Press release
Global Automotive Aftermarket Industry Trends to 2024 Profiling Top Companies Continental AG, Delphi Automotive, Federal Mogul, Robert Bosch GmbH, Denso Corporation, 3M Company
Automotive Aftermarket Market, Automotive Aftermarket Market trends, Automotive Aftermarket Market forecast
Asia pacific, led by China, India and Thailand is estimated to witness CAGR over 6% up to 2024. Growing consumer spending on automobiles coupled with rapid urbanization and increasing population are the key factors fueling regional demand. High economic resource availability, workforce and land availability in this region will propel the market growth. Global Automotive Aftermarket Industry size is set to exceed USD 680 billion by 2024; according to a new research report.
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Shifting consumer preference towards vehicle comfort, enhancing efficiency and customization for aesthetically pleasant vehicles are the key factors driving the automotive aftermarket demand. Increasing vehicle wear and tear due to poor road infrastructure particularly in developing countries have led to more replacement parts consumption which will support the product penetration. Rise in average distance driven per vehicle has resulted in increasing requirement for maintenance encouraging vehicle parts replacements.
Professional sales outlet is the major revenue generating segment for automotive aftermarket and was valued over USD 300 billion in 2015. Moreover, additional services provided by the outlets for customer delight including free periodic servicing, insurance to damaged parts and delivery facilities will fuel the automotive aftermarket industry growth.
Stringent regulations regarding emission control and safe transport has resulted in increased maintenance of the vehicle. Shifting trend for vehicle customization which includes lighting system, vehicle graphics, spoilers to achieve optimum performance is the key factor driving global automotive aftermarket demand.
Rising demand for the vehicle durability has increased the scheduled maintenance frequency to achieve better performance. This has resulted in increasing replacement of original parts driving the automobile aftermarket industry size.
Europe led by Germany, UK and France will witness more than 4.5% growth. Large presence of original equipment manufacturers along with regional players will drive the regional demand. Stringent government regulations for improving fuel efficiency will result in frequent maintenance of older vehicles should fuel the market demand.
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Legal issues regarding patent and copyright infringement are restraining factors to automotive aftermarket industry. Increasing on-road vehicle usage coupled with rising vehicle average age are the key factors driving the global automotive aftermarket demand. Tires, electrical parts and brakes are among the highest revenue generating parts accounting for over 50% of total revenue generated from replacement part segment.
Growing demand from replacement components, owing to more usage of older vehicles in Latin America will drive the product penetration. This is due to more than 50% of the vehicles in Mexico are older than 10 years.
Global automotive aftermarket industry share is highly fragmented. The key market players include Denso Corporation, Magneti Marelli, Continental AG, Akebone Brake Corporation, 3M Company, Cooper Tire and Rubber Company.
Other participants in the industry include Yazaki, ALCO Filters, Lear Corp, Johnson Controls, Magna International and BASF SE.
Table of Content:
Chapter 1. Automotive Aftermarket Market Methodology and Scope
Chapter 2. Automotive Aftermarket Market Executive Summary
Chapter 3. Automotive Aftermarket Industry Insights
Chapter 4. Automotive Aftermarket Industry, By Product
Chapter 5. Automotive Aftermarket Industry, By Sales Outlet
Chapter 6. Automotive Aftermarket Industry, By Region
Chapter 7. Automotive Aftermarket Market Company Profiles
For more information on this report, Please visit at: https://bit.ly/2QcAE3Z
Related Report:
Global and Chinese E-commerce Automotive Aftermarket Industry, 2017 Market Research Report
The 'Global and Chinese E-commerce Automotive Aftermarket Industry, 2012-2022 Market Research Report' is a professional and in-depth study on the current state of the global E-commerce Automotive Aftermarket industry with a focus on the Chinese market. The report provides key statistics on the market status of the E-commerce Automotive Aftermarket manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry. Firstly, the report provides a basic overview of the industry including its definition, applications and manufacturing technology.
https://www.marketstudyreport.com/reports/global-and-chinese-e-commerce-automotive-aftermarket-industry-2017-market-research-report?utm_source=RR-SP
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