ACCESS Newswire
30 Jul 2020, 20:35 GMT+10
Prominent ASEAN automotive aftermarket players are increasingly leveraging vehicle owner demand for vehicle aesthetic and performance customization to bolster revenue streams once the pandemic is under control.
DUBAI, UAE / ACCESSWIRE / July 30, 2020 / The ASEAN automotive aftermarket will expand at a highly promising 8.7% CAGR, between 2020 and 2030. The coronavirus pandemic will negatively influence the automotive aftermarket in ASEAN in the short term, as sales of new vehicles fall sharply, and aftermarket dealerships have been forced to temporarily suspended operations to contain the spread of the outbreak. However, a large population of aged vehicles will aid a steady recovery towards 2021, as restrictions are relaxed.
'The number of automobiles over 10 years old is anticipated to expand exponentially in the near future in ASEAN countries. In addition, tech innovations and reliability of vehicles has increased significantly creating a fertile foundation for the expansion of the aftermarket in the region. The transition towards hybrids and electric vehicles will generate lucrative opportunities after the conclusion of the pandemic,' says the FMI analyst.
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ASEAN Automotive Aftermarket - Key Takeaways
ASEAN Automotive Aftermarket - Driving Factors
ASEAN Automotive Aftermarket - Key Constraints
The Anticipated Impact of Coronavirus
The ASEAN automotive aftermarket is witnessing a gradual reopening of manufacturing facilities. However, supply chains are expected to continue facing disruptions for months ahead. Strict social distancing rules, will reduce the number of people working at production lines, which in turn will cause delays to delivery schedules. Most market players can expect significant drops in revenue, as volatility in aftermarket demand becomes critical. Independent retailers are expected to suffer more.
Explore the global ASEAN automotive aftermarket report with 66 illustrative figures, 17 data tables and the table of contents. You can also find a comprehensive market segmentation on https://www.futuremarketinsights.com/askus/rep-as-661
Competition Landscape
Leading players in the ASEAN automotive aftermarket market include but are not limited to Bridgestone Corp., Continental AG, Aisin Seiki Co., Robert Bosch GmbH, Denso Corp., Magneti Marelli SpA, Delphi Technologies, Faurecia SA, HELLA GmbH, AC Delco, Mazda Motor Corp., and Honda Motor Co.
Manufacturers are primarily investing in tech and material innovations along with new product launches to expand their product portfolios to meet the changing requirements of the local auto industry.
For instance, Hyundai has come up with a new range of N-performance aftermarket parts, which it is offering to buyers for additional customization. Dunlop has introduced a new range of tires, with its patented vibration dampening technology. Aisin Seiki Co. has unveiled drivetrain, engine, and brake related products for the Philippines aftermarket.
More About the Report
The FMI's market research report offers detailed insights on ASEAN automotive aftermarket. The market is scrutinized on the basis of category (parts, accessories, and services), and vehicle type (passenger cars, light commercial vehicles, and heavy commercial vehicles), across seven key regions (Malaysia, Indonesia, Philippines, Vietnam, Singapore, Thailand, and rest of ASEAN).
Request the Coronavirus Impact Analysis across Industries and Markets@ https://www.futuremarketinsights.com/covid19/rep-as-661
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About Future Market Insights
Expert analysis, actionable insights, and strategic recommendations of the veteran research team at FMI helps clients from across the globe with their unique business intelligence requirements. With a repository of over thousand reports and 1 million+ data points, the team has scrutinized the automotive and transportation sector across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
Contact:
Mr. Abhishek Budholiya
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
MARKET ACCESS DMCC Initiative
For Sales Enquiries: [email protected]
For Media Enquiries: [email protected]
Report: https://www.futuremarketinsights.com/reports/asean-automotive-aftermarket
Press Release Source: https://www.futuremarketinsights.com/press-release/asean-automotive-aftermarket
SOURCE: Future Market Insights
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