How Will The Emerging Vehicle Data Management Solutions Transform Automotive Aftermarket Outlook?
Besides, the rising sales of pre-owned vehicles along with the increasing average age of on-road vehicles has evoked the need for maintenance & repair services. Also, inefficient road infrastructure in some countries which leads to wear & tear in vehicles is instigating the requirement for frequent maintenance and repair driving the demand for automotive replacement parts.
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Considering the elevating demand for automotive parts and accessories, several industry players such as BASF, Continental AG, ZF Friedrichshafen AG, 3M, Federal-Mogul Holdings, etc. are focusing on strategic initiatives in order to effectively meet the growing consumer demand. Citing an instance, in 2017, renowned Japanese tyre manufacturer Bridgestone Corporation announced that it is planning to expand the global deployment of its next-generation digital solution BASys to Latin America. According to the company, BASys is a set of digital applications designed especially for tracking tires through all the steps of the retreading process.
How is data analytics positively influencing Market trends?
The transition from conventional to digital modes of service channels and interfaces is opening new growth opportunities for business expansion. High-end tools pertaining to big data and data analytics are allowing the companies to store and process vehicle usage data which in turn helps in increasing the efficiency of the value chain. For instance, in 2019, global vehicle data and technology provider, Autodata Solutions introduced service and maintenance data for existing as well as new models, which is a profound example of data becoming an integral part of aftermarket sector. Reportedly, this data comprises of the information regarding vehicle wheel alignment, TPMS information and periodic repair time intervals.
How will the emerging trend of remote diagnostics support the growth of Market?
Remote diagnostics is witnessing increased consumer inclination lately as it offers real-time monitoring of automobile parameters that evaluate the performance and quality of operations in accordance with the predetermined benchmarks. In addition, numerous small-scale service providers as well as shop owners are entering into agreement with largescale fleet operators for obtaining additional contracts for repair & maintenance which is supporting the industry growth further.
What makes OEM factories a lucrative sales channel across Market?
Automotive OEMs are becoming immensely popular owing to the shifting consumer inclination towards these outlets largely due to the advantages offered by them such as long-term warranty coverage and quality assurance. Besides, growing usage of electronics and e-commerce means from various established OEM providers is positively influencing the business space further. According to the report, OEM factory segment in automotive aftermarket is expected to register a robust CAGR of 4% through 2026.
Why is automobile exhaust gaining immense popularity across automotive aftermarket?
Exhaust systems in automobiles are predominantly used to channel exhaust gases away from the vehicle’s combustion engine. It is also subject to replacement from high-end and enthusiast consumers who seek to enhance the vehicle outlet acoustics. This is increasing the demand for the major components of exhaust such as engine manifold, engine downpipe, catalytic converter, muffler and tailpipe. Considering the rising product demand, exhaust segment in Market is estimated to observe a substantial CAGR of around 7% through 2026.
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What makes Europe a strong growth avenue for automotive aftermarket?
The average age for on-road vehicles in Europe is significantly higher and has been increasing further since last decade. And in this case, it would be pivotal to mention that Europe would gain a prominent name in the global automotive aftermarket business space. According to the European Automobile Manufacturers Association in 2017, the average age for passenger vehicles in the region increased to 5.71% as compared to that in 2013, representing an average age of 11.1 years. With increasing number of ageing vehicles, the maintenance sector is anticipated to fuel automotive aftermarket demand over coming years.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Market definitions
1.2 Base estimation & workings
1.2.1 North America
1.2.3 Asia Pacific
1.2.4 Latin America
1.2.5 Middle East
1.3 Forecast calculations
1.3.1 COVID-19 impact calculations on industry forecast
1.4 Data sources
22.214.171.124 Paid sources
126.96.36.199 Public sources
Chapter 2 Executive Summary
2.1 Automotive aftermarket industry 3600 synopsis, 2016 - 2026
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Sales outlet trends
2.1.4 Regional trends
Chapter 3 Automotive Aftermarket Industry Insights
3.1 Industry segmentation
3.2 Industry size & forecast, 2016- 2026, (USD Billion)
3.3 COVID-19 impact on industry landscape
3.4 Industry ecosystem analysis
3.4.1 Part manufacturers
3.4.2 Profit margin analysis
3.4.3 Distribution channel analysis
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