KUALA LUMPUR: Hong Leong Industries Bhd
(HLI) plans to ride on the significant growth of the original equipment manufacturer (OEM) and replacement equipment manufacturer (REM) parts for both two and four wheelers in Malaysia, through the launch of its latest auto part innovation arm, Tekhne Sdn Bhd.
Tekhne general manager Chong Chee Kong said the robust market is driven by factors such as growing vehicle sales and aftermarket service demand, as well as an increasing number of enterprises in the automotive products market.
He noted the estimated value in the automotive products market in Malaysia is projected to reach US$8.32bil in 2024, with a compounded annual growth rate of 5.71%, expected from 2024 to 2028.
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