Automotive Aftermarket Industry Market Analysis
Market Research Future has published a report on global automotive aftermarket industry exemplifying insights of the market along with its future valuation. The automotive aftermarket market is projected to grow at a value of USD 800 billion by 2023. The market is also set to grow at a steady CAGR owing to the increasing inevitability for maintenance and scheduled servicing requirements for enhancing the aging of a vehicle will thoroughly drive the market to higher levels.
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Key Players
The report provides insights on the leading market players Aisin Seiki Co., Ltd. (Japan), Continental AG (Germany), Robert Bosch GmbH (Germany), Valeo (France), 3M (U.S.), Denso Corporation (Japan), Cooper Tire & Rubber Company (U.S.), Magneti Marelli S.p.A. (Italy), Sumitomo Electric Industries Ltd. (Japan), Aptiv PLC (U.K.), Federal-Mogul Corporation (U.S.).
Top Impacting Factors of Automotive Aftermarket Market
Some of the key factors driving the growth of the market are accounted to be digitalization of automotive repair, and easy sales of components through online have been brought on by the incorporation of advanced technologies. With these, the surging occurrence of electric and hybrid vehicles coupled with semi-autonomous and autonomous cars in recent years is further expected to bolster the market growth.
Moving forward, the ratio of increasing vehicle sales driven by overall improvement in living standards have somehow propelled the automotive aftermarket industry in recent years. Ever affected by the changes in the automotive industry, the market has shown nothing but tremendous growth in the past few years.
Similar growth in the automotive aftermarket industry has driven with increasingly stringent emissions norms, which in turn, is supporting the automotive aftermarket component sales over the forecast period. Furthermore, in recent times, there has been a shift of consumer’s preferences towards upgrading their cars with latest technologies such as electrification and software installation and more. Improved demands of these new technologies are creating new avenues for suppliers, at this moment is driving the market for automotive aftermarket industry with a confident pull.
On the other hand, the ongoing maintenance requirements at a higher-level owing to extreme strain with the aging of vehicles and poor road conditions provides a positive outlook for aftermarket parts.
Automotive Aftermarket Market–Market Segmentation
MRFR’s report offers a comprehensive segmental analysis of the global automotive aftermarket based on the offering, channel type, vehicle age, vehicle type, and region.
By mode of offering, the market has been segmented into parts and services.
By mode of channel type, the market has been segmented into authorized repair and independent repair.
By mode of vehicle age, the market has been segmented into 0-4 years, 4-8 years, and above eight years.
By mode of vehicle type, the market has been segmented into passenger vehicle and commercial vehicle.
Regional Outlook
The market for automotive aftermarket industry has covered the regions of North America, Europe, Asia Pacific, the Middle East & Africa.
In the region of Asia, Pacific OEMs are finding new opportunities along with Latin America and the Middle East. Advanced economies are emerging in these regions, which claims the market growth to happen with a steady CAGR.
Furthermore, sales in the automotive industry are moderate in Europe and North America, whereas in countries like China, Mexico and India are viewed as new pockets of growth for the automotive industry. For carmakers, aftermarket business is a key focus area as it owns to have attractive revenues and profit margin. Putting a spotlight on the above critical factors, the market is likely to surpass a valuation of USD 1,000 billion by 2023.
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