Press release
Automotive Aftermarket Industry Size 2019 – 2024 Report By Top Regional Manufacturers Bridgestone, DENSO, HELLA, Faurecia, Magneti Marelli, Magna International, Lear Corporation, 3M, Cooper Tire & Rubber Company
Automotive Aftermarket
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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.
Automotive Aftermarket Industry by Product
• Replacement parts
o Belt
o Brakes
o Clutch
o Electrical parts
o Lighting
o Engine & AC parts
o Exhaust
o Filters
o Suspensions
o Transmission
o Wiper parts
o Others
• Accessories
o Car exteriors
o Car interiors
Automotive Aftermarket Industry by Sales Outlet
• Professional
o Quick lubes
o Garages & service stations
o Automobile dealerships
o Government
o Commercial fleets & other professional outlets
• DIY
o Discount department stores
o Auto part stores
• OEM factory fill
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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.
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.
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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.
Related Report –
APAC Automotive Aftermarket Industry Size to exceed $165bn by 2024
APAC Automotive Aftermarket size is estimated to surpass USD 165 billion by 2024; according to a new research report by Global Market Insights, Inc. Increasing demand for modifications in cars with respect to technologically and mechanically advanced components will fuel the APAC automotive aftermarket industry growth.
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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
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