Automotive Aftermarket Industry Size Worth USD 288.20 Billion at 3.7% CAGR; Global Giants Such as Bosch and Continental to Diversify Product and Service Offerings: Fortune Business Insights(TM)
Pune, India, Feb. 24, 2021 (GLOBE NEWSWIRE) — According to the report, Automotive Aftermarket Industry size is projected to reach USD 288.20 Billion, exhibiting a CAGR of 3.7% by 2028. Value Automotive Aftermarket stood at USD 215.32 billion in 2018. Increasing Focus on Streamlining Value Chain Processes to Boost the Market.
The global automotive aftermarket size is set to touch USD 288.20 billion by 2026, exhibiting a CAGR of 3.7% during the forecast period. Growing focus on digitization of aftersales services in the automotive industry will aid the growth of this market. Automakers, components suppliers and distributors, and Original Equipment Manufacturers (OEMs) are intensely focused on utilizing digital means to optimize value chain processes.
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Strategic Expansion of Aftermarket Operations by OEMs to Fuel Growth
OEMs are aggressively widening their operations in the aftermarket domain with a view to enhance the automotive aftermarket value chain and provide high-quality services to customers. Many companies are putting in place various strategies to maintain their lead in this niche space. For example, the French automobile and motorcycle manufacturer Groupe PSA unveiled its ‘Push to Pass’ five-year (2016-2021) strategy with the aim of cementing its position as an aftermarket specialist.
The company’s objective is to cater to all customers across the globe, irrespective of their vehicle’s age, brand, or budget. Furthermore, the company has specialized divisions for meeting different aftersales requirements. For instance, PSA’s multi-brand spare parts distribution is handled by Distrigo, the company’s distribution brand. Thus, carmakers are shifting their focus toward elevating the quality of aftersales services, thereby augmenting the automotive aftermarket growth.
Digitization of channels and services will also enable consumers to deepen their research before purchasing or repairing their vehicle as well as provide them with necessary information about workshop quality, location, and availability of services. Many suppliers are already taking steps toward digitization, which are driving the automotive aftermarket trends. For instance, in 2018, Hella KGaA Hueck & Co., the German automotive parts supplier, established a ‘Mobility Solutions’ unit to promote digital business models in the aftermarket domain.
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Escalating Sales of Vehicles to Bolster the Market in Asia-Pacific
Asia-Pacific, with a market size of USD 101.52 billion in 2018, is anticipated to dominate the automotive aftermarket share during the forecast period owing to rapidly rising sales of passenger and commercial vehicles in the region. In Europe, the main growth driver is expected to be the high adoption rate of advanced technologies in fabrication of auto parts. This, coupled with increasing digitization of components sales, will ensure Europe retains its runner-up position in this market in the coming years. In North America, on the other hand, strong presence of leading auto manufacturers will be the central factor propelling the growth of the market in the region.
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According to the automotive aftermarket report, the standout feature of the competition in this market is the adoption of digitalization measures by key players. Innovation in this market, thus, is finding firm footing in the digital platforms that are being established by companies to cater to the high aftermarket demand in the automotive industry.
- 3M Company
- Delphi Automotive PLC
- Tenneco Inc.
- Valeo SA
- Hyundai Mobis
- ZF Friedrichshafen AG
- Magna International Inc.
- Robert Bosch GmbH
- Akebono Brake Corporation
- Cooper Tire & Rubber Company
- Lear Corporation
- Aisin Seiki Co.
- Continental AG
- Denso Corporation
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Global Automotive Aftermarket Industry Segmentation:
By Replacement Part Type:
- Brake Pads
- Filters, Gaskets & Seals
- Lighting Components
- Body Parts
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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