Press release
Automotive Aftermarket Industry 2024 Regional Leading Players - (Lear Corporation, HELLA, Continental, Faurecia, Federal-Mogul, 3M, BASF, Hyundai MOBIS, Magna International, Toyota Motor, Bosch, Bridgestone)
Automotive Aftermarket industry
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Professionals are estimated to hold a major share of automotive aftermarket industry; representing over 65% of the total demand. The rest of the demand is generated from OEMs and DIY. Professional includes quick lubes, garages & services, dealers, government services, commercial fleets, and other professional outlets. Consumer preference for economical services, closer to home advantage and personalized services likely to augment garages, service stations and automobile dealerships growth rate. Service quality, high quality parts and technical skills are the major factors propelling professional segment market size.
Replacement parts was valued at around USD 844 billion in 2017. Increasing maintenance requirements owing to excessive strain with vehicles’ aging and poor road conditions provides a positive outlook for aftermarket parts. Factors such as low production cost, rising number of manufacturers and increase in number of accidents will drive the segment growth.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1.Bridgestone Corporation
2. Denso Corporation
3. Hella KGaA Hueck & Co.
4. Continental AG
5. Delphi automotive PLC
6. ACDelco
7. Faurecia SA
8. Magneti Marelli SpA
9. Robert Bosch GmbH
10. Aisin Seiki
11. Coastal Corporation
12. Toyota
13. Magna International
14. Johnson Control, Inc.
15. Hyundai Mobis
16. ALCO Filters
17. Yazaki
18. Lear Corp
19. BASF SE
20. Cooper Tire & Rubber Company
21. 3M Company
22. Akebone Brake Corporation
23. Federal Mogul Corporation
24. Shandong Zhengnuo Group Company
25. ASIMCO Technologies Ltd.
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North America automotive aftermarket industry accounted for over 30% revenue share in 2017. This can be credited to the increasing new vehicles production coupled with enhanced performance of old vehicles. Ongoing technological innovation in the automotive sector will create new opportunities for aftermarket companies to grow globally. Increasing customization of vehicles, digitization, demand for Bluetooth devices, and other accessories driving automotive aftermarket industry in the U.S. and Canada. Improved fuel economy likely to increase the average miles driven by a customer. This has led to more wear and tear in vehicle parts, thus augmenting the demand for automotive aftermarket industry products.
Strong demand for automobiles from emerging economies is likely to favor automotive aftermarket industry growth. According to OICA, global LCVs and passenger cars registered sale over 86 million units in 2017, an increase by 2.4% than in 2016. The increase in demand was supported by the rapid expansion of global players in Asian countries majorly in China, India, Australia, and Indonesia. Moreover, rising eco-friendly techniques in automotive manufacturing owing to stringent environmental regulations resulting in a surge in alternative automotive parts demand.
Shifting consumer preferences towards upgrading existing cars with newer technologies is also expected to propel automotive aftermarket industry size. Improved demand for electrification and software installation will create new avenues for suppliers and workshops. Increasing popularity of connectivity/telematics, ADAS, info- and entertainment systems among young will further support the market growth.
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The major automotive aftermarket industry players include Yazaki, Lear Corp., ALCO Filters, Magna International, 3M Company, Continental AG, and Denso Corporation. Other notable players include Copper Tire and Rubber Company, Akebone Brake Corporation, and Magneti Marelli. Industry participants are undergoing strategic collaborations to expand their regional presence. For instance, In December 2016, Faurecia announced its third joint-venture with its Iranian partners to strengthen its presence across the country.
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