Automotive Aftermarket Industry Overview:
According to Market Research Future (MRFR), the global automotive aftermarket industry is expected to reach a valuation of USD 1,000 BN by 2023, growing at an impressive CAGR throughout the estimated period (2017 – 2023). 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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The global automotive aftermarket industry 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.
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.
Global Automotive Aftermarket Industry -Regional Analysis
North America dominates the global automotive aftermarket industry. 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...
Global Automotive Aftermarket Industry - Competitive Analysis
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 R&D 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.
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.
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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 consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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