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Automotive Aftermarket by Product (Wear-and-Tear Parts, Crash-Relevant Parts, Accessories, and Diagnostic Products) and Distribution Channel (Offline and Online) by Application (Consumer Vehicle and Commercial Vehicle)
Automotive Aftermarket by Product (Wear-and-Tear Parts, Crash-Relevant Parts, Accessories, and Diagnostic Products) and Distributi
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Key factors such as technological advancements in the telematics industry and growth in internet penetration in the sales of vehicle parts drive the demand for global automotive aftermarket. These factors support the online sales, resulting in easy availability of the vehicle parts that lead to frequent purchases. Accessories are used to improve appearance, performance, and safety function of vehicle parts. These includes parts like graphics, spoilers, wings, styling seats, and alloy wheels. Surge in demand for appealingly pleasant and comfort feature in the vehicles is expected to drive the accessories market segment of the automotive aftermarket industry.
However, heavy and high maintenance cost of accessories impede the market growth. Replacement parts and accessories used in vehicles are made up of metals such as aluminum, steel, and iron. Surge in the prices of these materials influences the price of the automotive aftermarket.
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Furthermore, increase in vehicle sales and rise in stringent emission norms by the government ensure the emergence of numerous growth opportunities for this market globally. This can be attributed to rise in pollution, which fuels the need to find alternative materials for auto parts. In addition, stringent regulations regarding emission control and safe transport have resulted in increased maintenance of vehicles. Shift in trend of vehicle customization, which include lightning system, vehicle graphics, and spoilers to achieve optimum performances offer lucrative opportunities for the automotive aftermarket demand globally.
The global automotive aftermarket is segmented based on product type, end user, distribution channel, and region. Wear-and-tear parts, crash-relevant parts, accessories, and diagnostic products are studied under the product type segment. Based on distribution channel the market is segmented into offline and online distribution channel. Based on application type, the market is divided into consumer vehicle and commercial vehicle. The commercial vehicle segment is bifurcated into HCV and LCV. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players operating in the global automotive aftermarket are Robert Bosch GmbH, Denso Corporation, WABCO, Continental AG, Magna International Inc., ACDelco, Mitsubishi Electric Corporation, Denso Corporation, Akebono Brake Industry Co. Ltd., and Delphi Automotive PLC.
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