Automotive Aftermarket to exceed USD 1420 billion by 2024

As per Global Market Insights, Inc., automotive aftermarket industry size is anticipated to cross USD 1,420 billion by 2024. Rising pollution levels, strict government regulations, and the implementation of eco-friendly techniques in automobile manufacturing are expected to catapult the automotive industry to greater heights in the future.

As per Global Market Insights, Inc., professional sales outlets held a lucrative 65% of the total industry demand. Professional aftermarket services are inclusive of government services, garages & services, quick lubes, commercial fleets, dealers, and other professional outlets. One of the primary reasons for the growth of this segment of the rising consumer preference for cost-effective services and the advantage of being closer to home. The lure for customized, personalized services has also been augmenting the demand for service stations automobile dealerships, and garages. As the requirement for state-of-the-art service quality and technical expertise increases, not to mention, high quality parts and components, the growth of automotive aftermarket industry from professional sales outlets is bound to traverse alongside a profitable growth path.

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The rapidly increasing international trade in vehicles and advanced technological developments have been propelling automotive aftermarket industry growth in the recent years. Aftermarket, essentially the market for accessories, spare parts, and other related components of motor vehicles, deals with the production, installation, distribution, marketing, and sale of these vehicle components. The expansion of the automotive sector has subsequently led to a wider demand for suitable and high-grade aftermarket parts and accessories, consequently generating a growth avenue for the automotive industry.

The robustly increasing requirement for effective automotive components for regular maintenance has been majorly responsible for driving automotive aftermarket industry growth. Lately, with increasing disposable incomes, consumer lifestyles have undergone a massive change, leading to a shift in the affordability factor and the demand for stylish accessories. More importantly, major advancements in the electrical sector are also expected to fuel the growth of the automotive industry. Lately, the increasing use of the internet has prompted the automotive sector to tap online channels and establish its presence in the e-commerce domain, resulting in increased sales of exhaust components and other vehicle spare parts.

North America is touted to be one of the most lucrative growth grounds for automotive aftermarket industry, primarily on account of the rising production levels of new automobiles in conjunction with the improved performance of older vehicles. Seemingly, North America accounted for a modest 30% of the overall automotive aftermarket industry share in the year 2017. Not to mention, the region is a hub of technological innovation in the automotive industry, that would come to generate novel growth opportunities for the aftermarket companies.

North America is also remnant of rising demand for Bluetooth devices, customized vehicles, and digitization, apart from innovative accessories for luxury vehicles. With enhanced fuel economy, the average miles driven by consumers is bound to increase, thereby leading to more wear and tear in auto parts.

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Owing to the fierce competition, companies have now been resorting to measures such as high product quality, brand build-up, forward integration, and prompt maintenance services for consumer satisfaction. In fact, the automotive aftermarket industry thrives essentially on customer support and demand.

Accessories like spoilers, wings, polished seats, and graphics are primarily used to enhance the appearance as well as overall performance of vehicles. With the rising requirement for sleek and sophisticated-looking vehicles and aesthetically pleasing car interiors, the demand for customized vehicles is expected to surge, thereby driving the commercialization potential of automotive aftermarket industry.

While traditionally, there have been a suitable number of outlets for the sales of automotive aftermarket industry parts, a lot of other sales channels have cropped up in the recent years, DIY being one of the most prominent ones. Numerous automakers have been specially working toward creating easy-to-understand DIY repair and maintenance kits that have been gaining prominence. OEMs are another sales channel accounting for a substantial portion of the industry expansion. However, undeniably, professional outlets are anticipated to remain one of the most profitable growth avenues for automotive aftermarket industry.

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Global automotive aftermarket industry share is dominated by a multitude of regional players. Key industry participants include ACDElco, Magneti Marelli, ASIMCO Technologies, Akebono Brake Corporation, Continental AG, Delphi, Denso, Robert Bosch, 3M Company, and Federal-Mogul. Other companies include ALCO Filters, BASF, Yazaki, Johnson Controls, Lear Corporation, and Magna International.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.