Automotive Aftermarket Size, Share & Trends | Industry Forecast 2023 Competitive Analysis of Leading Market Players : Robert Bosch GmbH, Denso Corporation, WABCO, Continental AG, Magna International and Others
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.
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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.
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.
•Top Impacting Factors
Increase in passenger vehicle sale, volatility in raw material prices, surge in demand for the electrical vehicles, and rise in government regulations on emission control systems are the significant factors that impact the growth of the global automotive aftermarket. These factors are anticipated to either drive or hamper the market growth.
•Increase in Passenger Vehicle Registrations
New passenger vehicle registrations increased in Europe, Russia, Japan, Brazil, India, and China though it was sharply down in the U.S. In July 2017, the U.S. was the only major car market in the world with weaker growth with new light vehicle sales down by 7%. The India and Russia car markets expanded rapidly with double-digit growth while the recovery in Brazil continued at a more moderate pace. New passenger registrations in Japan increased for the ninth consecutive month. Moreover, car sales in Europe and China increased, however, the UK recorded a decrease in the car sales in its fourth consecutive month. Considering the global scenario, there is an increase in the demand for the passenger vehicles registrations which is expected to drive growth of the global automotive wheel market.
•Increase in Demand for the Electrical Vehicles
In recent years, consumers have shifted their interest to battery electric/plug-in vehicles, as these vehicles do not consume any kind of fuel such as petrol, diesel, or gasoline, and cost low amount of maintenance, and thereby reduce the customers expense. According to the statistics provided by the German Federal Motor Transport Authority, there is a 61% of increase in the plug-in EV (electric vehicle) sales in 2018 as compared to the preceding year, which proves that consumers are shifting their attention to plug-in EV. Similarly, there is an increase in sales by 124% in battery electric vehicle, whereas traditional non-plug-in hybrids have grown by 70%. Such rise in the sales of the electrical vehicles due to their environment-friendly nature is expected to create numerous opportunities for market expansion.
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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.
• This report provides a detailed analysis of the global automotive aftermarket along with current trends and future estimations to determine the imminent investment pockets.
• It presents information regarding key drivers, restraints, and opportunities.
• The current market is quantitatively analyzed from 2017 to 2025 to highlight the financial competency of the industry.
• Porters five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Automotive Aftermarket Key Segments:
• Wear-and-Tear Parts
• Crash-Relevant Parts
• Diagnostic Products
By Distribution Channel
• Consumer Vehicle
o Compact Vehicle
o Luxurious Vehicle
• Commercial Vehicle
• North America
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