ASEAN Automotive Aftermarket

Automotive Aftermarket: Online Sales of Auto Parts Continue to be the Next Pillar of Growth: ASEAN Industry Analysis and Opportunity Assessment, 2016-2026

  • 2016-12-19
  • REP-AS-661
  • 179 pages
  • PDF PPT EXCEL
 ASEAN Automotive Aftermarket

An Incisive, In-depth Analysis on the Asean Automotive After Market

This study offers a comprehensive, 360 degree analysis on the Asean Automotive After market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Asean Automotive After market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.

Passenger car segment of the ASEAN automotive aftermarket to expand at a significant CAGR in terms of value and witness an upward growth in the coming decade

By vehicle type segment, the passenger car segment is likely to remain the most attractive segment in the ASEAN automotive aftermarket in terms of CAGR. The Passenger car segment of the ASEAN automotive aftermarket was estimated to hold more than 60% market value share and was valued at over US$ 10 Bn by 2015 end. The Passenger car segment is projected to gain more than 1000 BPS by 2026 as compared to that in 2016, expanding at a CAGR of close to 11% over the forecast period. There has been a global increase in passenger car sales as these vehicle types are getting economical and are easily available to middle class consumers in the ASEAN automobile market.

According to our analysts, the automobile market for passenger cars is anticipated to show positive growth as customers are exhibiting increased affinity towards this form of transport. The Passenger car segment is estimated to hold more than 80% share in the total incremental opportunity between 2016 and 2026. In replacement and repair, the Passenger car segment held more than 60% share in 2015 which is double the share than the Commercial vehicle segment.  

Increase in average age of passenger cars will upsurge parts and accessories replacements

With passenger cars emerging as favourable means of transport, the average miles driven per vehicle has increased over time. This increase in miles driven per vehicle is closely associated with more wear and tear of parts, which in turn requires timely maintenance and repair. Moreover, the quality of road infrastructure has a significant impact on the life of a vehicle and its parts. A pothole can cause a severe impact on tires or can cause wheel rim damage. The pits on the road could also lead to premature wear on shocks and struts, suspension damage, steering system misalignment, exhaust system damage or engine damage. In some countries of ASEAN there is increasing vehicle parc and these countries have poor quality road infrastructure. As a result, more wear and tear occurs thus requiring the need for replacement of parts. This particular factor is driving the growth of the ASEAN automotive aftermarket.

The aftermarket includes various interior and exterior  passenger car accessories such as fancy dashboards, seat covers, pedals, dome lights, LED lights, gauges, spoilers, wheel rims, light bars, stop and tail lights, mirrors, stickers, number plates etc. These components have limited lifespan and are constantly evolving according to growing consumer demands. As a result, the ASEAN automotive aftermarket is driven by innovation in accessories and parts.

  • Increase in average age of passenger cars will upsurge parts and accessories replacements

  • Increasing age of passenger cars and significant need for replacement of parts, repair and maintenance is driving the ASEAN automotive aftermarket

  • Demand for aesthetics, infotainment and comfort features in passenger cars is driving the ASEAN automotive aftermarket

Automotive Aftermarket

Passenger car segment is projected to expand at a CAGR of more than 10% over the forecast period in Malaysia

The Passenger car segment of the Malaysia automotive aftermarket is projected to gain more than 160 BPS by 2026 as compared to that in 2016, expanding at a CAGR of more than 10% over the forecast period. The Passenger car segment accounted for more than 90.8% of the market value share of the total Malaysia automotive aftermarket in 2016 and is projected to reach 92.0% by 2026. It is also anticipated to represent an incremental $ opportunity of more than US$ 8,000 Mn between 2016 and 2026. Owing to economical prices offered by manufacturers in Malaysia, the Passenger car segment is expected to gain momentum in the near future due to the rise in the sales of automobiles. According to the report, the Passenger car segment is estimated to grow at a CAGR of more than 0.5% as compared to the Commercial vehicle segment in the Singapore automotive aftermarket, while in Thailand the Passenger car segment is anticipated to remain the foremost market growth segment.

