ASEAN Automotive Aftermarket Expected to Witness High Growth by 2031

ASEAN Automotive Aftermarket

According to a recent study, the ASEAN Automotive Aftermarket is reeling from the impact of COVID-19, although recovery will be quicker than in Europe and the United States.

In an updated edition of its analysis, Future Market Insights (FMI), an ESOMAR-certified market research firm, revised the prediction to an 8.7% CAGR. This revised forecast takes into account the global pandemic’s sluggishness.

For both conventional and electric vehicles, under or over-inflated tires reduce fuel efficiency and range (EV). As a result, businesses like Continental AG have created a self-inflating tire design that keeps pressure constant. C.A.R.E (Connected Autonomous Reliable Electrified) is a technology that is closely matched with the needs of e-mobility and autonomous driving.

The tires include built-in pumps in the wheels that guarantee the tire pressure stays within the recommended range for efficiency. This device is projected to minimize CO2 emissions while also improving the average fuel economy slightly. The majority of vehicle owners are focusing on utilizing the concept of self-inflating tires to minimize unnecessary maintenance costs.

Key Companies Profiled
  • NGK Spark Plug
  • ZF Friedrichshafen AG
  • Continental AG
  • Robert Bosch GmbH
  • HELLA GmbH & Co. KGaA
  • Denso Corporation
  • AC Delco
  • Marelli Corporation
  • Bridgestone Corporation
  • Faurecia SA
  • Hitachi Astemo Ltd
  • Valeo SA
  • Michelin
  • Mahle GmbH
  • KYB Corporation
  • BorgWarner Inc.
  • Bangkok Diecasting and Injection Co., Ltd.
  • Aisin Takaoka Asia Co.,Ltd.
  • S.P.Metal Part co., Ltd.
  • Tan Chong Motor Holdings Berhad

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