What are Key Factors Responsible for the Surge in Global Automotive Aftermarket? DENSO, HELLA, Continental, Valeo, Tenneco Inc., Meritor, Aisin Seiki Co Ltd, BorgWarner Inc., Mando

Due to the increase in the average age of vehicles, the demand for replacement components is expected to surge in the coming years, especially in emerging economies, such as those in Asia-Pacific (APAC) and Latin America, Middle East, and Africa (LAMEA). For instance, the average age of the vehicles is predicted to increase from four years to six years in China from 2010 to 2020, mainly due to huge improvements in the quality of the automobiles being manufactured, which is itself a result of the rapid adoption of advanced products.

Automotive Aftermarket Key Players are:
1- DENSO
2- HELLA
3- Continental
4- Valeo
5- Tenneco Inc.
6- Meritor
7- Aisin Seiki Co Ltd
8- BorgWarner Inc.
9- Mando

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The other major factors pushing the demand for automotive parts across the world are the burgeoning demand for electric vehicles, on account of the increasing implementation of government policies and regulations promoting the adoption of eco-friendly modes of transportation. Moreover, there has been a huge rise in green consciousness throughout the world since the last few years, which is boosting the popularity of electric vehicles. Fuelled by the above factors, the global automotive aftermarket is expected to grow from $803.22 billion in 2019 to $1,370.17 billion in 2030, with a CAGR of 5.07% during the forecast period (2020-2030).

The biggest rage currently being witnessed in the automotive aftermarket is the rising number of joint ventures amongst the major vehicle manufacturing companies, vehicle repair service providers, and other stakeholders. This allows the major companies to transfer the vehicle manufacturing technology to the smaller service providers, manufacture new aftermarket devices, and penetrate the markets of developing nations. For instance, DENSO CORPORATION and Smiths Manufacturing (Pty.) Ltd. announced a joint venture in July 2019, named DENSO Sales South Africa (Pty.) Ltd., in order to sell various aftermarket products and services in South Africa.

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Market Segmentation by Component
o Engine Parts
o Pistons and piston rings
o Engine valves and parts
o Fuel injection systems and carburetors
o Powertrain components and others
o Drive Transmission and Steering Parts
o Gearboxes
o Wheels
o Steering systems
o Axles
o Clutch assembly systems and other parts
o Suspension and Braking Parts
o Brake calipers
o Brake pads
o Suspension systems
o Other parts
o Equipment
o Headlights and & headlight components
o Wipers and washer systems
o Dashboard instruments
o Other equipment
o Electrical Parts
o Starter motors
o Spark plugs
o Electric ignition systems
o Batteries and other parts
o Other Miscellaneous
Market Segmentation by Distribution Channel
o Offline Distribution Channel
o Online Distribution Channel

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