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