A Future Market Insights’ market report titled, “Automotive Aftermarket: ASEAN Industry Analysis and Opportunity Assessment, 2016-2026,” shows that poor road infrastructure and extended vehicle life have been identified as profitable factors for the growth of the automotive aftermarket in the ASEAN (Association of Southeast Asian Nations) market. On account of a growing out-of-warranty car parc, the $19.3 billion (USD) ASEAN automotive aftermarket is predicted to surpass $48 billion in revenues by the end of 2026, increasing at a healthy CAGR of 9.6 percent through 2026.
Key Trends Impacting the ASEAN Automotive Aftermarket according to the study include:
- Growing popularity of new, lightweight vehicle models
- Advances in OEM technology and OEM globalization
- Adoption of remote vehicle diagnostic systems, growing awareness about self-inflating tires, and widespread acceptance of electric vehicle technology
- Online sales of automotive parts and accessories
- Establishment of franchises in emerging countries, especially those where vehicle parc is steadily gaining traction
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