Future Market Insights’ latest publication titled “Automotive Aftermarket: ASEAN Industry Analysis and Opportunity Assessment, 2016-2026” offers detailed insights and in-depth research on the ASEAN automotive aftermarket over a 10-year forecast period 2016-2026. The report mainly focusses on identifying opportunities in the market and providing updates and insights that affect various segments of the ASEAN automotive aftermarket. The report highlights country-wise ASEAN automotive aftermarket share by value and sets the forecast within the context of the ASEAN automotive aftermarket, including new technological developments as well as parts, services and accessories offerings for the aftermarket. Macroeconomic indicators such as automobile production, GDP, automobile sales, and urbanisation have also been taken into consideration while drafting this report.

The report also identifies the drivers and restraints likely to impact the growth and development of the ASEAN automotive aftermarket. Changing trends are also analysed and incorporated in the report to provide clients with exhaustive information about the market resulting in better decision making. Our analysts have provided useful information on key financial indicators such as revenue, operating income, net income, operating margin, gross margin, tax rate, net margin, tax rate, net margin, return on invested capital and asset turnover.

Report description

The report starts with market overview which includes definition of various applications of the market. It further covers executive summary which includes overall market approach, target applications, target country, and strategies. We have also examined the market taxonomy in this section where we have segmented the market on the basis of category, vehicle type and region. Apart from this information, the focal point of the report is on market opportunities, pricing forecast, supply routes, and logistic providers catering to the ASEAN automotive aftermarket. In the final section of the report, a competitive landscape has been included to provide report audiences with a dashboard view of key players operating in the ASEAN automotive aftermarket. The report provides a detailed market share analysis of the ASEAN automotive aftermarket on the basis of key manufacturers and aftermarket parts, accessories and service providers. Detailed profiles of manufacturers are also included within the scope of the report to evaluate key strategies, key offerings and recent developments in the ASEAN automotive aftermarket.

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

  •  Parts

    •  Tires

    •  Batteries

    •  Filters

    •  Starters and Alternators

    •  Lighting

    •  Exhaust components

    •  Spark plugs

    •  Lubricants

    •  Collision body

    •  Wear and Tear Parts

  •  Accessories

    •  Interior

    •  Exterior

  •  Services

    •  General automotive repair

    •  Automotive transmission and others

 

  • Passenger cars

  • Commercial Vehicle

  • Malaysia

  • Indonesia

  • Philippines

  • Vietnam

  • Singapore

  • Thailand

  • Rest of ASEAN

Our research methodology

The strategy of SWOT analysis was adopted while researching about the key players operating in the ASEAN automotive aftermarket. Market value is inferred through in-depth secondary research and validated from industry experts through primary interviews. Each interview is thoroughly analysed and the average market value is deduced and reconfirmed prior to incorporating in the report. The price of aftermarket parts replacement is deduced basis the parts which are mostly replaced and repaired in the aftermarket, where the average price of each part is inferred across all the seven assessed regions.

For the 10-year forecast of the ASEAN automotive aftermarket, various macroeconomic factors and changing trends have been observed, giving an idea about the future of the market. Other important factors considered to arrive at market forecast are the size of the current market, inputs from the supply side and the demand side and other dynamics shaping the scenario of the market.

In the compilation of the report on the ASEAN automotive aftermarket, we have conducted the forecasts in terms of CAGR, while other important criteria such as year-on-year growth and absolute dollar opportunity have also been incorporated to present the client with crystal clear insights and future opportunities in the ASEAN automotive aftermarket.

ASEAN Automotive Aftermarket Reports - Table of Contents

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Harish Tiwari

Harish Tiwari

Global Head - Business Development

Pranay Mhaisekar

Pranay Mhaisekar

Business Development

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