ASEAN Automotive Aftermarket Automotive aftermarket sector is involved in a wide range of activities such as retailing, remanufacturing, installing vehicle parts and equipment, distributing, and post the sale of the vehicles. Today, consumers from all across the globe are increasing preference toward the replacement of OEM parts/products in order to improve the performance of different vehicle systems and components such as audio system, power delivery systems, and engine. This scenario is foreseen to help in promising growth of the global automotive aftermarket market in the years to come. Over the period of past few years, there is noteworthy growth in the demand and production of vehicles in major parts of the world including ASEAN countries. This scenario is creating promising sales avenues in the ASEAN automotive aftermarket industry. Automotive aftermarket sector is consumer-driven and largely relays on automotive consumers. With shifting consumer preferences, the companies engaged in the automotive industry are incorporating technological advancements. This factor is pushing the automotive aftermarket sector to constantly evolve. In recent few years, the disposable income of major population from all across the globe is improved. This factor is fueling the growth of the automotive industry, and thereby boosting the automotive aftermarket industry. Automotive Aftermarket Market: Introduction
Automotive aftermarket industry majorly depends on automotive consumers and is consumer-driven. The automotive aftermarket industry is constantly evolving due to changes in consumer preferences owing to rapid technological changes in vehicles. Therefore, advancement in automotive technology is expected to propel the global automotive aftermarket industry.
The automotive aftermarket industry engages in the remanufacturing, retailing, distributing and installing vehicle parts and equipment, post the sale of the car. The global automotive aftermarket market is estimated to expand at a consistent pace owing to a rise in the demand and production of vehicles across the globe.
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Increasing preference by consumers to replace OEM parts/products to improve performance of various vehicle systems and components such as engine, audio system, and power delivery among others is a prominent factor that is projected to drive the global automotive aftermarket market during the forecast period. For instance, several consumers opt to change their factory audio system with aftermarket audio system in order to enjoy better sound quality. Additionally, several consumers opt for vehicle engine modification for improving vehicle engine performance and increased power output.
Automotive components and systems need to be replaced after several months/ years based on their utility and manufacturer’s guidelines. Major and common replacement components of the automotive industry include tires, windshields, oils, and braking components. Most of these products are available for in the automotive aftermarket. Therefore, replacement of vehicle components and parts owing to reduced performance of