Pune, Aug. 29, 2018 (GLOBE NEWSWIRE) -- Market Research Future's research report has divulged that the Automotive Aftermarket Report: Information by Offering (Parts, Services), Channel (Authorized Repair, Independent Repair), Vehicle Age (0-4 years, 4-8 years, Above 8 years) and Vehicle Type (Passenger Vehicle, Commercial Vehicle) – Forecast till 2023
The ramped-up car production globally has led to the demand for a strong aftermarket service from manufacturers. Automotive aftermarket is concerned with retailing, manufacturing, remanufacturing, and distribution of vehicle parts, equipment, and other accessories. The changing emission regulations and emphasis on safety by various nations has made the aftermarket industry the second-biggest revenue generator in the automotive sector.
Market Scope
The automotive aftermarket industry can exceed a valuation of over USD 1000 billion by 2023, as per a new insightful report by Market Research Future (MRFR). Changing technologies and evolving customer expectations from manufacturers are factors likely to drive market growth over the forecast period (2017-2023). The increase in disposable income levels of consumers in developing economies in Asia Pacific, Latin America, and the Middle East & Africa is likely to open up growth opportunities for the market.
The market is set to experience a 4.40% CAGR during the forecast period thanks to investments by original equipment manufacturers (OEMs) and partnerships by various OEMs. Changes in emission norms outlined by government regulatory bodies coupled with entry of new players is expected to disrupt the current market. The entry of electric vehicles (EVs) has paved open new avenues for the growth. Developments in drivetrains to increase the mileage of EVs and adherence to latest Euro VI norms can positively impact the market growth in the coming years.
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Competition Analysis
Key players in the automotive aftermarket industry include Denso Corporation, Aisin Seiki Co., Ltd., Cooper Tire & Rubber Company, Robert Bosch GmbH, Federal-Mogul Corporation, 3M, Valeo, Magneti Marelli S.p.A., Sumitomo Electric Industries Ltd., Continental AG, and Aptiv PLC. Partnerships, collaborations, mergers & acquisitions, and launch of new products are bound to fetch high returns for these players in the coming years. For instance, Valeo, a French automotive parts supplier, has partnered with OEMs in more than 32 countries in an effort to expand its business.
Segmentation Analysis
The global market is segmented on the basis of offering, channel type, vehicle type, and vehicle age.
By offering, the market is segmented into parts and services. The parts segment is expected to remain highly profitable during the forecast period. This can be credited to dampening prices of spare parts and offering a variety of choices to consumers. This can culminate in high customer retention numbers.
Channels for Automotive Aftermarket discussed include authorized and independent repair. The authorized repair segment currently dominates the market. This trend is expected to continue over the forecast period. Nearly half the passenger vehicles in North America attain services at registered points in the city. Extended warranties, service contracts to entice customers, and discounted wear & tear solutions are factors expected to fuel the segment growth in the coming years.
Types of vehicles dealt in the automotive aftermarket industry include passenger and commercial vehicles. The passenger vehicle segment will outperform its counterpart till 2023. The expansion of automotive manufacturers in developed economies has culminated in a bevy of choices of cars for consumers. Increase in expendable income levels can be a catalyst for the segment growth in the forthcoming years.
By vehicle age, the automotive aftermarket is segmented into 0-4 years, 4-8 years, and above 8 years. The 0-4 years segment is deemed to remain lucrative over the forecast period. The above 8 years segment is likely to reign over market fortunes owing to customers requiring regular checkups for optimal maintenance of their respective cars. It can reach a valuation of USD 610.4 billion by 2023.
Regional Analysis
Geographically, the market covers trends of the market in the following regions – North America, Latin America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
North America is expected to dominate the automotive aftermarket industry thanks to the strong economic growth of the U.S. and Canada, prime contributors to the market. The U.S. is a major hub for automotive components and caters premium and luxury vehicle segment.
The Europe market has assumed the second position in the market owing to Euro VI emission standards and the emphasis of countries to achieve sustainability goals.
The APAC market is a strong contender for the top position owing to developing economies of India and China. The behavior of shoppers to search online for parts and accessories can provide an impetus for distributors to market their merchandise online and gain a share of the industry profits. Introduction of Bharat Stage VI emission standards in India to order to keep pollution levels under control and shift to digital-driven models can bolster the market growth.
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Industry News
Companies are moving to rural areas to cater to the needs for automotive parts and accessories. Riding on the wave are startups such as NayaGaadi, MeriCAR, and Sparehub. These companies buy new vehicles or required parts for mechanics.
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