-- Report provides Automotive Aftermarket Analysis, Scope, Stake, Progress, Trends and Forecast to 2023. Automotive Filters Global Market is segmented by Offering (Parts, Services), Channel (Authorized Repair, Independent Repair), Vehicle Age (0-4 years, 4-8 years, Above 8 years) and Vehicle Type (Passenger Vehicle, Commercial Vehicle).
Automotive Aftermarket Key Companies Studied in This Research Report Are:
Aisin Seiki Co., Ltd. (Japan), Continental AG (Germany), Robert Bosch GmbH (Germany), Valeo (France), 3M (U.S.), Denso Corporation (Japan), Cooper Tire & Rubber Company (U.S.), Magneti Marelli S.p.A. (Italy), Sumitomo Electric Industries Ltd. (Japan), Aptiv PLC (U.K.), Federal-Mogul Corporation (U.S.), MAHLE GmbH (Germany), Schaeffler AG (Germany), ACDelco, Inc. (U.S.), and ZF Friedrichshafen AG (Germany).
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Global Automotive Aftermarket Overview:
The market has witnessed advancement in the recent years also due to continuous product innovation and increased collaboration activities. Most players are competing on fronts such as quality and cost, which is reflecting favorably on the overall growth of the market. Over the years, the global automotive aftermarket has become more dynamic owing the growing level of competition. The market players are rapidly expanding in emerging markets in Asia and Latin America that were previously untapped.
The high fragmentation of the market means there are a wide number of independent and authorized repair shops in the automotive aftermarket which are implementing various strategies in an effort to secure higher market shares. Attractive offers such as extended warranties, and service contracts for new vehicles, as well as wear & tear repair and servicing solutions over a vehicles lifetime, are offered to consumers, thus increasing demand for similar aftermarket activities. The aforementioned factors are also helping the market players to strengthen their global market position. A huge number of companies currently operate in the automotive aftermarket, with large-sized players collectively commanding over the majority share of the market in terms of revenue. The strong grip of established companies and fierce competition is creating entry barriers for new player.
Automotive Aftermarket Geographic Analysis:
On the basis of region, the global automotive aftermarket has been segmented into North America, Europe, Asia Pacific (APAC), and the Middles East & Africa (MEA).
North America accounts for the most significant region in the automotive aftermarket and is closely followed by Europe and the Asia Pacific. North America, led by the U.S. is expected to spearhead the global automotive aftermarket during the forecast period. In terms of revenue, North America currently accounts for more than half of the share of the global market. Countries such as the U.S. and Canada present significant opportunities for market players, therefore the region remains a prominent destination for investors. With over a third of the global share, North America is a major contributor to the market with high sales of premium and luxury vehicles which require careful maintenance and upkeep
Europe is expected to maintain its second position in the global automotive aftermarket over 2023. Factors such as the increased demand for automotive aftermarket product and rising trend of reuse is supporting the growth of the market in the region.
Automotive Aftermarket Segmentation:
The global automotive aftermarket is segmented on the basis of offering, channel type, vehicle age, vehicle type, and region. By offering, the market is segmented into parts and services. The parts segment share accounts for over 50% of the total market and is expected to display the highest CAGR during the forecast period. Parts include tires, brake parts, battery, body & other component parts which have high sales and high demand in the aftermarket due to the upkeep required to ensure these components are functioning at optimally.
By channel type, the market is segmented into authorized repair and independent repair. The independent repair segment accounts for the largest share of the total market and accounts for close to 60% of the total market. Independent repair shops are expected to witness the fastest growth with the highest CAGR during the forecast period due to the expansion activities are undertaken by the players in this segment. Moreover, they are entering partnerships with fleet operators, insurers, and leasing firms in an effort to gain large maintenance contracts across all vehicle segments, thus leading to significant growth for the independent repair segment.
By vehicle age, the market is segmented into 0-4 years, 4-8 years, and above 8 years. The above 8 years segment is the predominant segment with regards to vehicle age and is expected to experience the fastest growth over the course of the review period. Consumers who own vehicles belonging to this age group are more reliant on the aftermarket to keep up optimal maintenance of the vehicle. Moreover, these consumers prefer cost-efficient alternatives and often prefer to visit independent vehicle repair shops for affordable quotes. The above 8 years segment was valued at USD 462.6 billion in 2017 and is expected to reach an approximate evaluation of USD 610.4 billion by the end of 2023.
By vehicle type, the market is segmented into passenger vehicle and commercial vehicle. The passenger vehicle segment accounts for the most significant share of the market and is anticipated to witness the most rapid growth during the assessment period. The availability of disposable income has grown worldwide resulting in the increased demand for passenger vehicles. The global expansion of automotive manufacturers has also significantly improved the growth of the automotive aftermarket.
Major Table Of Content:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrant
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.1 Introduction
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
Continued…
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Contact Info:
Name: Abhishek Sawant
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Organization: Market Research Future
Phone: +1 646 845 9312
Website: https://www.marketresearchfuture.com/reports/automotive-aftermarket-industry-6251
Release ID: 400569
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