The ASEAN automotive aftermarket Growth Accelerated by Rising Adoption of Lightweight Components

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The ASEAN automotive aftermarket involves replacement, repair and maintenance of original vehicle components. Products in this market include brake pads, filters, batteries, lighting, wheels, clutches, brakes, mufflers and gaskets among others. These components ensure optimal performance and safety of vehicles. The growing automotive sector in ASEAN countries has increased the demand for aftermarket components.

The ASEAN automotive aftermarket is estimated to be valued at US$ 28.7 Bn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends driving the ASEAN automotive aftermarket size is the growing adoption of lightweight components. Vehicle manufacturers are focusing on developing lightweight vehicles to improve fuel efficiency and reduce emission levels. This has increased the demand for lightweight aftermarket components such as brake pads, wheels, clutches and other automotive parts made from materials like aluminum and magnesium alloys. Their lower weight compared to conventional components enhances vehicle performance while meeting stringent environmental standards. The lightweight aftermarket components market is projected to witness significant gains over the forecast period supported by stringent emission regulations and consumer preference for fuel-efficient vehicles in the ASEAN region.

Segment Analysis
The ASEAN automotive aftermarket is dominated by the replacement parts sub-segment, which accounts for over 60% of the total market share. The high demand for replacement of worn-out or damaged components drives the large share of this sub-segment. Due to the hot and humid climate in Southeast Asian countries, vehicle parts tend to wear out faster, necessitating more frequent replacements.

Key Takeaways
The global ASEAN automotive aftermarket is expected to witness high growth over the forecast period of 2023 to 2030. The ASEAN automotive aftermarket is estimated to be valued at US$ 28.7 Bn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023 to 2030.

Regional analysis:
The ASEAN region is projected to dominate the market during the forecast period. Countries like Thailand, Indonesia and Malaysia have a large vehicle parc and are major automotive manufacturing hubs. Additionally, Southeast Asian countries experience high wear and tear of vehicle parts due to hot and humid weather conditions. This drives the frequent replacement of parts and demand in the aftermarket.

Key players:
Key players operating in the ASEAN automotive aftermarket are 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.

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