The automotive aftermarket in ASEAN is reeling from the COVID-19 impact, still, recovery is likely to be more immediate compared to European and American counterparts, according to a rearmost study.
Future Market Insights (FMI), an ESOMAR- certified demand study establishment, in a contemporized edition of its report, revised the cast to 8.7 CAGR. This revised cast takes into account promptness convinced by the global epidemic.
Crucial Takeaways of ASEAN Automotive Aftermarket Market Study
- The ASEAN automotive aftermarket is anticipated to grow at 8.7 CAGR over forecaste.
- Demand for automotive aftermarket services to swell from low marketable vehicles (LCV) member
- Tires and batteries leading orders in terms of total deals
COVID-19 Impact on ASEAN Automotive Aftermarket Market
The growth of ASEAN automotive aftermarket is linearly associated with the indigenous automotive sedulity. While the shockwaves of the COVID-19 epidemic are easily felt across every sector, the automotive sedulity in ASEAN is potentially facing a significant grunt of it.
While the indigenous assiduity was formerly under pressure, especially in Indonesia and Thailand, acute force chain dislocations due to COVID-19 outbreak in China is farther worsening the situation.
Tone-inflating Tires for More Efficacity in Being and Futuristic Buses
Over or under-inflated tires dwindle energy effectiveness and range for conventional and electric vehicles (EV). As similar, companies similar as Continental AG have developed tone-inflating tire conception that maintains pressure at preferred situations. The technology –C.A.R.E (Connected Autonomous Reliable Electrified) – is nearly aligned with the conditions ofe-mobility and independent driving.
Find Further Valuable Perceptivity on ASEAN Automotive Aftermarket Market
FMI, in its new request exploration study, delivers an unprejudiced analysis of the ASEAN automotive aftermarket request which comprises global assiduity analysis for 2015 – 2019 and occasion assessment for the 2020 – 2030. The report provides complete analysis on ASEAN automotive aftermarket request through three different orders – by order, by vehicle type, and region. The global ASEAN automotive aftermarket request study offers perceptivity of pricing by different life cycle analysis, product life cycle, crucial request trends and technologies that are being enforced in the development of the ASEAN automotive aftermarket and product relinquishment in colorful end- use diligence.
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ASEAN Automotive Aftermarket Market Outlook & Key Rulings
- The ASEAN automotive aftermarket request is anticipated to click US$ 19.4 Bn in 2020
- Manufacturers to reap substantial earnings from automotive aftermarket corridor through 2030
- Passenger buses continues to regard for lesser demand for automotive aftermarket services over the decade ahead
- Malaysia, Indonesia, and Thailand to inclusively capture over 80 of overall market value
