VALLEY COTTAGE, N.Y.--(BUSINESS WIRE)--Future Market Insights (FMI) in its latest research report, “Automotive Aftermarket: ASEAN Industry Analysis and Opportunity Assessment 2015-2025”, forecasts the ASEAN automotive aftermarket to expand at a cagr of 7.8% during the forecast period 2015-2025. In terms of market value, FMI expects the automotive aftermarket to be worth US$ 37.7 Bn by 2025.
Key factors driving the automotive aftermarket in ASEAN include sustained growth in automotive sales, mushrooming of automotive sales and repair centres, and entry of global OEMs. Focus on safety regulations by respective governments in ASEAN is also propelling the ASEAN automotive aftermarket.
FMI has segmented the ASEAN automotive aftermarket on the basis of components, accessories, services, and region.
The components segment of ASEAN automotive aftermarket includes lubricants, tyres, batteries, wear & tear parts, filters, collision body, starters and alternators, lighting, exhaust components, and spark plugs. Among these, demand for exhaust components is highest in ASEAN; FMI expects this segment to expand at a CAGR of 13.9% during the forecast period 2015-2025.
The accessories segment of ASEAN automotive aftermarket is sub-segmented into interior and exterior. Consumers are focusing on enhancing the functionality and aesthetics of their vehicles, owing to which the demand for interior accessories has witnessed a surge in the recent past. FMI expects this trend to become more pronounced during the forecast period, with the interior accessories segment poised to amplify at a CAGR of 8.4% during the forecast period.
On the basis of services, FMI has segmented the ASEAN automotive aftermarket into general automotive repairs, and automotive transmission and others. According to FMI’s analysis, the automotive transmission and others sub-segment is anticipated to dominate the services segment of the ASEAN automotive aftermarket.
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Key regions analysed in the ASEAN automotive aftermarket report include Malaysia, Indonesia, Philippines, Vietnam, Singapore, and Cambodia. Thailand, Indonesia, and Malaysia are the most lucrative countries for key stakeholders in the ASEAN automotive aftermarket.
Future Market Insights is a leading market intelligence and consulting firm delivering syndicated research reports, custom research reports and consulting services. Our research services cover global as well as regional emerging markets such as GCC, ASEAN and BRICS.