The automotive aftermarket is the automotive industry market which includes equipment, replacement tires, service repair, collision, repair and accessories, etc. Companies operated in automotive aftermarket are manufacturing, remanufacturing, retailing, distribution, and installation of replacement vehicle parts, automotive accessories, service repair, and equipment. The automotive aftermarket deals with oil and lubricants, batteries, tires, filters, starters and alternators, coatings and paint consumables, exhaust components, spark plugs, crash parts, etc. There are interior and exterior accessories including audio/video devices, steering wheels, parking brake handles, shift boots, grills, headlight covers, front & rear guards, mirrors, etc. Consumers can repair their vehicles on their own with the DIY segments or can take the vehicle to professional repair facilities.
Market Dynamics:
Increase in the average age of a vehicle is expected to boost growth of the ASEAN automotive aftermarket during the forecast period. Material and technology used for automotive manufacturing has improved from the past which increases the average age of vehicles. According to Coherent Market Insights’ analysis, in 2016, the number of vehicles on the road with an age range of 5-8 years was around 6 million in Thailand. According to the same source, the number of vehicles over 12 years old is expected to increase by 15% over the next five years globally. Moreover, the reliability of vehicles has improved substantially over the past decade. Consumers are not selling their vehicle instead of keeping old cars as second preferable vehicle. As a result of this, the age of vehicles is increasing, which, in turn, increases the demand for replacement parts, repairs, and maintenance. Thus, these factors are expected to drive the market's growth over the forecast period.
Furthermore, rising disposable income and increased vehicle parts sales are expected to propel the ASEAN automotive aftermarket forward during the forecast period. Disposable income in ASEA has increased significantly, and increased consumer expenditure on automotive parts is driving the growth of the market due to increased automotive sales.
Key features of the study:
Detailed Segmentation:
Detailed Segmentation:
Joining thousands of companies around the world committed to making the Excellent Business Solutions.
View All Our Clients