Automotive Aftermarket Industry Growth Overview:
Automotive aftermarket industry is expected to reach USD 1000 Billion by 2027, registering a 4% CAGR during the assessment period (2020-2027).
The global automotive aftermarket market is growing continually. The market growth attributes to the rising sales of automobiles and the demand for OEM technologies. Besides, the burgeoning automotive sector worldwide and rising economic growth drives the growth of the market. Moreover, increasing costs of vehicle maintenance repairing costs escalate the market growth, offering an attractive prospect for new car sales and aftermarket business.
Additionally, increasing OEMs and the trend of outsourcing MRO services drive the growth of the market. Also, rise in the most diverse warehouse distributors and stores in the automotive aftermarket substantiate the growth of the market. Increasing numbers of automotive part manufacturers increase market sales. Rising consumption automotive parts in MROs across the automotive industry is a key growth propeller of the market. Moreover, the growing demand for lightweight automotive parts influences the market growth.
Technological advances, the emergence of many aftermarket parts, and the spurting growth in the automotive sector are significant driving forces. The market has been garnering tremendous traction worldwide, heading with global economic growth.
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Players leading the global automotive aftermarket industry include Continental AG (Germany), Aisin Seiki Co., Ltd. (Japan), Robert Bosch GmbH (Germany), 3M (US), Valeo (France), Denso Corporation (Japan), Magneti Marelli S.p.A. (Italy), Cooper Tire Rubber Company (US), Sumitomo Electric Industries Ltd. (Japan), Federal-Mogul Corporation (US), and Aptiv PLC (UK), among others.
Highly competitive, the global automotive aftermarket industry appears fragmented due to the presence of many well-established players. The fragmentation in the market results in intense competition and a fall in profit margin. Resultantly, players incorporate strategies such as mergers acquisitions, collaborations, expansion, and product/ technology launch to gain a larger competitive share.
The market is commoditized and little room for differentiation strategies. Manufacturers of automotive parts stay focused on product development invest substantially to drive RD and regulatory approvals. Another approach adopted by manufacturers is to develop close relationships with MRO and service providers. They employ a variety of distributions channels to generate significant product sales. Companies focus on emerging regions, especially India, experiencing a sharp growth in the market demand.
Global Automotive Aftermarket Industry – Segments
The report is segmented into five dynamics;
By Offering : Parts and services.
By Channel Type : Authorized repair and Independent repair.
By Vehicle Age : 0-4 years, 4-8 years, and Above 8 years.
By Vehicle Type : Passenger vehicle and Commercial vehicle.
By Regions : Americas, Asia Pacific, Europe, and the Rest-of-the-World.
North America dominates the global automotive aftermarket industry share. The largest market share is attributed to the strong presence of major automotive players, components, and auto-solutions companies in the region. Moreover, the increasing demand for innovative IT solutions and emphasis on minimizing the skyrocketing maintenance repair costs drive the regional market growth. Besides, the high growth potential, increasing production capacities, and well-developed economies in the region foster market growth. The North America automotive aftermarket industry is predicted to garner tremendous gains over the forecast period. And more…
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Table Of Content
1 Executive Summary
2 Market Introduction
2.1 Definition 17
2.2 Scope Of The Study 17
2.3 List Of Assumptions 18
2.4 Market Structure 19
3 Research Methodology
3.1 Research Process 21
3.2 Primary Research 22
3.3 Secondary Research 23
3.4 Market Size Estimation 23
3.5 Forecast Model 24
3.6 Key Market Insights 25
4 Key Findings
5.1 Consolidation Among Parts Distributors 30
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