Automotive Aftermarket Market Examination by Product Type, Applications, Territorial Outlook, Technology, Opportunity and Forecast 2027
Global Automotive Aftermarket share is slated to proliferate at a considerable pace over the foreseeable future, on account of the rising vehicle ownership due to the favorable economic conditions of customers worldwide.
Likewise, the
demand for automotive vehicles will observe a dramatic increase in years to
come, owing to the escalating sales of pre-owned vehicles. For example, in July
2020, Mahindra First Choice announced an aggressive expansion plan to meet the
burgeoning demand for used cars, with plans to add 30 outlets by its pre-owned
vehicles arm.
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Currently, the global market has witnessed a
significant shift of consumers towards purchasing products from the e-Commerce
platforms. Rapid advances in technology to develop automotive parts, coupled
with the transformation from the conventional to the digital service channels
and interfaces, will provide a positive growth trajectory to the global
automotive aftermarket trends over the forecast spell.
As per
Global Market Insights, Inc. estimates, the global automotive aftermarket size
is expected to cross $1,100 billion by 2026.
In the
emerging countries, especially the APAC region, the sub-par road infrastructure
standard has led to the wear and tear of motor vehicles, thereby resulting in
frequent maintenance and repair activities. Furthermore, industry players
deploy modern tools like data analytics and big data to process and store
vehicle usage data to drive the value chain efficiency.
Remote
diagnostics has become an emerging trend in the automotive industry, as it
allows the monitoring of automobile parameters in real-time to examine the quality
of its performances and operations. Additionally, mounting number of
small-scale service providers & shop owners are entering agreements with
the large-scale fleet operators to obtain more contracts for repair and
maintenance. These aforementioned factors will contribute to the global
automotive aftermarket growth over the forthcoming years.
In terms
of segmentation by product, the exhaust replacement parts segment is set to
depict a CAGR of around 7% through 2026. The system is exposed to high temperatures
as hot air from the combustion engine passes through it. Its major components
include muffler, tailpipe, catalytic converter, engine manifold, and engine
downpipe.
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With
regards to the sales outlet spectrum, the global automotive aftermarket from
the OEM factory fill segment is poised to exhibit over 4% CAGR through 2026,
which is attributable to the increasing consumers’ trust and confidence towards
products offered by OEMs. Benefits of using the OEM outlets include long-term
warranty and quality assurance. In addition, accelerating usage of e-Commerce
and electronic platforms by these providers will further escalate segmental growth.
The
ongoing COVID-19 pandemic has posed severe impacts on the global automotive
industry, by disrupting the Chinese parts exports, manufacturing process across
Europe, and led to the closure of the U.S. assembly plants. Several countries
also have imposed strict regulations to ensure vehicle safety, compelling
vehicle manufacturers to adopt safety technologies and features like ADAS.
These factors, along with the high prominence of autonomous vehicles, may pose
major challenges to the steady automotive aftermarket expansion in years ahead.
From a
regional perspective, the Europe automotive aftermarket is anticipated to gain
remarkable traction in the coming years, due to the high average age for
on-road vehicles in the developed European countries.
As per
the ACEA (European Automobile Manufacturers Association), the average age of
the passenger vehicles in the region increased by 5.71% in 2017 as compared to
2013, resulting in their average age of 11.1 years. This increase in the ageing
fleet and the subsequent expansion of the maintenance sector are expected to
create ideal growth conditions for the regional industry share over the
estimated timeline.
The
competitive landscape of the automotive aftermarket comprises of companies such
as ZF Friedrichshafen AG, Federal-Mogul Holdings, BASF, Continental AG, and 3M,
among others. These industry players are focusing on expanding their regional
presence through M&A, business expansions, new product launches, and other
strategies.
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Report Content
Chapter 3 Automotive
Aftermarket Industry Insights
3.1 Industry
segmentation
3.2 Industry size
& forecast, 2016- 2026, (USD Billion)
3.3 COVID-19 impact on
industry landscape
3.4 Industry ecosystem
analysis
3.4.1 Part
manufacturers
3.4.2 Profit margin
analysis
3.4.3 Distribution
channel analysis
3.4.3.1 Authorized
dealers
3.4.3.1 Trade
corporations
3.4.3.2 Online
platforms
3.4.4 COVID-19 impact
on distribution channels
3.4.5 Workshops
3.4.6 End users
3.4.7 Vendor matrix
3.5 Technology &
innovation landscape
3.5.1 Paintless dent
removal (PDR)
3.5.2 Electronic
Diagnosis
3.5.3 Augmented
reality
3.6 Regulatory
landscape
3.6.1 North America
3.6.1.1 NHTSA
3.6.1.1.1 49 U.S.C.
30118
3.6.1.1.2 FMVSS (49
U.S.C. 30122)
3.6.1.2 CAPA
Certification
3.6.1.3 EPA
Certification
3.6.1.4 Vehicle parts
standards
3.6.2 Europe
3.6.2.1 (EC) NO
1400/2002
3.6.2.2 Whole Vehicle
Type Approval
3.6.2.3 ISO 9001 &
ISO/TS 16949
3.6.2.4 Germany
3.6.3 Asia Pacific
3.6.3.1 Australia
3.6.3.1.1 Motor
Vehicle Standards Regulations 1989
3.6.3.2 China
3.6.3.2.1 New
regulatory framework on auto distribution and aftermarket
3.6.3.3 India
3.6.3.4 Japan
3.6.3.4.1 Japan
Automotive Products Association (JAPA)
3.6.4 Latin America
3.6.5 MEA
3.6.5.1 Emirates
Authority of Standardization and Metrology (ESMA)
3.6.5.1.1 Requirements
for spare parts and their suppliers
3.6 Global automotive
industry overview,2019
3.6.1 Major automotive
trends
3.6.2 Advantages of
manufacturing
3.6.2.1 OEM versus
aftermarket
3.6.2.2 Opportunities
3.6.2.2.1 Rising
e-commerce spending
3.6.2.2.2 Increasing
vehicle age
3.6.2.2.3 Smaller
vehicles
3.6.2.3 Service market
overview
3.6.3 Vehicle parc (on
road) statistics
3.6.4 Insurance
landscape, by region
3.6.4.1 North America
3.6.4.2 Europe
3.6.4.3 Asia Pacific
3.6.4.4 Latin America
3.6.4.5 MEA
3.6.1 COVID-19 impact
on global automotive industry
3.7 Industry impact
forces
3.7.1 Growth drivers
3.7.1.1 Growing demand
for vehicle upgradation along with digitization of distribution channels
3.7.1.2 Increasing
vehicle sales of new and preowned vehicles
3.7.1.3 Ageing vehicle
fleet along with poor road infrastructure
3.7.2 Industry pitfalls
& challenges
3.7.2.1 Adoption of
vehicle safety technologies and rising electric vehicle sales
3.8 Growth potential
analysis, 2019
3.9 Porter’s analysis
3.10 Competitive
landscape, 2019
3.9.1 Top players
overview, 2019
3.9.2 Strategy dashboard
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