Automotive Aftermarket - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Automotive Aftermarket Market is accounted for $400.65 billion in 2019 and is expected to reach $638.58 billion by 2027 growing at a CAGR of 6.0% during the forecast period. Technological advancements and standardizing architecture, increasing use of light vehicles, and advanced technology usage in auto parts fabrication are the major factors driving the growth of the market. However, counterfeiting of auto components and growing demand for electric vehicles are hampering the growth of the market.
The automotive aftermarket is the secondary market of the automotive industry. It is one of the vigorous, highly complex, and competitive markets that are generally concerned with retailing, manufacturing, remanufacturing, and distribution. Besides, the after-sales sector includes accessories, installation of all vehicle parts, equipment and chemicals after selling the products by the original equipment manufacturers (OEMs) to the buyers. The automotive aftermarket is a diverse market that majorly deals with maintenance, repair, and post-sale services. Automotive aftermarket comprises the process of replacement of the part damaged due to accident or crash. There is a wide range of parts of different quality and prices for numerous different vehicle models. With the need for new and advanced vehicles, the demand for the automotive parts is growing.
Based on the vehicle type, the passenger cars segment is going to have a lucrative growth during the forecast period owing to the increasing demand for passenger cars. The automotive aftermarket plays a significant role in the passenger cars manufacturing and maintenance scheme as the passenger cars components need to be replaced on time to maintain the overall performance of the vehicle.
By geography, Europe is going to have a lucrative growth during the forecast period due to the high adoption rate of advanced technologies in the fabrication of auto parts. This, coupled with the increasing digitization of components sales, will ensure Europe retains its runner-up position in this market shortly.
Some of the key players profiled in the Automotive Aftermarket Market include 3M, Bridgestone Corporation, Continental AG, Cooper Tire & Rubber Company, Delphi Automotive PLC, Denso Corporation, Federal-Mogul Corporation, Hyundai Mobis Co., Ltd, Magna International, Inc, Magneti Marelli S.p.A, Robert Bosch GmbH, Shandong Zhengnuo Group Co., Ltd, The Goodyear Tire & Rubber Company, Toyota Motor Corporation, and ZF Friedrichshafen AG (ZF TRW).
• Replacement Part
• Genuine Parts
• Certified Parts
• Uncertified Parts
• Steering Parts
Sales Outlets Covered:
• Garages and Service Stations
• Automobile Dealerships
• Commercial Fleet
• Quick Lubes
Service Channels Covered:
• Do It Yourself (DIY)
• Do It For Me (DIFM)
• Original Equipment (OE)
Distribution Channels Covered:
• Wholesale & Distribution (W&D)
Vehicle Types Covered:
• Passenger Cars
• Commercial Vehicles
• Metals & Alloys
• Wear-and-Tear Parts
• Crash-Relevant Parts
• Diagnostic Products
End Users Covered:
• Independent Workshops
• Fleet Management
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2018, 2019 2020, 2024, and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
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- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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