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Automotive Aftermarket Market growing at 15% CAGR during 2019 to 2023, according to “Automotive Aftermarket Industry 2019 Global Market Analysis Research Report”, published by Market Research Future. Global Automotive Aftermarket Market by Offering (Parts, Services), Channel (Authorized Repair, Independent Repair), Vehicle Age (0-4 years, 4-8 years, Above 8 years) and Vehicle Type (Passenger Vehicle, Commercial Vehicle) and Region with forecast to 2023.Global Automotive Aftermarket Market Forecast Highlights:
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.).
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The global automotive aftermarket market is garnering much eminence owing to their effective service to keep the vehicles to their optimum level and fit for the road. This assurance is to get the automotive aftermarket market exceed a valuation of USD 1000 billion by 2023 with a CAGR of 4.40% during the forecast period (2018-2023). Market Research Future (MRFR) in their latest report on the automotive aftermarket market disclosed the possibilities that can change the course of future action.
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.
Consumers are exhibiting greater interest in aftermarket automotive components due to the transparent nature of the aftermarket industry. Aftermarket industry offers repairs and replacements at reduced parts along with the liberty to choose services as per their requirements at a much more affordable price which has resulted in higher consumer affinity towards aftermarket components. Motivated by increased consumer inclination towards aftermarket, automotive OEMs are aggressively expanding their aftermarket activities to secure core business and strengthen their position in the market which has been a major driver for the growth of the global automotive aftermarket industry. Additionally, the rise in a number of aged vehicles has initiated demand within the global automotive aftermarket industry. Vehicle more than the age of 8 years induce heightened demand for the service segment.
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 Segmentation:
The global automotive aftermarket industry has been segmented by MRFR for their report on the same based on offering, channel type, vehicle age, and vehicle type.
Based on the offering, the automotive aftermarket industry includes parts and services. The parts segment has more than 50% share of the global market under its coverage and is projected to garner the maximum CAGR over the revies period. This would happen due to the demand to ensure optimal functionality of vehicles.
Based on the channel type, the global automotive aftermarket industry includes authorized and independent repair. The independent repair segment covers 60% of the global market. The segment is also expected to top the CAGR chart over the forecast period.
Based on the vehicle age, the global automotive aftermarket industry incorporates 0-4 years, 4-8 years, and above 8 years. The above 8 years segment has the maximum hold and is expected to rise with the highest CAGR over the assessment period. Vehicles belong to the last category relies heavily on the aftermarket to offer optimal performance. The segment could reach and cross USD 610.4 Bn valuation by the end of 2023.
Based on the vehicle type, the global automotive aftermarket industry includes passenger vehicle and commercial vehicle. The passenger vehicle segment leads the charge with higher market value and possibilities of attaining greater CAGR during the forecast period.
Automotive Aftermarket Market Regional Analysis:
The market for automotive aftermarket industry has covered the regions of North America, Europe, Asia Pacific, the Middle East & Africa.
North America, led by the US, currently accounts for the foremost share of the global automotive aftermarket industry. High sales of passenger, as well as commercial cars in the region, present significant opportunities for the growth of the automotive aftermarket industry. The US is marked by the presence of various automotive aftermarket manufacturers which positions the US as a major automotive aftermarket hub. Canada too is a significant destination for market players.
Europe is in the second position as the trend of reuse is getting much prominence in the region. At the same time, Europe is known to house some of the finest car manufacturers of the world which is bound to impact the global automotive aftermarket market.
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.
Table Of Content
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
Continued...
List of Tables:
TABLE 1 MARKET SYNOPSIS 15
TABLE 2 LIST OF ASSUMPTIONS 18
TABLE 3 LEADING SERVICE SHARE TRANSACTION INDICES (2016) 26
TABLE 4 FUNCTIONS OF EXHAUST SYSTEM COMPONENTS 43
TABLE 5 GLOBAL AUTOMOTIVE AFTERMARKET, BY OFFERING, 2016-2023(USD BILLION) 45
TABLE 6 PARTS: GLOBAL AUTOMOTIVE AFTERMARKET, BY OFFERINGS, 2016-2023(USD BILLION) 46
TABLE 7 SERVICES: GLOBAL AUTOMOTIVE AFTERMARKET, BYOFFERINGS, 2016-2023(USD BILLION) 46
TABLE 8 GLOBAL AUTOMOTIVE AFTERMARKET, BY CHANNEL, 2016-2023(USD BILLION) 49
TABLE 9 GLOBAL AUTOMOTIVE AFTERMARKET, BY VEHICLE AGE, 2016-2023(USD BILLION) 52
TABLE 10 GLOBAL AUTOMOTIVE AFTERMARKET, BY VEHICLE TYPE, 2016-2023(USD BILLION) 54
Continued…
List of Figures:
FIGURE 1 GLOBAL AUTOMOTIVE AFTERMARKET: MARKET STRUCTURE 19
FIGURE 2 RESEARCH PROCESS OF MRFR 21
FIGURE 3 TOP DOWN & BOTTOM UP APPROACH 24
FIGURE 4 OLDER CAR OWNERS EXHIBIT DESIRABLE MAINTENANCE BEHAVIORS 25
FIGURE 5 HEADQUARTERS OF PARTICIPATING COMPANIES 25
FIGURE 6 GLOBAL REVENUE DISTRIBUTION OF PARTICIPATING COMPANIES 26
FIGURE 7 INVESTMENT TREND IN AUTOMOTIVE AFTERMARKET BY MAJOR MANUFACTURERS 26
FIGURE 8 DRIVER, RESTRAINT AND TRENDS: GLOBAL AUTOMOTIVE AFTERMARKET 33
FIGURE 9 POTER’S FIVE FORCES ANALYSIS 38
FIGURE 10 SUPPLY CHAIN ANALYSIS: AUTOMOTIVE AFTERMARKET 39
Continued…
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