At 4% CAGR, Automotive Aftermarket Market to Outstrip $519 Billion by 2026 | The Polaris Market Research
In 2017, the tire segment accounted for the majority revenue share in the global market. The key factor driving the market include expanding the global automotive industry and the rising average age of vehicles. The growing awareness about proper maintenance and repair of vehicles is expected to propel the demand in the coming years. Other factors boosting the market growth include technological advancements in telematics, greater need for long distance travel, and changing lifestyles. New emerging markets, sale through online channels, and emerging consumer demographics are expected to offer a new avenue for growth in the coming years.
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The competition is high in automotive aftermarket market owing to the presence of a large number of industry players and the players offer products and services required for repair and maintenance for a wide range of vans, trucks, cars, and buses. The factor such as price, quality, vehicle age, and convenience affect consumer buying behavior.
High investment in research and development is expected to open a new avenue for growth during the forecast period. The demand for replaceable parts and accessories such as clutch systems, axle, and engine parts is gaining owing to wear and tear of vehicles. Increase in the number of accidents has also propelled the demand.
In 2017, North America dominated the global market as to the presence of a large customer base with high disposable income and high demand for replaceable vehicle's parts. Asia-pacific is anticipated to witness the highest growth rate during the forecast period owing to rising demand form the developing nation such as China and India and the expansion of global players. The rise in living standards and high disposable income is expected to boost the market growth in the coming year in the region. The factors such as poor road infrastructure and favorable production regulations, in developing nations such as India, and Pakistan are estimated to drive the demand during the forecast period.
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The automotive aftermarket can be classified based on products into tire, battery, wheels, exhaust components, lighting, telematics, accessories, body parts, and others. The tire segment is expected to dominate the market during the forecast period. Tires require periodic replacement as external factors easily damage them. The radial tire is gaining popularity as to properties such as higher durability, low rolling resistance, and enhanced service.
The market is segmented based on vehicle type into passenger vehicles, and commercial vehicles. The growing demand for passenger vehicles in developing regions such as India, China, and Brazil is expected to provide numerous growth opportunities in the coming years. Commercial vehicles are mostly used for activities such as industrial, mining and construction, and logistics. These vehicles require frequent repair and maintenance and create a market for replaceable products.
The major vendors profiled in the report include Denso Corporation, Royal Dutch Shell PLC, Exide Technologies, Inc., Johnsons Controls Inc., Delphi Automotive PLC, 3M Company, Goodyear Tire & Rubber Company, Magneti Marelli S.p.A, Cooper Tire & Rubber Company, and Robert Bosch GmbH, among others. These vendors are involved in strategic initiatives such as new product development, merger and acquisition, and collaboration with other market leaders to meet the increasing needs and requirements of consumers.
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Polaris Market Research has segmented the global automotive aftermarket market on the basis of product, vehicle type, sales channel, and region:
Automotive Aftermarket Product Outlook (Market Revenue in USD Billion, 2015 - 2026)
• Exhaust Components
• Body Parts
Automotive Aftermarket Vehicle Type Outlook (Market Revenue in USD Billion, 2015 - 2026)
• Passenger Vehicle
• Commercial Vehicle
Automotive Aftermarket Sales Channel Outlook (Market Revenue in USD Billion, 2015 - 2026)
• Professional Service Stations
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