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Automotive After Market to Witness a Pronounce Growth During 2015 - 2021
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The automotive aftermarket market can be segmented into two major types into channels and vehicle age. The automotive aftermarket can be segmented on the basis of its channel into two major categories namely authorized channels: such as single-brand repair shop & multi-brand repair shop and independent channels: such as franchise workshops, automotive centers, and independent repair shops. On the basis of vehicle age the automotive aftermarket can be segmented into three major categories namely vehicle age 0-4 years, vehicle age 4-8 years and vehicle age over 8 years. The market can also be segmented geographically into North America, Europe, Asia Pacific and Rest of the World (Latin America, Middle East and Africa).
The automotive aftermarket across the globe is expected to show a substantial growth in CAGR, from 2013 to 2019. There is a significant increase in the automotive aftermarket market because it reduces repair and maintenance cost per vehicle.
The key drivers of this market include emerging market in Europe and Asia Pacific, cost advantage and increasing demand for high quality brand, which are biggest revenue generator for the market.The key restraint to this market is legal issues, which is hindering the growth of automotive aftermarket.
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Some of the key players in the automotive aftermarket are ABS Friction Inc., ADVICS North America Inc., Bosch Brake Components LLC, Honeywell, Fritec, Link Engineering and Centric Parts among others.
The automobile industry is working to make sure that end-users can access reliable, cost-effective maintenance and repair services. These benefits of automotive aftermarket increase value of service to the customer.
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