According to Market ResearchFuture (MRFR), the global automotive aftermarket industry is expected to reacha valuation of USD 1,000 BN by 2023, growing at an impressive CAGR throughoutthe estimated period (2017 – 2023). Technological advances, the emergence ofmany aftermarket parts, and the spurting growth in the automotive sector aresignificant driving forces. The markethas been garnering tremendous traction worldwide, heading with global economicgrowth.
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The global automotiveaftermarket industry is growing continually. The market growth attributesto the rising sales of automobiles and the demand for OEM technologies.Besides, the burgeoning automotive sector worldwide and rising economic growthdrives the growth of the market. Moreover, increasing costs of vehiclemaintenance & repairing costs escalate the market growth, offering anattractive prospect for new car sales and aftermarket business.
Additionally, increasing OEMs andthe 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 of automotivepart manufacturers increase market sales. Rising consumption automotive partsin MROs across the automotive industry is a key growth propeller of the market.Moreover, the growing demand for lightweight automotive parts influences themarket growth.
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Global Automotive AftermarketIndustry - Segments
The report is segmented into fivedynamics;
By Offering : Parts and services.
By Channel Type : Authorized repair andIndependent repair.
By Vehicle Age : 0-4 years, 4-8 years, and Above 8 years.
By Vehicle Type : Passenger vehicle andCommercial vehicle.
By Regions : Americas, Asia Pacific, Europe, andthe Rest-of-the-World.
Global Automotive AftermarketIndustry -Regional Analysis
NorthAmerica dominates the global automotive aftermarket industry. The largestmarket share is attributed to the strong presence of major automotive players,components, and auto-solutions companies in the region. Moreover, theincreasing demand for innovative IT solutions and emphasis on minimizing theskyrocketing maintenance & repair costs drive the regional market growth.Besides, the high growth potential, increasing production capacities, andwell-developed economies in the region foster market growth. The North America automotive aftermarketindustry is predicted to garner tremendous gains over the forecast period. Andmore...
Global Automotive AftermarketIndustry - Competitive Analysis
Highly competitive, the globalautomotive aftermarket industry appears fragmented due to the presence of manywell-established players. The fragmentation in the market results in intensecompetition and a fall in profit margin. Resultantly, players incorporatestrategies such as mergers & acquisitions, collaborations, expansion, andproduct/ technology launch 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.
Major Players:
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) isa 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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