Automotive Aftermarket Industry 2018 Global Trends, Size, Share, Statistics, Growth Factors, And Regional Forecast To 2023

Automotive Aftermarket Market Report Segments Global Automotive Aftermarket Market 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) – Forecast till 2023.

Automotive Aftermarket Key Companies Studied In This Report:

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.).

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Automotive Aftermarket Market Highlights:

The global automotive aftermarket is currently valued at over USD 800 Bn. It is expected to capture a steady CAGR during the review period (2017-2023). OEMs are finding new opportunities in regions such as Asia Pacific (APAC), Latin America and the Middle East. The automotive industry is witnessing a shift from advanced economies to emerging markets. Sales remain moderate in Europe and North America while countries such as China, Mexico and India are being viewed as new pockets of growth for the automotive industry. These countries are an attractive prospect for both new car sales and aftermarket business. For many carmakers, aftermarket business is a key focus area as it allows creation of attractive revenues and profit margins. Fast-developing countries hold significant potential for aftermarket business, as reuse and refurbishing remain a prominent trend in such counties. By the year 2023, the market is likely to surpass a valuation of USD 1,000 Bn.

MRFR’s report offers a detailed segmental analysis of the market based on offering, channel, vehicle age, vehicle type and region. By offering, the market has been segmented into parts and services. Among these, the parts segment accounts for the largest market share and is likely to remain highly lucrative throughout the forecast period. By channel type, the market has segmented into authorized repair and independent repair. The authorized repair segments currently dominates the market and the trend is likely to continue in 2018 and beyond. By vehicle age, the market has been segmented into vehicles with 0-4 years, 4-8 years, and above 8 years. The 0-4 years segment is expected to remain a highly profitable and surge at a strong CAGR. By vehicle type, the market has been segmented into passenger vehicle and commercial vehicle. The former will continue to outperform the later throughout the assessment period.

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, 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.  The U.S. is home to some of the leading automotive aftermarket manufacturers, which also makes a major manufacturing hub of automotive aftermarket components. 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.

 Market Research Future (MRFR) leverages its market expertise to deliver deep-diving market insights through critical evaluation of current market trends, opportunities and threats. The cohesive analysis carried out through primary and secondary research provision comprehensive data collection data and transfer of in-depth knowledge of the market. The primary research process includes exclusively commissioned surveys and first-hand interviews with the executive members and decision makers across the value chain such as MDs, CEOs and VPs among others. The secondary research process includes a multi-layered verification process for authentication of the primary data through valuable inputs from white paper references, SEC filings, published macroeconomic and demographic data, paid database and other sources available in public domain. These sophisticated analytical methods ensure the reliability and accuracy of the research findings, helping report users make informed business-driven decisions.

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