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What's Driving the Automotive aftermarket Growth? Top key Players are Lear Corporation, YAZAKI Corporation, Continental, Denso, 3M, Toyota Motor Corporation, Magna International, Hyundai Mobis

04-30-2020 04:46 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global Market Research

Automotive aftermarket

Automotive aftermarket

Automotive aftermarket is referred to as the secondary market of automotive industry. This aftermarket is concerned with retailing, manufacturing, remanufacturing & installation of all vehicle equipment, chemicals, and spare parts. The aftermarket covers parts for collision, replacement, appearance, and performance, after the sale of the automobile by the OEM to consumer. It also provides a variety of parts of varying prices and qualities for nearly all vehicle models in the market.

Growing preference for advanced driver assist system in vehicles may fuel automotive aftermarket. Expanding e-commerce industry has captured a wider customer base with tons of options. The market is selling products through e-commerce platforms to provide diverse range of vehicle equipment and accessories online to customers, which is likely to further change industry trends over the coming years. Automotive aftermarket is expected to cross USD 1,430 billion mark by 2026. Get

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Automotive aftermarket share is characterized by replacement part and accessories. Emerging as an integral subsegment of the replacement part product segment, exhaust has been claimed to accrue noticeable gains in the coming years. The automotive exhaust system is subjected to high temperatures with air from the combustion cavity sliding through it. Irrefutably, the flux in high temperatures is necessitated to enhance the life of these systems.

Considering the commercialization medium, OEM factory fill market stands as a lucrative option for the global industry. This growth can be credited to the consumer's sliding inclination on using the spare parts provided by the prominent OEM players. These outlets offer high end benefits to the customers which include long warranty coverage and quality assurance. The provision of cost efficient products and use of ecommerce platforms is also escalating the demand for these outlets globally.

Serving as a vital component of the global automotive industry, automotive aftermarket is poised to gain substantial profits during the span of seven years from 2019-2026. This growth can be attributed to the surging adoption of automobiles across the globe. Supporting this, the OICA production statistics for 2018 reveal that China stood out as the major producer of motor vehicles in the year with over 27 million manufactured cars.

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Top Key Player Lear Corporation
o BASF SE
o YAZAKI Corporation
o Cooper Tire & Rubber Company
o ALCO Filters Ltd
o Continental AG
o Bridgestone Corporation
o Delphi automotive PLC
o Denso Corporation
o Hella KGaA Hueck & Co
o 3M
o Akebono Brake Corporations:

Vehicle owners are completely drawn towards comfort features in cars across emerging counties. Consumer spending on added features such as defogger, reverse sensing system, antilock brake systems is increasing gradually. Moreover, the demand for safety features in cars is on the rise. This has been further supported by stringent vehicle safety regulations enacted by several governments across the globe. Adoption of ADAS in vehicles decreases vehicle collision incidents. Requirement for new safety technologies, such as ADAS in vehicles is likely to boost automotive aftermarket. Growing demand for extra comfort and safety is directly influencing market.

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