SWOT Analysis
Strength: Large and expanding vehicle parc in the ASEAN region driven by rising incomes and automobile sales provides a big market for aftermarket parts and services.
Weakness: Fragmented nature of local aftermarket industry with many small players.
Opportunity: Growing demand for customized and enhanced vehicle accessories provides new opportunities.
Threats: Increased sale of electric vehicles could impact demand for certain conventional aftermarket components in the long run.
Key Takeaways
The ASEAN automotive aftermarket is expected to witness high growth, exhibiting a CAGR of 9.8% over the forecast period 2023-2030. The market size is projected to reach US$ 51.3 Bn by 2030 from US$ 28.7 Bn in 2023.
Regional analysis: Indonesia is expected to dominate the ASEAN automotive aftermarket during the forecast period. This can be attributed to the large and expanding vehicle parc in Indonesia driven by rising incomes. Thailand and Malaysia are also likely to exhibit high growth owing to well-established automotive industries in these countries.
Key players: Key players operating in the ASEAN automotive aftermarket include Bridgestone Corporation, Denso Corporation, Hella KGaA, BorgWarner Inc., Robert Bosch GmbH, Continental AG, Enkei Corporation, F.C.C. Co.,Ltd., Mitsuba Corp., Schlemmer, Showa Corporation, Yachio Industry Co., Ltd., TOYOTA MOTOR CORPORATION, and ZF Friedrichshafen AG. These players are focusing on expanding their distribution networks and service centers across Southeast Asian countries to tap the growth opportunities.