Automotive Aftermarket Industry to Cross USD 1000 Billion by 2027 – Report by Market Research Future (MRFR)
New York, June 16, 2021 (GLOBE NEWSWIRE) — Automotive Aftermarket Industry Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive Aftermarket Industry – Information By, By Channel, By Vehicle Age, By Vehicle Type and Region – Global Forecast till 2027” the market is set to cross USD 1000 billion by 2027. It can display a growth rate of 4.40% over the forecast period (2020-2027).
Market Scope
The need for drivers to improve vehicle performance in terms of appearance, speed, sound, and mileage can drive the market demand significantly. Large number of car owners in the U.S. and Europe coupled with adherence to changing standards by regulatory agencies can augur favorably for the market.
Automotive manufacturers looking to expand their sources of revenue have ventured into the market. Rising automobile sales and integration of digitally tuned devices can drive the market demand. Online channels are looked as a source of attaining components and manufacturers are investing in websites and opening channels on ecommerce sites to be part of the customer experience. Preference of personal vehicles as a mode of transport and a low vehicle span owing to rough driving attitudes and collisions can be opportunistic for the automotive aftermarket industry.
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Dominant Key Players on Automotive Aftermarket Industry covered are:
- Continental AG (Germany)
- Aisin Seiki Co. Ltd. (Japan)
- Robert Bosch GmbH (Germany)
- 3M (U.S.)
- Valeo (France)
- Denso Corporation (Japan)
- Magneti Marelli S.p.A. (Italy)
- Cooper Tire & Rubber Company (U.S.)
- Sumitomo Electric Industries Ltd. (Japan)
- Federal-Mogul Corporation (U.S.)
- Aptiv PLC (U.K.)
Browse In-depth Market Research Report (100 pages) on Automotive Aftermarket Industry
https://www.marketresearchfuture.com/reports/automotive-aftermarket-industry-6251
Segmentation Analysis
By offering, the automotive parts segment is set to dominate the market over the forecast period. High sales of tires, batteries, brake pads, and other components can bode well for the segment.
By channel, the authorized channel segment can take the lead in the automotive aftermarket industry. This is attributed to number of franchises associated with OEMs being established in major cities to cater to customer demand for maintenance and repair work. Certified automotive parts are tested for defects and certified by reputed organizations for being genuine substitutes.
By vehicle age, the above 8 years segment is poised to generate the maximum revenue for the market over the forecast period. Car owners belonging to the segment rely on repair and maintenance workshops for upkeep of their vehicles. Preference of independent vehicle repair shops for accurate quotes can bode well for the segment.
By vehicle type, passenger vehicles are expected to dominate the aftermarket industry. This is attributed to surge in expendable income levels in developing and developed economies.
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Regional Analysis
North America is set to dominate the global market owing to presence of automotive solution providers and automotive players. Focus on curbing exorbitant maintenance and repair costs and establishment of facilities in developing economies can drive the regional market growth. Consumption of tires and auto parts are likely to be witnessed over the forecast period. Advent of online channels and power of digital marketing has been leveraged by companies to attain sales.
Europe is expected to be the second-largest market for the global automotive aftermarket industry owing to increased spending on luxury cars and presence of reputed automakers. Huge demand for lightweight and sustainable vehicles can present new opportunities to the market.
Global Automotive Aftermarket Market Growth Driven by Demand for Genuine Parts or Accessories
The global automotive aftermarket industry is set to experience massive growth due to the sales of passenger and commercial vehicles. The increased spending power of customers and availability of loans at affordable interest rates has driven the sales of vehicles and in turn aided the market growth. Replacement of auto parts and maintenance of legacy vehicles can drive the market demand significantly. But the COVID-19 outbreak has played spoilsport in its long run. Manufacturers have turned to online channels or set up their own site online to cater to customer demands.
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Segmentation of Market covered in the research:
Information By Offering (Parts, Services), By Channel (Authorized Repair, Independent Repair), By Vehicle Age (0-4 years, 4-8 years, Above 8 years) and By Vehicle Type (Passenger Vehicle, Commercial Vehicle) and Region (North America, Europe, Asia-Pacific, and Rest of the World)
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