ASEAN Automotive Aftermarket Outlook

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 USD 24.56 billion in 2023, while it is anticipated to surpass USD 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

  • Penetration of companies like Robert Bosch, Valeo, Faurecia, and Continental AG in ASEAN countries with discount offers.
  • The emergence of eCommerce websites selling automotive parts and elements has made the purchase proportion easy and smooth.
  • Affordable automotive products with different quality grades, sizes, and materials offer a variety of options to the end user.
  • ASEAN nations' increasing per capita income allows people to buy four-wheelers of different price ranges.
  • The maintenance, although, of these vehicles can be heavy on pocket. Thus, the aftermarket automotive parts suppliers provide the end users with the best aftermarket automotive parts of different price ranges.
  • Revising the OEM automotive parts while designing the parts just like the original is challenging. Vendors work on different approaches to produce the same or advanced parts for the end users. These parts involve vehicle batteries, brakes, horns, bulbs and lighting, diesel parts, components, filters, etc.
  • Aftermarket automotive parts online is another sales channel that comes with installing tutorials and blogs. Support teams are also gaining traction for the automotive aftermarket in the ASEAN region.
Attributes Details
ASEAN Automotive Aftermarket CAGR (2023 to 2033) 8.5%
ASEAN Automotive Aftermarket Size (2023) USD 24.56 billion
ASEAN Automotive Aftermarket Size (2033) USD 55.53 billion

Don't pay for what you don't need

Customize your report by selecting specific countries or regions and save 30%!

How is the Future Outlook (2023 to 2033) for ASEAN Automotive Aftermarket in Comparison to the Historical Pattern (2018 to 2022)?

  • Short-term Growth (2023 to 2026): With the higher sales of automobiles in the region due to the increasing per capita income, ASEAN automotive aftermarket is expected to witness a boom. The advent of affordable vehicle brands in the region is likely to fuel the market growth during this period. The market is expected to hold USD 24.56 billion in 2023 while it is likely to reach USD 31.37 billion by 2026.
  • Mid-term Growth (2026 to 2029): This period is likely to thrive through the increasing density of electric vehicles on the road. The aftermarket automotive companies are focused on developing high-quality aftermarket EV products such as batteries, charging systems, and electric transmissions. The affordable automotive part with different pricing is likely to expand the market growth. This takes a market value from USD 31.37 billion in 2026 to a value of USD 40.07 billion in 2029.
  • Long-term Growth (2029 to 2033): During this period, an increase in aftermarket automotive parts manufacturers and suppliers can be witnessed. Furthermore, the driving population with limited OEM service and replacement centers is flourishing in the market growth. Thus, the ASEAN automotive aftermarket is anticipated to thrive at a steady CAGR of 8.5% between 2023 and 2033.

What Growth Drivers Flourish in the Market?

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.

Nikhil Kaitwade
Nikhil Kaitwade

Principal Consultant

Talk to Analyst

Find your sweet spots for generating winning opportunities in this market.

What are the Key Restraints in the market?

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-wise Insights

Country Indonesia
Market Share/CAGR 34.4% of the ASEAN Market in 2021
Country Thailand
Market Share/CAGR 7.6% (2023 to 2033)

Why is Indonesia Considered a Lucrative Market?

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.

How does Thailand perform in the Market?

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.

Get the data you need at a Fraction of the cost

Personalize your report by choosing insights you need
and save 40%!

Category-wise Landscape

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%

Higher Demand for Tires, Smaller Shelf Life, and Affordable Prices Put the Parts Segment on Top

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.

Increased Sales of Passenger Vehicles, Rise in Population’s Disposable Income, and Lack of OEM Infrastructure

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.

Competition Scenario

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

  • Aisin Seiki Co. Ltd. announced to set up Kyushu Development Center Hakata Laboratory for artificial intelligence (AI) technologies in Fukuoka City, Japan, to strengthen its AI infrastructure.
  • Continental AG acquired CRP Industries’ automotive aftermarket business. Through this, it aims to enhance its distribution channel and sales funnel in the ASEAN region.

How can Automotive Aftermarket Manufacturers Scale their Businesses in the ASEAN?

Market players are working on three key strategies

  • Vendors are focusing on delivering products and services to remote areas of the region.
  • Aftermarket automotive parts manufacturers are providing different grades of parts and services, depending on the price.
  • Aftermarket automotive players are also providing cutting-edge services at affordable rates to drive end users’ attention from OEM service providers to them.

