Automotive Aftermarket Industry Trends, Size 2019 Global Market Statistics, Share, Growth Analysis, Key Players, Merger, Revenue, And Regional Forecast To 2023

Automotive Aftermarket Industry estimated to grow at 4.40% CAGR between 2019 and 2023 due surge in business for the OEMs, hike in disposable income, product innovation, and digitization. Report provides historical and projected Automotive Aftermarket Industry size, Share, industry growth, trends in terms of value and volume.

Pune, India - July 12, 2019 /MarketersMedia/ —

Automotive Aftermarket market exceed a valuation of USD 1000 billion by 2023 with a CAGR of 4.40% during the forecast period (2019-2023). Report Analyzes Global Automotive Aftermarket Industry Research Report: Information 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 Regional Forecast till 2023. The market is also set to grow at a steady CAGR owing to the increasing inevitability for maintenance and scheduled servicing requirements for enhancing the aging of a vehicle will thoroughly drive the market to higher levels. 

The key players in the global Automotive Aftermarket Industry include:

Aisin Seiki Co., Ltd. (Japan), 3M (U.S.), Robert Bosch GmbH (Germany), Schaeffler AG (Germany), Federal-Mogul Corporation (U.S.), Cooper Tire & Rubber Company (U.S.), ACDelco, Inc. (U.S.), Magneti Marelli S.p.A. (Italy), Aptiv PLC (U.K.), Valeo (France), Denso Corporation (Japan), MAHLE GmbH (Germany), Continental AG (Germany), ZF Friedrichshafen AG (Germany), and Sumitomo Electric Industries Ltd. (Japan).

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OEMs Expanding Aftermarket Activities to Instigate Growth within the Global Automotive Aftermarket Industry. 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. 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.

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.

Automotive Aftermarket Industry Segment Analysis:

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. Automotive parts such as battery, body, brake parts and others experience high demand as they are required to ensure optimal functionality.

By mode of channel type, the market has been segmented into authorized repair and independent repair. The independent repair segment accounts for the largest share of almost 60% of the global market. The segment is also expected to top the CAGR chart over the forecast period.

By mode of vehicle age, the market has been segmented into 0-4 years, 4-8 years, and above eight 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 above 8 years segment is expected to attain a valuation of USD 610.4 Bn by the end of the forecast period.

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 Industry Regional Market Analysis:

Geographic segmentation of the global automotive aftermarket market, as done in MRFR report, can be segmented into Europe, Asia Pacific (APAC), North America, and the Middle East & Africa (MEA).

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.

Furthermore, sales in the automotive industry are moderate in Europe and North America, whereas in countries like China, Mexico and India are viewed as new pockets of growth for the automotive industry. For carmakers, aftermarket business is a key focus area as it owns to have attractive revenues and profit margin. Putting a spotlight on the above critical factors, the market is likely to surpass a valuation of USD 1,000 billion by 2023.

Intended Audience:

Automotive Aftermarket Industry Companies

Research and Development (R&D)

Distributer & Supplier companies

End Users

Consultants and Investment bankers

Table of Contents:

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

3.1.4 Segment Rivalry

3.1.5 Bargaining Power Of Buyers

3.2 Value Chain/Supply Chain Analysis

4 Market Dynamics

4.1 Introduction

4.2 Market Drivers

4.3 Market Restraints

4.4 Market Opportunities

4.5 Market Trends

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

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

Continued…

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