Frost & Sullivan: ASEAN 3 Automotive Aftermarket Positioned for High Growth Due to Boom in the Vehicle Market

Frost & Sullivan: ASEAN 3 AutomotiveFrost & Sullivan: ASEAN 3 Automotive Aftermarket Positioned for High Growth Due to Boom in the Vehicle Market PR Newswire HONG KONG and KUALA LUMPUR, Malaysia, April 8, 2014 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.