The ever-expanding automotive sector is one of the most crucial drivers of the global automotive aftermarket. Over the last couple of decades, the demand for automobiles has only skyrocketed across the developed and developing economies. According to estimates by OICA, LCVs and passenger cars accounted for a sales figure of close to 86 million units in the year 2017 – apparently an upsurge of 2.4% when compared to the previous year. As the sales of commutable vehicles continue to increase and the demand for afterparts experiences an uptick, the remuneration portfolio of automotive aftermarket will undergo a significant change, as per experts.
Another trend that has lately made its presence felt in automotive aftermarket is the rising deployment of eco-friendly techniques in automotive manufacturing. Driven by a stringent regulatory landscape pertaining to environmental safety and the concerns stemming from rising carbon emissions, the demand for sustainable, alternative automobile parts has considerably increased, thereby driving the global automotive aftermarket share.
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The increasing preference of customers to opt for base models of vehicles and upgrade with technologically advanced equipment is supporting the industry proliferation. Incorporation of the latest technology into the product portfolio including ADAS systems, electrical components among others, increases the requirement for periodic upgradation and maintenance of these components for optimum performance, strengthening the automotive aftermarket expansion till 2024.
Emergence of organized multi-branded authorized car service centers offering superior quality servicing at lower costs is supporting the industry expansion in the coming years. Shifting preference towards upgrading and maintaining old cars owing to economical, costing is further supporting the industry proliferation over the study time frame.
Supporting government regulations for mandatory compliance of automotive aftermarket parts and components prior to commercialization is proliferating the business share over the forecast timeframe. For instance, the European legislation mandates the CE certification of all electronic components to be equipped in cars along with mandatory testing and approval requirements, supporting the market growth till 2024.
Accessories segment is projected to witness significant growth of around 7% over the projected time frame. This growth is attributed to the rising demand for vehicle customization across the globe. Availability of a wide range of accessories for enhancing the core aesthetics is supporting the segment growth over the projected time frame. The proliferating accessory packages offered as per the consumer requirements along with diversified interior modifying alternatives will enhance the automotive aftermarket business expansion.
North America, primarily driven by the United States and Canada, has been one of the most significant growth grounds for the global automotive aftermarket, which principally can be attributed to the expanding automotive industry in the region. The continent has been a witness to an upsurge in the production of new vehicles and the enhancement of older ones. Furthermore, the region is a powerhouse of technological advancements in automobile production and upgradation, which is likely to generate novel opportunities for aftermarket companies in the years to come.
North America is also remnant of a consumer base that demands increasing vehicle personalization, Bluetooth connection, digitization, and other interesting automotive electronics. The incorporation of advanced accessories is thus likely to drive North America automotive aftermarket. Incidentally, the region accounted for 30% of the overall automotive aftermarket share in the year 2017.
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Asia Pacific is expected to witness over 6% gains up to 2024. This growth is credited to the increasing consumer preference for incorporating high performance and aesthetic features in their vehicles. Further, increasing vehicle sales across the region owing to the presence of major automobile manufacturers including Hyundai, Toyota, and Suzuki, among others offering wide range of vehicles at varying price point are positively influencing the market growth till 2024. Increasing aftermarket parts exports from the U.S. to South Korea is providing a positive outlook for the industry expansion.
Few key players in the automotive aftermarket include: Magna International, 3M Company, Lear Corp., Yazaki, ALCO Filters, Denso Corporation and Continental AG. Other key players include Akebone Brake Corporation, Magneti Marelli, and Copper Tire & Rubber Company.
Glimpse of Table of Content (ToC)
Chapter 1 Methodology & Scope
1.1 Research methodology
1.1.1 Initial data exploration
1.1.2 Statistical model and forecast
1.1.3 Industry insights and validation
1.1.4 Assumptions, scope & forecast parameters
1.2 Data sources
Chapter 2 Executive Summary
2.1 Automotive aftermarket industry 3600 synopsis, 2013 – 2024
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Sales outlet trends
2.1.4 Regional trends
Chapter 3 Automotive Aftermarket Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2013- 2024
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.3.2 Margin analysis
3.3.3 Distribution channel analysis
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.6 Global automotive industry overview
3.6.1 Major automotive trends
3.6.2 Advantages of manufacturing
3.6.3 Vehicle parc (on road) statistics
3.6.4 Collision statistics by country 2010 – 2016
3.6.5 Insurance landscape
3.7 Trade statistics
3.8 Global automotive aftermarket industry share by vehicle, 2015 & 2024
3.9 Industry impact forces
3.9.1 Growth drivers
3.9.2 Industry pitfalls & challenges
3.10 Growth potential analysis, 2017
3.11 Porter’s analysis
3.12 Competitive landscape, 2017
3.12.1 Strategy dashboard
3.13 PESTLE analysis
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