Pune, April 17, 2020 (GLOBE NEWSWIRE) -- The global automotive aftermarket size is set to touch USD 288.20 billion by 2026, exhibiting a CAGR of 3.7% during the forecast period. Growing focus on digitization of aftersales services in the automotive industry will aid the growth of this market, states Fortune Business Insights™ in its report, titled “Automotive Aftermarket Size, Share & Industry Analysis, By Replacement Part Type (Battery, Brake Pads, Filters, Gaskets & Seals, Lighting Components, Body Parts, Wheels, Others), By Vehicle Type (Passenger Cars, Commercial Vehicles), and Regional Forecast, 2019-2026”. Automakers, components suppliers and distributors, and Original Equipment Manufacturers (OEMs) are intensely focused on utilizing digital means to optimize value chain processes. Digitization of channels and services will also enable consumers to deepen their research before purchasing or repairing their vehicle as well as provide them with necessary information about workshop quality, location, and availability of services.
Many suppliers are already taking steps toward digitization, which are driving the automotive aftermarket trends. For instance, in 2018, Hella KGaA Hueck & Co., the German automotive parts supplier, established a ‘Mobility Solutions’ unit to promote digital business models in the aftermarket domain.
The report further states that the value of this market stood at USD 215.32 billion in 2018. The other highlights of the report include:
- In-depth analysis of the automotive aftermarket industry trends;
- Comprehensive study of the market drivers and constraints;
- Thorough research into the different market segments; and
- Exhaustive evaluation of the regional and competitive dynamics shaping the market.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Market Driver
Strategic Expansion of Aftermarket Operations by OEMs to Fuel Growth
OEMs are aggressively widening their operations in the aftermarket domain intending to enhance the automotive aftermarket value chain and provide high-quality services to customers. Many companies are putting in place various strategies to maintain their lead in this niche space. For example, the French automobile and motorcycle manufacturer Groupe PSA unveiled its ‘Push to Pass’ five-year (2016-2021) strategy with the aim of cementing its position as an aftermarket specialist. The company’s objective is to cater to all customers across the globe, irrespective of their vehicle’s age, brand, or budget. Furthermore, the company has specialized divisions for meeting different aftersales requirements. For instance, PSA’s multi-brand spare parts distribution is handled by Distrigo, the company’s distribution brand. Thus, carmakers are shifting their focus toward elevating the quality of aftersales services, thereby augmenting the automotive aftermarket growth.
Competitive Landscape
Digital Innovation to be the Key Highlight of Market Competition
According to the automotive aftermarket report, the standout feature of the competition in this market is the adoption of digitalization measures by key players. Innovation in this market, thus, is finding firm footing in the digital platforms that are being established by companies to cater to the high aftermarket demand in the automotive industry.
List of Key Companies Profiled in the Automotive Aftermarket Report are:
• 3M Company
• Delphi Automotive PLC
• Tenneco Inc.
• Valeo SA
• Hyundai Mobis
• ZF Friedrichshafen AG
• Magna International Inc.
• Robert Bosch GmbH
• Akebono Brake Corporation
• Cooper Tire & Rubber Company
• Faurecia
• Lear Corporation
• Aisin Seiki Co.
• Continental AG
• Denso Corporation
Regional Analysis
Escalating Sales of Vehicles to Bolster the Market in Asia-Pacific
Asia-Pacific, with a market size of USD 101.52 billion in 2018, is anticipated to dominate the automotive aftermarket share during the forecast period owing to rapidly rising sales of passenger and commercial vehicles in the region. In Europe, the main growth driver is expected to be the high adoption rate of advanced technologies in fabrication of auto parts. This, coupled with increasing digitization of components sales, will ensure Europe retains its runner-up position in this market in the coming years. In North America, on the other hand, strong presence of leading auto manufacturers will be the central factor propelling the growth of the market in the region.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Global Automotive Aftermarket Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By Replacement Parts Type
- Battery
- Brake Pads
- Filters
- Gaskets & Seals
- Lighting Components
- Body Parts
- Wheels
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Latin America
- Middle East
- Rest of the World
TOC Continued…!
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Industry Developments:
- January 2020: Continental AG, the German automotive part manufacturer, introduced a specialized web portal to enable swift access to all information related to the automotive aftermarket industry. Available in 7 languages, the portal also features a catalogue containing a substantial bundle of information on spare parts, helping consumers find the right spare parts for their vehicles.
- October 2019: The Canadian automotive parts maker Magna International received its largest order till date for the production of transmission technologies from the German automotive behemoth, the BMW Group. The order is in the form of a multi-year contract that includes manufacturing and delivery of front wheel dual-clutch transmissions for regular as well as hybrid vehicles.
Have a Look at Related Research Insights:
Automotive Brake Pads Market Size, Share & Industry Analysis, By Material Type (Semi Metallic, Non-Asbestos Organic (NAO), Low-Metallic, Ceramic), By Position Type (Front, Front & Rear), By Sales Channel Type (OEM, Aftermarket), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles) and Regional Forecast, 2019-2026
Two Wheeler Brakes Market Size, Share & Industry Analysis, By Type (Drum, Disc), By Driven Type (Electronically Driven, Non-electric), By Friction Products (Disc Pad, Rotor, Drum, Brake Shoe, Brake Lining) Others and Regional Forecast, 2019-2026
Electric Vehicle Charging Station Market Size, Share & Industry Analysis, By Charger Type (Fast, Slow/ Moderate), By Application (Commercial, Residential), and Regional Forecasts, 2019-2026
Automotive Autonomous Emergency Braking System Market Size, Share & Industry Analysis, By Brake Type (Disc, Drum), By Vehicle Type (Passenger cars, Light Commercial Vehicle, High Commercial Vehicle), By Technology Type (Crash Imminent Braking, Dynamic Brake Support, Forward Collision Warning) and Regional Forecast, 2019-2026
Electric Vehicle Battery Market Size, Share & Industry Analysis, By Type (Lead Acid Battery, Nickel-Metal Hydride Battery, Lithium-Ion Battery, Others), By Vehicle Type (PHEV, BEV, HEV), and Regional Forecasts, 2019-2026
Electric Vehicle Transmission Market Size, Share & Industry Analysis, By Transmission Type (Single Speed, Multi-Speed), By Vehicle Type (Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle) Others and Regional Forecast, 2019-2026
Automotive Actuators Market Size, Share & Industry Analysis, By Type (Hydraulic, Electric, Pneumatic), By Application Type (Throttle, Fuel Injection, Brake, Others), By Vehicle Type (Passenger Cars, Commercial Vehicles) and Regional Forecast, 2019-2026
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