Advancement In The Automobile Production Technology To Spur The Growth Of The ASEAN Automotive Aftermarket Market

 

ASEAN Automotive Aftermarket

The automotive aftermarket, also known as the aftermarket or secondary market, is the second wholesale market of this car industry, dealing in the sale, re-manufacturing, manufacture, installation, and re-sale of automobile parts, fluids, and equipment. The aftermarket carries a wide range of products including performance parts, spares, accessories, wheels, and tires; anything original that has been modified or rebuilt to fit a specific car model. Most aftermarket products come directly from the original manufacturers or are re-branded merchandise produced by another firm

Improvement in the technology used for the production of the automobile is primarily driving the growth of the ASEAN automotive aftermarket market. This has improved the operational life of the vehicles. Also, this has improved the reliability of automobiles significantly over the past few years. This is again surging the growth of the ASEAN automotive aftermarket market. Increasing production of automobiles due to growing demand in the region is also projected to foster the growth of the market. According to the India Brand Equity Foundation, India became the fourth largest auto market in 2019 displacing Germany with about 3.99 million units sold in the passenger and commercial vehicles categories. India is expected to displace Japan as the third-largest auto market by 2021. Moreover, the two-wheelers segment dominates the market in terms of volume owing to a growing middle class and a young population. Moreover, the growing interest of the companies in exploring the rural markets further aided the growth of the sector.

Furthermore, increasing investment in the automotive sector by manufacturers to boost production is further anticipated to propel the growth of the ASEAN automotive aftermarket market. For instance, Investment flow into EV start-ups in 2019 increased nearly 170% to reach US$ 397 million.

According to the Indonesia investment, Indonesia accounts for about one-third of total annual car sales in ASEAN, followed by Thailand in the second position. In 2017 Indonesia's total installed car production capacity stands at 2.2 million units per year.

Key Developments:

1.      In December 2019, AAPEX 2019 served as the world’s gathering place for automotive aftermarket professionals to conduct business and new product launches. The event represents the more than $1 trillion global automotive aftermarket industry

2.      In October 2019, Schaeffler India has launched Mobile Training Centre for automotive aftermarket to offer training to Garages in tier 2 and tier 3 cities, using REPXPERT branded vehicle equipped with an engine, transmission, and chassis products and tools for training purposes

3.      In October 2020, Schaeffler India’s Automotive Aftermarket division announced the launch of a lubricant product range under the Schaeffler TruPower brand.

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