|By PR Newswire||
|April 8, 2014 03:05 AM EDT||
HONG KONG and KUALA LUMPUR, Malaysia, April 8, 2014 /PRNewswire/ -- The automotive aftermarket sector in the 3 largest ASEAN markets - Indonesia, Thailand and Malaysia - is positioned for high growth as millions of new vehicles enter the market, predicts Frost & Sullivan.
New analysis from Frost & Sullivan (http://www.automotive.frost.com) Strategic Analysis of ASEAN Automotive Aftermarket finds that the aftermarket parts market is expected to grow at a compound annual growth rate (CAGR) of 12.9 per cent (2010-2018).
Ms. Silka Yosa, Consulting Analyst, Automotive Practice, Asia Pacific at Frost & Sullivan predicts wiper blades to be one of the fastest growing segments in the automotive aftermarket sector due to the short life-span of the product. She said that wiper blades' replacement in ASEAN 3 could grow at a compound annual growth rate (CAGR) of 15.2 per cent to reach US$243.5 million in 2018.
"The growth rates for products such as wipers, clutches, compressors, filters and brakes are expected to be high, in the region of 13 per cent annually for the next 5-7 years, due to the boom in ASEAN vehicle sales," she added.
However, components such as starters, alternators, radiators and fans are expected to have a lower growth rate as their sales only peak when the vehicle reaches 8-12 years old, she said.
Ms. Yosa also said that it is common for vehicle owners to return to their respective authorized service centers for servicing and maintenance procedures due to warranty obligations in the first few years of ownership.
"However, when a vehicle has exceeded its factory warranty period, most people take it to an unauthorized service workshop for routine maintenance because of the workshop's lower pricing and usually better proximity," Ms. Yosa said.
She also said that performance chemicals such as fuel or oil treatment additives are used to restore engine performance, provide cleaner injectors, improve fuel efficiency, and overall engine protection.
However, ASEAN vehicle owners are generally skeptical about using such products unless they are endorsed or recommended by OEMs or service centers, Ms. Yosa said.
She added that most vehicle owners rely on recommendations by dealers and/or service centers for replacement of vehicle parts/components.
"Vehicles under manufacturer warranty are bound by replacement of only original, approved parts. Consumers not bound by warranties generally opt for aftermarket parts due to pricing, but still consider factors such as brand, quality, and warranty when making a choice," she added.
She also said that remanufacturers are successfully penetrating the ASEAN aftermarket, with recycled auto parts such as starters and alternators. "Sales of vehicle accessories such as in-dash navigation, electronics, and high-performance upgrades show strong growth among young driving population," she added.
If you are interested in more information on Frost & Sullivan's Strategic Analysis of ASEAN Automotive Aftermarket (P786-18) research, please send an email to Alice Chia, Corporate Communications – Asia Pacific, at [email protected], with your full name, company name, job title, telephone number, company email address, company website, city, state and country.
Strategic Analysis of ASEAN Automotive Aftermarket
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
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Corporate Communications – Asia Pacific
Email: [email protected]
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