Automotive Aftermarket market to surge at 4.40% CAGR and reach remarkable value by 2023, according to Global Automotive Aftermarket Market Analysis Report published by Market Research Future. The future of the Automotive Aftermarket market looks promising. Global Automotive Aftermarket Industry Report analyzes Market for Automotive Aftermarket by channel type, offering, vehicle type, and vehicle age and Region with Forecast to 2023.
Major Automotive Aftermarket Companies covered in the market report include Aisin Seiki Co., Ltd. (Japan), 3M (U.S.), Robert Bosch GmbH (Germany), Schaeffler AG (Germany), Federal-Mogul Corporation (U.S.), Cooper Tire & Rubber Company (U.S.), Aptiv PLC (U.K.), ACDelco, Inc. (U.S.), Magneti Marelli S.p.A. (Italy), Valeo (France), Continental AG (Germany), and Denso Corporation (Japan).
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Global Market Highlights:
The global automotive aftermarket is expected to expand at 4.40% CAGR and attain a worth of USD 1,000 bn by the conclusion of the forecast period of 2017-2023, reveals Market Research Future (MRFR) in a meticulous study. The worldwide automotive aftermarket industry was worth USD 800 Bn in 2018. Users are reflecting surged interest in aftermarket automotive elements owing to the transparent nature of the aftermarket vertical.
Aftermarket vertical offers replacements and repairs at reduced parts coupled with the freedom to select services as per their needs at a much more reasonable price which has resulted in surged consumer kinship towards aftermarket elements. Encouraged by high consumer proclivity towards aftermarket, automotive OEMs are aggressively developing their aftermarket operations to acquire core businesses and fortify their position within the market which has been a primary driver for the expansion of the global automotive aftermarket vertical.
Furthermore, the growth in a number of aged vehicles has encouraged demand within the global automotive aftermarket vertical. Vehicles aged more than 8 years induce rising demand for the service segment. Besides, the augmenting vehicle density, specifically in the developing economies of the world which poses greater opportunities for the worldwide automotive aftermarket vertical. Product innovation and surged number of collaboration activities have further fueled the growth of the automotive aftermarket.
Automotive Aftermarket Market Segments Overview:
The worldwide automotive aftermarket vertical is segmented based on channel type, offering, vehicle type, and vehicle age.
Based on channel type, the global automotive aftermarket is segmented into independent and authorized repair. The independent repair segment contributes to the largest share, which represents almost 60% of the worldwide market. The independent repair segment is predicted to be the swiftest growing segment during the forecast period.
Based on offering, the automotive aftermarket vertical is segmented into services and parts. The parts segment contributes to more than 50% share of the worldwide market and is estimated to reflect the highest CAGR during the forecast period. Automotive components like brake parts, battery, body, and others experience surged demand as they are offer optimum functionality.
Based on vehicle type, the global automotive aftermarket industry is segmented into commercial vehicle and passenger vehicle. The passenger vehicle segment is a prominent segment and is estimated to experience the maximum CAGR throughout the review period. Rising disposable income is considered as a key factor for spurring the passenger cars growth globally.
Based on vehicle age, the worldwide automotive aftermarket vertical is segmented into 0-4 years, 4-8 years, and above-8-years. The above-8-years segment represents the largest share in the global automotive aftermarket industry. Vehicles above the age of 8 years are largely dependent on aftermarket to sustain optimal performance. The above-8-years segment is anticipated to reach a worth of USD 610.4 bn by the conclusion of the assessment period.
Regional Analysis:
Based on region, the market has been segmented into Europe, Asia Pacific (APAC), North America and rest of the world (RoW).
Based on region, the global automotive aftermarket industry is segmented into Asia Pacific (APAC), Europe, North America, and the Middle East & Africa (MEA). The prime market in North America is the US, which is currently representing a major share of the global automotive aftermarket sector. The growth can be attributed to the increasing sales of commercial as well as passenger cars within the North America market. The US market witnesses the prevalence of several automotive aftermarket players which establishes the US as a major automotive aftermarket center.
Canada is also considered as a substantial destination for market players. North America market is closely followed by the Europe market. The North America market experiences increasing demand for automotive aftermarket solutions and the rising trend of reusing the same. Furthermore, Europe is home to some of the renowned automotive aftermarket players which propels the growth of the market to a large extent.
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TABLE OF CONTENTS:
1 Introduction
1.1 Definition
1.2 Scope Of Study
1.3 Research Objective
1.4 Assumptions & Limitations
1.5 Market Structure:
2 Research Propulsionology
2.1 Research Process
2.2 Primary Research
2.3 Secondary Research
3 Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
3.5 Macroeconomic Indicators
4 Market Factor Analysis
4.1 Porters Five Forces Model
4.1.1 Bargaining Power Of Suppliers
4.1.2 Bargaining Power Of Customer
4.1.3 Intensity Of Competitors
4.1.4 Threat Of New Entrants
5 V2X, By Communication Type
5.1 Introduction
5.1.1 V2C
Continued…
LIST OF TABLES:
Table 1 Global Automotive Aftermarket Market: By Region, 2018-2023
Table 2 North America Automotive Aftermarket Market: By Country, 2018-2023
Table 3 Europe Automotive Aftermarket Market: By Country, 2018-2023
Table 4 Asia-Pacific Automotive Aftermarket Market: By Country, 2018-2023
Table 5 RoW Automotive Aftermarket Market: By Country, 2018-2023
Continued…
LIST OF FIGURES:
FIGURE 1 Research Process Of MRFR
FIGURE 2 Top-Down & Bottom-Up Approach
FIGURE 3 Market Dynamics
FIGURE 4 Impact Analysis: Market Drivers
FIGURE 5 Impact Analysis: Market Restraints
FIGURE 6 Porters Five Forces Analysis
FIGURE 7 Value Chain Analysis
Continued…
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