Automotive Aftermarket Industry Overview:
According to Market ResearchFuture (MRFR), the global automotiveaftermarket industry growth is expected to reach a valuation of USD 1,000BN by 2023, growing at an impressive CAGR throughout the estimated period (2017– 2023). Technological advances, the emergence of many aftermarket parts, andthe spurting growth in the automotive sector are significant driving forces. The market has been garnering tremendous traction worldwide, heading withglobal economic growth.
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The global automotiveaftermarket industry is growing continually. Themarket growth attributes to the rising sales of automobiles and the demand forOEM technologies. Besides, the burgeoning automotive sector worldwide andrising economic growth drives the growth of the market. Moreover, increasingcosts of vehicle maintenance & repairing costs escalate the market growth,offering an attractive prospect for new car sales and aftermarket business.
Additionally, increasing OEMsand the trend of outsourcing MRO services drive the growth of the market. Also,rise in the most diverse warehouse distributors and stores in the automotiveaftermarket substantiate the growth of the market. Increasing numbers ofautomotive part manufacturers increase market sales. Rising consumptionautomotive parts in MROs across the automotive industry is a key growthpropeller of the market. Moreover, the growing demand for lightweightautomotive parts influences the market growth.
GlobalAutomotive Aftermarket Industry - Segments
The report is segmented intofive dynamics;
By Offering : Parts and services.
By Channel Type : Authorized repair and Independentrepair.
By Vehicle Age : 0-4years, 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.
GlobalAutomotive Aftermarket Industry -Regional Analysis
North America dominates theglobal automotive aftermarket industry. The largest market share is attributedto the strong presence of major automotive players, components, andauto-solutions companies in the region. Moreover, the increasing demand forinnovative IT solutions and emphasis on minimizing the skyrocketing maintenance& repair costs drive the regional market growth. Besides, the high growthpotential, increasing production capacities, and well-developed economies inthe region foster market growth. The North America automotiveaftermarket industry trend is predicted to garner tremendous gains overthe forecast period. And more...
GlobalAutomotive Aftermarket Industry - Competitive Analysis
Highly competitive, the globalautomotive aftermarket industry appears fragmented due to the presence of many well-establishedplayers. The fragmentation in the market results in intense competition and afall in profit margin. Resultantly, players incorporate strategies such asmergers & acquisitions, collaborations, expansion, and product/ technologylaunch to gain a larger competitive share.
The market is commoditized andlittle room for differentiation strategies. Manufacturers of automotive partsstay focused on product development invest substantially to drive R&D andregulatory approvals. Another approach adopted by manufacturers is to developclose relationships with MRO and service providers. They employ a variety ofdistributions channels to generate significant product sales. Companies focuson emerging regions, especially India, experiencing a sharp growth in themarket demand.
MajorPlayers:
Players leading the globalautomotive aftermarket industry include Continental AG (Germany), Aisin SeikiCo., Ltd. (Japan), Robert Bosch GmbH (Germany), 3M (US), Valeo (France), DensoCorporation (Japan), Magneti Marelli S.p.A. (Italy), Cooper Tire & RubberCompany (US), Sumitomo Electric Industries Ltd. (Japan), Federal-MogulCorporation (US), and Aptiv PLC (UK), among others.
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Market Research Future (MRFR)is a global market research firm that takes great pleasure in its services,providing a detailed and reliable study of diverse industries and consumersworldwide. MRFR's methodology integrates proprietary information with differentdata sources to provide the client with a comprehensive understanding of thecurrent key trends, upcoming events, and the steps to be taken based on thoseaspects.
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