Automotive Aftermarket Market to hit $680 Billion by 2024

Automotive aftermarket market is likely to witness lucrative gains owing to shifting consumer focus toward the comfort, appearance, and the performance of vehicles. The subsequent wear and tear of existing automobiles will lead to car owners wanting to replace old parts, enhance the vehicle’s appearance, and replace the car’s internal components for improved efficiency and safety.

Moreover, the commendable improvement in the economic stability of the consumers and the consequent rise in disposable income is another major factor propelling the Automotive aftermarket industry trends. According to Global Market Insights, Inc., “Worldwide Automotive aftermarket market generated a revenue of USD 450 billion in 2015 and will exhibit CAGR beyond 4.5% over the period of 2016 to 2024.”

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OEM, professional, and DIY are the sales outlets of Automotive aftermarket market. Professional sales outlet channel generated a revenue of USD 300 billion in 2015 and will record considerable CAGR over the coming timeframe. The fact that car owners will opt for product warranty, high reliability, and excellent product quality is likely to drive Automotive aftermarket market from professional sales outlets.

Based on the product, this market is mainly divided into two categories, namely, accessories and replacement parts. The accessories product segment will record flourishing growth rate over the coming seven years. These products are extensively used to enhance safety function, performance, and appearance of vehicle parts such as wings, alloy wheels, spoilers, styling seats, graphics. Changing preferences of customers toward comfort and aesthetically pleasing features will boost the product demand noticeably.

Replacement parts held the maximum share of Automotive aftermarket market with a revenue contribution of USD 350 billion in 2015. Owing to the fact that damaged parts contribute to sluggish vehicle performance, replacement parts need to be deployed in automobiles to enhance the performance and improve its appearance. The massive usage of lighting, clutch, exhaust, belt, electrical, suspension, filters, brake, wiper, and engine & AC will spur Automotive aftermarket market from replacement parts.

Geographically, Asia Pacific Automotive aftermarket market collected a revenue of USD 90 billion in 2015 and will register an annual growth rate of more than 6% over the period of 2016 to 2024. Supportive FDI (foreign direct investment) policies will promote manufacturers to invest heavily in Automotive aftermarket market. Moreover, the rise in per capita income will also propel the growth of this industry in the APAC regions, especially across India and China, which are slated to be the prominent revenue contributors.

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In 2015, North America Automotive aftermarket market was worth USD 165 billion and is predicted to generate considerable revenue over the coming seven years. Significant R&D activities and innovative technological enhancements will favorably influence the industry growth.

Latin America Automotive aftermarket market share will exhibit notable annual growth rate of more than 5% over the coming years of 2016 to 2024. The growth can be attributed to the increasing demand for the product due to the fact that the region houses cars that are practically more than a decade old and will need significant repairs. Mexico will contribute significantly toward the regional revenue share.

Europe Automotive aftermarket market will collect a considerable revenue over the years ahead with a CAGR of more than 4% over the coming seven years. The attributing factors toward the market growth are increasing product demand as well as the availability of a large number of OEMs. Germany, Russia, and UK will be the prominent contributors.

The noteworthy players in Automotive aftermarket market are 3M Company, Delphi, Akebono Brake Corporation, Continental AG, Denso, Robert Bosch GmbH, ASIMCO Technologies ltd., ACDelco, Federal-Mogul, and Magneti Marelli, Cooper tire and rubber company, ALCO Filters, and Shandong Zhengnuo Group Co., Ltd.

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https://www.gminsights.com/industry-analysis/automotive-wheel-market

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