The ASEAN automotive aftermarket is set to grow at 8.7% CAGR by 2031, driven by demand for LCV services and innovations like self-inflating tires.
The automotive aftermarket in ASEAN is reeling from the COVID-19 impact, however, recovery is likely to be more immediate compared to European and American counterparts, according to a latest study.
Future Market Insights (FMI), an ESOMAR-certified market research firm, in an updated edition of its report, revised the forecast to 8.7% CAGR. This revised forecast takes into account sluggishness induced by the global pandemic.
Key Takeaways of ASEAN Automotive Aftermarket Market Study
“Automotive manufacturers are increasingly relying on silicon anode batteries to power electric vehicles (EV), given their greater energy density and better battery life. As such, these batteries are gaining huge traction among OEMs,” says FMI analyst
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COVID-19 Impact on ASEAN Automotive Aftermarket Market
The growth of ASEAN automotive aftermarket market is linearly associated with the regional automotive industry. While the shockwaves of the COVID-19 pandemic are certainly felt across every sector, the automotive industry in ASEAN is potentially facing a significant grunt of it.
While the regional industry was already under pressure, especially in Indonesia and Thailand, acute supply chain disruptions due to COVID-19 outbreak in China is further worsening the situation.
Recent estimates reveal that the ASEAN automotive industry recorded a steep 42% decline in sales during January-May period in 2020. While Philippines topped the chart with 51.1% drop in sales, Malaysia and Indonesia registered 48.9% and 41.2% sales drop respectively. The ASEAN automotive aftermarket market, in turn, is stumbling from these reverberations.
Self-inflating Tires for Better Efficacy in Existing and Futuristic Cars
Over or under-inflated tires diminish fuel efficiency and range for conventional and electric vehicles (EV). As such, companies such as Continental AG have developed self-inflating tire concept that maintains pressure at preferred levels. The technology – C.A.R.E (Connected Autonomous Reliable Electrified) – is closely aligned with the requirements of e-mobility and autonomous driving.
The tires feature in-built pumps attached in the wheels that ensure the tire pressure remains in optimal range for efficiency. This technology is expected to help reduce CO2 emissions as well as slight improvement in average fuel economy. Majority of vehicle owners are focusing on leveraging self-inflating tires concept in a bid to avoid unnecessary maintenance expenses.
ASEAN Automotive Aftermarket Market – Competitive Intelligence
The ASEAN automotive aftermarket market is fairly competitive with, leading players capturing around 30% of the overall market value.
Most of the automotive aftermarket repair service providers in ASEAN countries fail to facilitate customers with a wide range of maintenance and repair services. Consequently, shop owners are focusing on offering specific services, or expanding their service radar. Moreover, small-scale players are forming partnerships with fleet operators and leasing firms to provide optimum maintenance and replacement services at cost-effective prices.
Find More Valuable Insights on ASEAN Automotive Aftermarket Market:
FMI, in its new market research study, delivers an unbiased analysis of the ASEAN automotive aftermarket market which comprises global industry analysis for 2015–2019 and opportunity assessment for the 2020–2030. The report provides complete analysis on ASEAN automotive aftermarket market through three different categories – by category, by vehicle type, and region. The global ASEAN automotive aftermarket market study offers insights of pricing by different life cycle analysis, product life cycle, key market trends and technologies that are being implemented in the development of the ASEAN automotive aftermarket and product adoption in various end-use industries.
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ASEAN Automotive Aftermarket Segmentation
To understand and assess opportunities in the ASEAN automotive aftermarket, we have divided the report into three sections based on market segmentation as under:
By Category
By Vehicle Type
By Country
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ASEAN Automotive Aftermarket Market Outlook & Key Findings
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The article discusses the growth prospects of the ASEAN automotive aftermarket, expected to grow at 8.7% CAGR over the next decade.
COVID-19 has caused significant disruptions, with a steep decline in sales, but recovery is expected to be quicker than in Europe and America.
Innovations like self-inflating tires and silicon anode batteries are gaining traction, improving vehicle efficiency and battery life.
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