Automotive Aftermarket Market is predicted to reach USD 680 billion by 2024; according to a new research report by Global Market Insights, Inc. Shifting consumer preference towards vehicle comfort, enhancing efficiency and customization for aesthetically pleasant vehicles are the key factors driving the automotive aftermarket demand.
Increasing vehicle wear and tear due to poor road infrastructure particularly in developing countries have led to more replacement parts consumption which will support the product penetration. Rise in average distance driven per vehicle has resulted in increasing requirement for maintenance encouraging vehicle parts replacements.
Professional sales outlet is the major revenue generating segment for automotive aftermarket market and was valued over USD 300 billion in 2015. Moreover, additional services provided by the outlets for customer delight including free periodic servicing, insurance to damaged parts and delivery facilities will fuel the automotive aftermarket industry growth.
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Asia pacific, led by China, India and Thailand is estimated to witness CAGR over 6% up to 2024. Growing consumer spending on automobiles coupled with rapid urbanization and increasing population are the key factors fueling regional demand. High economic resource availability, workforce and land availability in this region will propel the market growth.
Stringent regulations regarding emission control and safe transport has resulted in increased maintenance of the vehicle. Shifting trend for vehicle customization which includes lighting system, vehicle graphics, spoilers to achieve optimum performance is the key factor driving global automotive aftermarket market demand.
Rising demand for the vehicle durability has increased the scheduled maintenance frequency to achieve better performance. This has resulted in increasing replacement of original parts driving the automobile aftermarket industry size.
DIY automotive aftermarket industry generated revenue over 100 billion in 2015. Low operation cost is the substantial factor driving the product development in this segment. Rising consumer awareness pertaining to online maintenance tutorials is the key factor positively influencing the market growth.
Favorable FDI policies in developing countries has led to increasing number of manufacturing plants. Additionally, rising customer base of international market players across the globe along with increasing number of service centers are the driving factors for the automobile aftermarket industry growth.
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Legal issues regarding patent and copyright infringement are restraining factors to automotive aftermarket market. Increasing on-road vehicle usage coupled with rising vehicle average age are the key factors driving the global automotive aftermarket demand. Tires, electrical parts and brakes are among the highest revenue generating parts accounting for over 50% of total revenue generated from replacement part segment.
Easy replacement parts availability accompanied by ease in operations like changing oil, tires, mirrors with minimum requirement of tools are driving the DIY sales outlet market size. Mexico is one of the major exporters of the vehicle replacement components particularly for the U.S. with favorable import policies will positively influence the automotive aftermarket demand.
Growing demand from replacement components, owing to more usage of older vehicles in Latin America will drive the product penetration. This is due to more than 50% of the vehicles in Mexico are older than 10 years.
Europe led by Germany, UK and France will witness more than 4.5% growth. Large presence of original equipment manufacturers along with regional players will drive the regional demand. Stringent government regulations for improving fuel efficiency will result in frequent maintenance of older vehicles should fuel the market demand.
Global automotive aftermarket market share is highly fragmented. The key market players include Denso Corporation, Magneti Marelli, Continental AG, Akebone Brake Corporation, 3M Company, Cooper Tire and Rubber Company. Other participants in the industry include Yazaki, ALCO Filters, Lear Corp, Johnson Controls, Magna International and BASF SE.
Browse key industry insights spread across 200 pages with 81 market data tables & 13 figures & charts from the report, “Automotive Aftermarket Size By Vehicle Part (Replacement Parts [Belt, Brake, Clutch, Lighting, Electrical, Engine & AC, Exhaust, Filters, Suspension, Transmission, Wiper], Accessories), By Sales Outlet (Professional [Garages & Service Stations, Automobile Dealerships, Government], DIY, OEM), By Region (U.S., Canada, Germany, UK, Russia, China, India, South Korea, Japan, Indonesia, Thailand, Brazil, Mexico, Argentina, South Africa, GCC), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends & Forecast, 2016 – 2024” in detail along with the table of contents:
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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