Indonesia is a prominent automotive aftermarket, aided by high density two and four-wheeler vehicle population in the country.
ASEAN Automotive Aftermarket - Driving Factors
- Poor road infrastructure in multiple ASEAN countries has increased demand for automotive aftermarket maintenance services.
- Popularity of used car resales in Thailand and Singapore are generating lucrative growth opportunities.
ASEAN Automotive Aftermarket - Key Constraints
- Lack of consumer interest in preventive maintenance activities is holding back market growth.
- High costs of automotive parts and customization processes hinders the ASEAN automotive aftermarket.
The Anticipated Impact of Coronavirus
The ASEAN automotive aftermarket is witnessing a gradual reopening of manufacturing facilities. However, supply chains are expected to continue facing disruptions for months ahead. Strict social distancing rules, will reduce the number of people working at production lines, which in turn will cause delays to delivery schedules. Most market players can expect significant drops in revenue, as volatility in aftermarket demand becomes critical. Independent retailers are expected to suffer more.
Explore the global ASEAN automotive aftermarket report with 66 illustrative figures, 17 data tables and the table of contents. You can also find a comprehensive market segmentation on https://www.futuremarketinsights.com/askus/rep-as-661
Leading players in the ASEAN automotive aftermarket market include but are not limited to Bridgestone Corp., Continental AG, Aisin Seiki Co., Robert Bosch GmbH, Denso Corp., Magneti Marelli SpA, Delphi Technologies, Faurecia SA, HELLA GmbH, AC Delco, Mazda Motor Corp., and Honda Motor Co.
Manufacturers are primarily investing in tech and material innovations along with new product launches to expand their product portfolios to meet the changing requirements of the local auto industry.
For instance, Hyundai has come up with a new range of N-performance aftermarket parts, which it is offering to buyers for additional customization. Dunlop has introduced a new range of tires, with its patented vibration dampening technology. Aisin Seiki Co. has unveiled drivetrain, engine, and brake related products for the Philippines aftermarket.
More About the Report
The FMI's market research report offers detailed insights on ASEAN automotive aftermarket. The market is scrutinized on the basis of category (parts, accessories, and services), and vehicle type (passenger cars, light commercial vehicles, and heavy commercial vehicles), across seven key regions (Malaysia, Indonesia, Philippines, Vietnam, Singapore, Thailand, and rest of ASEAN).
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SOURCE: Future Market Insights