The report says, “Worldwide Automotive Aftermarket Market is predicted to be valued USD 680 billion by 2024.” Increased necessity for travelling along with improved standard of living has enhanced the average distance travelled by vehicles. Rising need for repairs & replacement of auto parts due to this increased travelling will drive the automotive aftermarket market growth.
Growing automotive industries coupled with rise in manufacturing facilities for vehicle parts will propel the market growth. Increasing preference for vehicle safety, comfort, periodic maintenance and improving efficiency will drive the revenue growth.
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Shift in trend towards vehicle customization to enhance the vehicle function and aesthetic look among customers are the fuelling factor of the automotive aftermarket market growth. Increasing vehicle wear & tear rates due to poor road constructions particularly in emerging economies has enhanced the demand for replacement parts.
Technological advancement in telematics coupled with rise in usage of plastics to reduce automobile weight will propel the product demand. Moreover, add-on services including installation of auto components, internal & external accessories and 24/7 customer support are the factors positively influencing product penetration.
Expansion in e-commerce market coupled with increasing online sales for replacement parts will drive the automotive aftermarket market growth. Legal concerns including patent and copyright infringement may restrain the market growth.
Automotive aftermarket market is led by replacement parts accounting for over USD 350 billion in 2015. These parts are used as replacement over original auto parts after wear & tear, damage or reduction in vehicle performance.
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Professional channel dominates the market with market around USD 300 billion in 2015. Increased provision for the after-sale services offered by the auto manufacturer will fuel automotive aftermarket market. Additional conveniences including pick & drop services, discounts on reliable & quality auto parts is driving the automotive aftermarket market.
North America automotive aftermarket market was valued more than USD 165 billion in 2015. Large presence of consumer base as well as manufacturing facilities will drive the business growth. Moreover, extensive research and development activities and rapid technological developments in the region will drive the product demand.
Europe, dominated by Germany, Russia and UK automotive aftermarket will witness growth over 4% up to 2024. Growing number of manufacturing and service outlets is likely to provide lucrative opportunities for market growth in the region. Stringent government regulations on fuel efficiency has increased the demand for maintenance and repairs among the customers.
Global automotive aftermarket market is moderately fragmented owing to the presence of several local and international players. 3M, Delphi, Denso, Robert Bosch, ASIMCO, Akebone Brake Co, Magneti Marelli and Continental AG are some of the major industry players. Other notable participants include Federal Mogul, ALCO Filters and Cooper tires and Shandong Zhengnuo Group.
Buy this 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:
Table of Contents (ToC) of the report:
Chapter 1. Methodology and Scope
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Scope & assumptions
1.2. Data sources
Chapter 2. Executive Summary
2.1. Automotive aftermarket industry 3600 synopsis, 2013 –2024 (USD Million)
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Sales outlet trends
2.1.4. Regional trends
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