Automotive Aftermarket Industry Research Report and Growth Analysis 2022 By Offering (Parts, Services), By Channel (Authorized Repair, Independent Repair), By Vehicle Age (0-4 years, 4-8 years, Above 8 years) and By Vehicle Type (Passenger Vehicle, Commercial Vehicle) – Global Forecast till 2030
Automotive Aftermarket Industry Overview:
The Automotive Aftermarket Market was valued at USD 383.15 billion in 2020 and is expected to grow at a CAGR of 3.75% from 2021 to 2028, reaching USD 513.86 billion by 2028. The primary factor driving market growth is increasing consumer awareness about maintenance and repair to improve the age of vehicles due to an increase in consumer disposable income, the demand for making new vehicles with reduced fuel utilization due to increased government initiatives with more stringent emission norms increases the demand for automotive parts. Vehicles’ average lifespan has increased due to advancements in materials and manufacturing techniques used in vehicle production. Vehicles’ uncompromising quality has also improved.
As vehicles age, the demand for replacement parts, repair, and maintenance drives the Automotive Aftermarket Market’s growth. With the advancement of technology, equipment is now equipped with sensors, and minor wear and tear of vehicle parts will not cause the market to stagnate.
Some of the Key Players listed below:
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Increased demand for electric vehicles due to stricter emission standards for automobiles boosts electric vehicle sales globally. Many automakers are working on expanding their electric vehicle lineup. The increasing adoption of electric vehicles has increased the demand for fuel-efficient, high-performance, and low-emission vehicles, and stringent government rules and regulations concerning vehicle emissions are opportunities for the Automotive Aftermarket Market. In terms of the COVID 19 situation, the automotive aftermarket industry has been severely impacted by the overall situation. This pandemic has led the automotive industry to reduce output and production facilities. The lockdown proved very severe, prompting several automotive aftermarket suppliers to remain in production, particularly in some areas.
Covid-19 has caused significant long-term disruption. However, the boost occurs in 2021 by increasing personal vehicle sales, and when life returns to normal, there will be an increase in vehicles requiring frequent repairs. It is expected that traffic will return to normal after the lockdown.
Automotive Aftermarket Industry segmentation:
The worldwide Automotive Aftermarket Market is segmented based on Distribution channels and Parts.
By distribution channels:
By Parts:
FAQ’s:
Automotive Aftermarket IndustryRegional analysis:
The Global Automotive Aftermarket Market is divided into North America, Europe, Asia Pacific, and the Rest of the World.
Because of the increasingly advanced technology used in the fabrication of auto parts, a surge in consumer and passenger automobile production and sales, and increasing digitalization of automotive part delivery services, the Asia Pacific region holds many market shares. It is the second largest market in the automotive aftermarket industry, trailing only the country of Europe. The presence of well-established automotive sectors and industry players is driving the increase in market value. Other factors include increased spending on luxury cars and demand for lightweight and fuel-efficient vehicles in European regions.
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Recent developments:
TABLE OF CONTENT
1 Executive Summary
2 Market Introduction
2.1 Definition 17
2.2 Scope Of The Study 17
2.3 List Of Assumptions 18
2.4 Market Structure 19
3 Research Methodology
3.1 Research Process 21
3.2 Primary Research 22
3.3 Secondary Research 23
3.4 Market Size Estimation 23
3.5 Forecast Model 24
3.6 Key Market Insights 25
4 Key Findings
5 Recommendations
5.1 Consolidation Among Parts Distributors 30
5.2 Digitization Of Channels And Interfaces 30
5.3 Access To Car-Generated Data 30
5.3.1 Deeper Customer Insights 30
5.3.2 Operational Excellence. 31
5.3.3 Response Recommendations And Readiness 31
5.3.4 Predictive Maintenance And Remote On-Board Diagnostics. 31
5.3.5 New Digital Services. 31
5.4 Higher Price Transparency And Greater Diversity Of Supply For Customers 31
5.4.1 Price Transparency 31
5.4.2 Online Sales 31
6 Market Dynamics
6.1 Drivers 34
6.1.1 High Quality And Low Cost 34
6.1.2 OEMs Aggressively Expanding Their Aftermarket Activities 34
6.1.3 Competing Strategies 35
6.2 Restraint 35
6.2.1 Lack On Infrastructure And Technology In The Emerging Regions 35
6.3 Trends 36
6.3.1 OEMs Expanding Their Aftermarket Activities 36
6.4 Opportunities 36
6.4.1 Increasing Influence Of (Digital) Intermediaries 36
7 Market Factor Analysis
7.1 Porter’s Five Forces Analysis 38
7.1.1 Threat Of New Entrants 38
7.1.2 Bargaining Power Of Suppliers 38
7.1.3 Threat Of Substitutes 38
7.1.4 Bargaining Power Of Buyers 38
7.1.5 Rivalry 39
…Continued.
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