Key Players

  • NGK Spark Plug
  • ZF Friedrichshafen AG
  • Continental AG
  • Robert Bosch GmbH
  • HELLA GmbH & Co. KGaA
  • Denso Corporation
  • AC Delco
  • AISIN CORPORATION
  • Marelli Corporation
  • Bridgestone Corporation
  • Faurecia SA
  • Hitachi Astemo Ltd
  • Valeo SA
  • Michelin
  • Mahle GmbH
  • KYB Corporation
  • BorgWarner Inc.
  • SAMMITR GREEN POWER CO., LTD.
  • Bangkok Diecasting and Injection Co., Ltd.
  • Aisin Takaoka Asia Co.,Ltd.
  • S.P.Metal Part Co., Ltd.
  • Tan Chong Motor Holdings Berhad

Market Segmentation

Category Type:

  • Parts
    • Tires
    • Batteries
    • Filters
    • Starters and Alternators
    • Lighting
    • Exhaust Components
    • Lubricants
    • Collision Body (Coating & Paint Consumables)
    • Suspension
    • Brakes
    • Engine & Transmission
    • Spark Plugs
    • Steering
  • Accessories
    • Interior
    • Exterior
  • Services
    • General Automotive Repair
    • Automotive Transmission and Others

By Vehicle Type:

  • Passenger Car
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle

By Country:

  • Malaysia
  • Indonesia
  • Philippines
  • Vietnam
  • Singapore
  • Thailand
  • Rest of the Association of Southeast Asian Nations

Frequently Asked Questions

How Big is the ASEAN Automotive Aftermarket?

The market is valued at USD 24.56 billion in 2023.

What is the Growth Potential of the ASEAN Automotive Aftermarket?

The growth potential of the ASEAN automotive aftermarket is 8.5% CAGR through 2033.

How Big is the ASEAN Automotive Aftermarket Likely to be by 2033?

The market is estimated to reach USD 55.53 billion by 2033.

Which is the Go-to Market Strategy?

Players are concentrating their efforts on delivering to remote areas.

Who are the Key Market Players?

NGK Spark Plug, ZF Friedrichshafen AG, and Continental AG are key ASEAN automotive aftermarket players.

Table of Content
  • 1. Executive Summary
  • 2. Market Overview
  • 3. Market Background
  • 4. Analysis 2018 to 2022 and Forecast, 2023 to 2033
  • 5. Analysis 2018 to 2022 and Forecast 2023 to 2033, By Category Type
    • 5.1. Parts
      • 5.1.1. Tires
      • 5.1.2. Batteries
      • 5.1.3. Filters
      • 5.1.4. Starters and Alternators
      • 5.1.5. Lighting
      • 5.1.6. Exhaust Components
      • 5.1.7. Lubricants
      • 5.1.8. Collision Body
      • 5.1.9. Suspension
      • 5.1.10. Brakes
    • 5.2. Accessories
      • 5.2.1. Interior
      • 5.2.2. Exterior
    • 5.3. Services
      • 5.3.1. General Automotive Repair
      • 5.3.2. Automotive Transmission and Others
  • 6. Analysis 2018 to 2022 and Forecast 2023 to 2033, By Vehicle Type
    • 6.1. Passenger Car
    • 6.2. Light Commercial Vehicle
    • 6.3. Heavy Commercial Vehicle
  • 7. Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
    • 7.1. ASEAN
  • 8. Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 9. Key Countries Automotive Aftermarket Analysis
  • 10. Market Structure Analysis
  • 11. Competition Analysis
    • 11.1. NGK Spark Plug
    • 11.2. ZF Friedrichshafen AG
    • 11.3. Continental AG
    • 11.4. Robert Bosch GmbH
    • 11.5. HELLA GmbH & Co. KGaA
    • 11.6. Denso Corporation
    • 11.7. AC Delco
    • 11.8. AISIN CORPORATION
    • 11.9. Marelli Corporation
    • 11.10. Bridgestone Corporation
    • 11.11. Faurecia SA
    • 11.12. Hitachi Astemo Ltd
    • 11.13. Valeo SA
    • 11.14. Michelin
    • 11.15. Mahle GmbH
    • 11.16. KYB Corporation
  • 12. Assumptions & Acronyms Used
  • 13. Research Methodology
Recommendations

Automotive

Two Wheeler Aftermarket Components & Consumables Market

June 2023

REP-GB-11733

337 pages

Automotive

APEJ Automotive Aftermarket

December 2022

REP-AP-689

324 pages

Explore Automotive Insights

View Reports
Future Market Insights

ASEAN Automotive Aftermarket

Schedule a Call