Global Automotive Aftermarket Industry is slated to expand exponentially over the coming years with an estimated target revenue of USD 680 billion by 2024. The rising automotive industry coupled with the consumer preference for maintained and efficient vehicles will boost the automotive aftermarket industry size in the years ahead. In addition to this, the average life of the vehicles has seen a significant surge which leads to frequent repair demand, in turn creating lucrative growth prospects for this business space.
Government regulations pertaining to carbon emissions from vehicles is also providing a noticeable push to automotive aftermarket industry. A major focus is toward improving the overall vehicle efficiency which is derived from lower fuel emissions. For instance, Corporate Average Fuel Economy (CAFÉ) and European legislations are imposing strict norms for enhancing the efficiency of the vehicles.
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The increased average lifespan of the automobiles is a significant factor generating huge avenues for the automotive aftermarket industry. Latin America, in this regard, is witnessing a huge demand for automotive aftermarket products and is forecast to witness a CAGR of 5% over the timeframe of 2016-2024. The growth can primarily be attributed to the demand in Mexico where more than 50% of the vehicles are aged more than 10 years and require repair and maintenance frequently.
Favorable FDI policies will also drive the global automotive aftermarket industry share substantially. Asia Pacific will be one of the major regions driven by this trend, with an estimated annual growth rate of 6% over the coming seven years. Moreover, poor road conditions, particularly in the developing countries coupled with rising disposable income of the consumers will also push the regional growth. Europe automotive aftermarket industry is projected to witness gains at over 4% during the estimated timeframe, primarily driven by the demand across Germany and UK. The large presence of OEMs and a huge customer base will be the prime factors favoring the regional demand.
Technological advancements in the automotive industry has led to an appreciable sale of the replacement aftermarket products, particularly the electrical components and brakes which almost accounted for 50% of the overall replacement product sales. As per the estimates, the overall replacement automotive aftermarket revenue was approximately worth USD 350 billion in 2015. Other than this, accessories, driven by the demand of customized vehicles, will also contribute significantly to the global automotive aftermarket industry share.
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Service cost and customer satisfaction are the two major factors deciding the growth of the aftermarket sales outlets. Professional channel is the key revenue generator for the overall automotive aftermarket industry, having collected a revenue of USD 300 billion in 2015. High level of customer satisfaction via these authorized channels will push the growth over the years ahead. DIY is also emerging as a profitable segment for this market, driven by cost-effectiveness and easy availability of replacement parts via this channel.
The industry with the presence of varied service channels is quite fragmented and competitive. To sustain the competition and retain the market value, the players need to upgrade the product quality and enhance the brand recognition and regional presence. With customer satisfaction being a key parameter for the automotive aftermarket industry growth, product quality and service affordability will define the success of the market players. Notable industry participants include Denso Corporation, Continental AG, Magneti Marelli, 3M Company, Akebono Brake Corporation, Yazaki, Cooper Tire & Rubber Company, Lear Corp, ALCO Filters, Magna International, Johnson Controls, and BASF.
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