ASEAN Automotive Aftermarket to Exhibit 8.7% CAGR from 2021 to 2031 Owing to its Easy Accessibility & Reasonably Low Price | Future Market Insights, Inc. – GlobeNewswire

| Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
Valley Cottage, New York, UNITED STATES
DUBAI, United Arab Emirates, Sept. 07, 2022 (GLOBE NEWSWIRE) — The ASEAN automotive aftermarket is anticipated to exhibit a robust CAGR of 8.7%, with a market valuation that reached US$ 21.05 Bn in 2021. As per the historical time frame from 2016 to 2020, the demand for ASEAN automotive aftermarket grew stable CAGR of 3.9%. The Covid-19 pandemic in 2020, dampened the sales prospects due to the massive production slowdown. Countries including Thailand, Indonesia, and Malaysia accounted for a larger share of the ASEAN market from 2016-2020.

In the year 2020, sales in automotive aftermarket accounted for approximately 4.1% of global automotive parts aftermarket demand in ASEAN, which is expected to remain consistent over the estimated period.
According to Future Market Insights (FMI), it has been forecasted that Indonesia will exhibit lucrative opportunities for the global ASEAN automotive aftermarket during the estimation period by exhibiting a phenomenal CAGR of 9.2% CAGR between 2021 and 2031.
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Key Takeaways
Competitive Landscape
The dominant market players in the ASEAN automotive aftermarket are employing a competitive strategy of delivering specialized services or diversifying the services they offer. Moreover, small-scale vendors are collaborating with fleet operators and leasing businesses in order to provide high-quality repair and replacement services at an economic price range.
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More Insights into the ASEAN Automotive Aftermarket
Indonesia accounted for a massive chunk of the global market share about 34.4% in 2021. Due to the presence of a large number of manufacturers, Indonesia is anticipated to be a profitable market for aftermarket components throughout the projection period.
One of the prominent key factors driving market growth in Indonesia is the rising focus of manufacturers on technological advancements and breakthroughs for new product creation or upgrading existing items for the aftermarket.
In Thailand, sales are expected to surge at a robust CAGR of 7.7% throughout the assessment period. In terms of revenue share, Thailand ranks second in the ASEAN automotive aftermarket, after Indonesia.
Bangkok is considered to be one of the most profitable markets for independent automobile aftermarket services. As per the projections, the demand for warranty automobiles in Thailand is expected to propel over the forecast period. In addition to that, the northeastern province is also exhibiting opulent growth opportunities in the near future.
Key Market Segments Covered
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Table of Content
1. Market Overview
    1.1. Market Coverage / Taxonomy
    1.2. Market Definition / Scope / Limitations
2. Key Market Trends/Development
    2.1. Key Trends Impacting the Market
    2.2. Product Innovation / Development Trends
3. Key Success Factors
TOC continued…!
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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