The global automotive after-market valuation is expected to cross USD 486.36 billion by 2025. The automotive aftermarket is driven by factors such as a rise in buyers’ awareness regarding routine maintenance, convenience, and safety along with add-on services such as internal and external accessories and exhaust components. In addition, change in lifestyle and the need for commuting long-distance travels leads to average distance driven per vehicle. The market witnesses numerous opportunities in form of the availability of variants for spare parts and accessories. The automotive aftermarket, however, encounters negative setbacks in form of stringent policies by the government, dearth of labor, and loopholes in record retrieving systems for older vehicles.
The automotive industry is enormous in Western Europe, Eastern Europe, Russia, China, and India. The market is witnessing significant changes along with growing importance not only for brand new cars but also in the after-market domain. Customers’ expectations, technological growth, automotive suppliers, and shifts in competitive power help in revamping and developing the automotive aftermarket.
Emerging markets seem to create new needs for after-market industry and simultaneously, the market players may encounter challenges such as the rising pace of consolidation, particularly in European counterparts and the U.S. On the other hand, automotive suppliers operate in a highly stable environment to face a new type of competitive pressure from other players at alternate stages of the aftermarket value chain. Market trends such as major shifts in after-market industry coupled with a technological upgrade at periodic intervals prove to be game-changing factors for major players to maintain a strong market position.
The automotive aftermarket segmentation includes the product, replacement, distribution channel, sales outlet, and geography. Replacement type comprises tire, battery, brake parts, filters, lighting, electronic components, and body parts. The tire segment is expected to account for higher growth in the forecast period. Distribution channel segmentation includes retailers and wholesalers. The retailer's segment would account for a dominant position in the forthcoming period.
Geographical segmentation for automotive aftermarkets spans North America, South America, Europe, Asia-Pacific, Middle East, and Africa. North American automotive aftermarket is driven by factors such as a rise in advanced technology for fabrication of auto parts and an upsurge in automobile production leading to rising in sales. South American market expects to gain a higher CAGR owing to a rise in accumulation of older vehicles resulting in repair and service.
Asia-Pacific’s automotive aftermarket expects to gain positive traction owing to the rise in automotive developments and the use of digital technology for automotive. In addition, the wide presence of automotive manufacturers coupled with favorable policies is contributing to the market growth. The rise in disposable income coupled with increased spending capacity is likely to add to the market growth in the forthcoming period.
European automotive aftermarket is expected to witness substantial growth in the forthcoming period due to the rise in infrastructural development coupled with stringent policies by the government along with rising in foreign investments. The Middle East and African regions are likely to gain higher growth in the forthcoming period due to growth in foreign investments, rise in vehicle population along with favorable policies by the government. The key players in the automotive aftermarket include 3M Company, Delphi Automotive PLC, Denso Corporation, Continental AG, Federal-Mogul Corporation, Magneti Marelli S.p.A, and Robert Bosch GmbH.
Automotive aftermarket Replacement Part Outlook (Revenue, USD Billion, 2014 - 2025)
• Brake parts
• Body parts
• Lighting & Electronic components
• Exhaust components
Automotive after market Distribution Channel Outlook(Revenue, USD Billion, 2014 - 2025)
• Repair Shops
• Wholesalers & Distributors
Automotive after market Service Channel Outlook(Revenue, USD Billion, 2014 - 2025)
• DIY (Do It Yourself)
• DIFM (Do It for Me)
• OE (Delegating to OEMs)
Automotive after market Certification Outlook (Revenue, USD Billion, 2014 -2025)
• Genuine Parts
• Certified Parts
• Uncertified Parts
Automotive after market Regional Outlook (Revenue, USD Billion, 2014 - 2025)
• North America
• the U.S.
• the U.K.
• the Asia Pacific
• South America
• Middle East & Africa
Research Support Specialist, USA
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