The $65B aftermarket nobody priced in.
South Asian auto-aftermarket TAM, repriced. Why the trade-credit shadow market is the real unlock.
Every Series A deck in this space starts with TAM. Most of them get it wrong by an order of magnitude.
The headline figure.
Public aftermarket TAM for South Asia: $28B. That is the consumer-facing parts spend at retail prices. It is the wrong number.
The real number.
Bottom-up reconstruction across DHK, MUM, KHI, KL, JKT and SGP gets you to $65B when you include trade-credit shadow flows — the informal Net-30 / Net-90 paper that already moves between workshops and distributors. This market exists; it is simply un-priced and un-underwritten.
Why this matters.
JoyScore underwrites the credit layer. JOE arbitrages the parts layer. ONI diagnoses the demand. Together they collapse a $65B opaque trade-credit + parts market into a single operating system.