The global automotive aftermarket market’s valuation jumps over USD 800 Billion, up to staggering CAGR, in the review period from 2017 to 2023. Market Research Future brings the study into front light about the global automotive aftermarket market 2020, keeping the sudden COVID 19 pandemic into focus; the global economic condition is significantly triggered. Similarly, the automotive aftermarket industry is also going through economic rollout, yet trying to stay intact imperatively. This study justifies the rising approach of the market at a global level.
Top Industry Players of Automotive Aftermarket are:
Continental AG (Germany), Aisin Seiki Co., Ltd. (Japan), Valeo (France), Robert Bosch GmbH (Germany), Denso Corporation (Japan), 3M (U.S.), Magneti Marelli S.p.A. (Italy), Cooper Tire & Rubber Company (U.S.), Aptiv PLC (U.K.), Sumitomo Electric Industries Ltd. (Japan), and Federal-Mogul Corporation (U.S.).
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Notable Development:
As the study claims, the market is majorly driven by factors such as the pursuit of automobile drivers to enhance their vehicle performance in terms of speed, exhaust sound, appearance, along with other aspects. Automotive aftermarket consistently related to as secondary market manufactures and supplies spare parts, accessories, and other components for different automobiles. Aftermarket industry offers services for instance, repair and maintenance for the vehicles. It is highly consumer-driven and undergoing changes with technological advancement, evolving consumer expectations, and changing dynamics. Shifts in competitive power in developing economies contribute to transforming the industry landscape periodically. New technology in terms of innovative components and logistics is set to reduce the gap between OEM and aftermarket offerings. These factors have encouraged the market to develop at a rapid pace during the forecast period.
Surging pre-owned vehicle sales, in turn, assist in propelling the repair and maintenance side of the automotive market, for improved vehicle performance. Also, the growing middle-class population, in conjunction with escalating purchasing power, drives vehicle sales, and provides potential opportunities for the automotive aftermarket industry and its manufacturers and supply chain providers. Aging vehicle fleet and rising demand for replacement parts will further escalate the revenue generation in the next few years, especially after the coronavirus disease outbreak.
Additionally, as new market players are entering with digitally-linked business models to utilize the market opportunities, even online channels are arising as the most engaging business strategy and are attracting major aftermarket players to provide innovative products and services through online channels. In case of point, Michelin bought 40% shares of French online tire retailer Allopneus and then acquired the British tire e-retailer Black circles.
Segmentation:
For the scope of the research, MRFR’s report offers a comprehensive segmental analysis of the global automotive aftermarket which has been conducted over offering, channel type, vehicle type and vehicle age.
By the segment of offering, the market has included parts and services.
By the channel type segment, the market has included authorized repair and independent repair.
By the vehicle age segment, the market has included 0-4 years, 4-8 years as well as above 8 years.
By the vehicle type segment, the market has included passenger vehicle and commercial vehicle.
Regional Development:
Based on geography, North America led the global aftermarket industry with about 35% market share of the global automotive aftermarket industry. Also, developing regions such as Eastern Europe, Brazil, China, and India are expected to be the growth engines for the automotive aftermarket industry during the assessment period.
Asia Pacific automotive aftermarket industry to behold immense growth owing to the factors such as rising vehicular sales in terms of both passenger and commercial vehicle segments. Aftermarket industry in the region is experiencing foremost consolidation from new and organized entrants by replacing the current unorganized sector. The implication of new tax reforms is further enabling the industry to incline from unorganized to organized management. On the other hand, improving average income in the region has enabled widespread ownership of new vehicles and promote industry growth. Easier credit facilities have further propelled industry in consolidation. The trend of doing It yourself (DIY) is amongst the fastest-growing segment in terms of sales outlet in the region with proliferating e-commerce and increasing consumer interest. In the case of point, in September 2016, Bosch proclaimed Fast Fit store in China offering high quality and professional servicing and maintenance.
List of Table:
TABLE 1 MARKET SYNOPSIS
TABLE 2 LIST OF ASSUMPTIONS
TABLE 3 LEADING SERVICE SHARE TRANSACTION INDICES (2016)
TABLE 4 FUNCTIONS OF EXHAUST SYSTEM COMPONENTS
TABLE 5 GLOBAL AUTOMOTIVE AFTERMARKET, BY OFFERING, 2016-2023(USD BILLION)
Continued……..
List of Figures:
FIGURE 1 GLOBAL AUTOMOTIVE AFTERMARKET: MARKET STRUCTURE
FIGURE 2 RESEARCH PROCESS OF MRFR
FIGURE 3 TOP DOWN & BOTTOM UP APPROACH
FIGURE 4 OLDER CAR OWNERS EXHIBIT DESIRABLE MAINTENANCE BEHAVIORS
FIGURE 5 HEADQUARTERS OF PARTICIPATING COMPANIES
Continued……..
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