Dublin, July 20, 2022 (GLOBE NEWSWIRE) -- The "Automotive Aftermarket - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Automotive Aftermarket Market to Reach $542.1 Billion by 2026
Amid the COVID-19 crisis, the global market for Automotive Aftermarket estimated at US$438.8 Billion in the year 2020, is projected to reach a revised size of US$542.1 Billion by 2026, growing at a CAGR of 3.6% over the analysis period.
Increasing vehicle population, higher vehicle life expectancy and longer car retention continue to fuel growth in the global automotive aftermarket.
Growing percentage of electronic content in automobiles coupled with modern consumers` proclivity to in-car infotainment technologies provides ample opportunities for growth. Automotive electronics such as night-vision devices, global positioning systems (GPS) and reverse and parking-assist systems will become popular targets for market expansion. Increasing customer expectations, technological innovations and growing competition are among the factors driving industry expansion.
More and more OEMs can be seen penetrating into the aftermarket. Increasing consumer awareness pertaining to periodic maintenance, safety, installation of new interior and exterior accessories, convenience and add-on services would also fuel business expansion. The online platform for sales of automotive components would also become more popular in the coming years. Online platforms would enable customers to compare prices and product features prior to the purchase decision.
Mechanical Products, one of the segments analyzed in the report, is projected to grow at a 3.2% CAGR to reach US$228 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Exterior & Structural Products segment is readjusted to a revised 3.1% CAGR for the next 7-year period.
This segment currently accounts for a 18.7% share of the global Automotive Aftermarket market. Bad road conditions and rise in automotive accidents generate demand for tires, rims, and other mechanical products associated with the wheel assembly. Vehicle exterior and structural products such as laminated windows and glass are some of the most common products that are enhanced with advanced versions.
The U.S. Market is Estimated at $118.8 Billion in 2021, While China is Forecast to Reach $98.5 Billion by 2026
The Automotive Aftermarket market in the U.S. is estimated at US$118.8 Billion in the year 2021. The country currently accounts for a 26.61% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$98.5 Billion in the year 2026 trailing a CAGR of 6.3% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.9% and 2.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.9% CAGR while Rest of European market (as defined in the study) will reach US$104.4 Billion by the end of the analysis period.
The aftermarket in North America will witness increased demand for accessories that meet customers` desire for comfort and appearance i.e. custom seats, mats, hands-free phone kits, Bluetooth car kits, and auto-repair tools.
In Europe, on the other hand, product solutions that enhance the performance and agility features of vehicles, such as, steel-belted radial tires will witness the highest adoption.
In emerging countries, strong automobiles demand would drive growth of automotive aftermarket. Government regulations in these regions are also pressurizing auto component manufacturers to come up with environmentally friendly and highly efficient components.
Electrical Products Segment to Reach $93.9 Billion by 2026
The aftermarket represents a large and lucrative market for electrical products such as batteries, alternators, and lighting, among others. The expanding base of on-road vehicle population provides a steady stream of vehicle flow into the aftermarket for upgrades and replacements.
The growing demand among consumers to upgrade their lighting systems for enhanced aesthetic appeal and function also creates demand for electrical connections and accessories for lighting systems in the aftermarket.
MARKET TRENDS & DRIVERS
- Large Global Base of Vehicle Fleet Offers Potential Opportunities for Aftermarket Products
- With Consumers Preferring to Keep their Vehicles for Longer Periods, Market Opportunities Remain Rife
- Anticipated Rise in New Car Sales to Shore Up Demand for Aftermarket Enhancements in the Coming Years
- Automotive Aftermarket Industry Influenced by Prevailing Diverse Trends
- Dynamic Changes on Several Fronts in the Store
- As OEMs Embrace Customer-Oriented Approach, Dynamics in Aftermarket Market Likely to Change
- Autonomous Vehicles & ADAS to Impact Uptake of Aftermarket Products
- Autonomous Vehicle Commercialization & Technology Penetration Timeline
- Battery Electric Vehicles to Influence Prospects of Parts Aftermarket
- Predictive Maintenance: New Norm in the Automotive Aftermarket Market
- High Passenger Car Density in Developed Regions Spurs Opportunities
- Growing Lenience Towards Small Affordable Cars in Developing Markets Bodes Well
- New Technologies Keep Aftermarket Players on Their Toes
- Pre-Owned Cars & Auto Leasing Drives Growth
- Bad Road Conditions & Rise in Automotive Accidents Generate Demand for Aftermarket Parts
- Rising Consumer Awareness on Vehicle Maintenance Boosts Market Prospects
- DIY Customers Lending Traction to the Market
- Market Attributes for Auto Parts in DIY Segment
- Growing Demand for DIFM Services Turn Service Providers into Target Customers for Aftermarket Products
- Aftermarket Products Made in Asia Gain Importance in Global Market
- With Low Price Tag, Asian Make Aftermarket Products Sustain Momentum
- Emphasis on Product Innovation & Advancements Augurs Well
- Remanufactured Aftermarket Parts & Components Gain Prominence
- Remanufactured Starters & Alternators Continue to Find Significant Demand
- Green House Gas Emissions (in kgCO2-eq) by Type of Manufacturing Activity: Remanufacturing with Secondary Material, New Production with Secondary Material, Remanufacturing with Primary Material and New Production with Primary Material
- Waste Generated (in Kgs) by Type of Manufacturing Activity: Remanufacturing and New Product Manufacturing
- Breakdown of the Real and Resorted Value of Material, Labor, Energy and Plant & Equipment (in %) for New Product and Remanufactured Product
- Demographic Trends to Underpin Future Revenue Growth
- Urban Sprawl: Prominent Driver for Automotive Industry & Aftermarket Market
- Middle Class Segment Emerges as Major Consumer Group
- A REVIEW OF SELECT PRODUCT SEGMENTS
- Mechanical Products: Dominant Product Category
- Aftermarket Radiators Segment Witnesses Robust Demand
- Aftermarket Brake Shoes & Brake Pads Market: A Review
- Regulatory Guidelines Dictate Material Selection in Brake Friction Products
- Focus on Light-Weight and Non-Toxic Friction Material
- Ceramic Brake Pads Make their Way into the Market
- Concerns Over Automotive Emissions Steer Demand for Aftermarket Air Filters
- Cabin Air Filters Replacement Demand Also Means Easy Money for Service Providers
- Technological Advancements: Spearheading Growth
- Finer Separation Designs with Reduced Energy Consumption Come to the Fore
- Nanotechnology Powered Air Filters to Gain Attention
- A Look into Aftermarket Fuel Pumps Market
- Stringent Emission Regulations Drive Regular Electric Fuel Pumps Replacements
- Aftermarket Gear Shifters & Drives Find Considerable Demand
- Aftermarket Electronic Products: High Growth Segment
- Vehicle Electronification Trend to Intensify the Demand for Aftermarket Automotive Electronics in the Coming Years
- Connected Cars Solidify the Relevance of Integrated Electronic Parts
- Robust Opportunities in On-Board Aftermarket Infotainment & Electronic Systems Vertical
- Desire to Replace Obsolete Audio Systems Driving Demand for New Age Replacements
- Integrated Entertainment Devices Growing in Popularity
- In-Car Streaming Radio: A Promising Segment
- Entertainment Becomes Punchier With Aftermarket Infotainment Systems
- Global Automotive Infotainment Systems Market (2019): Percentage Share Breakdown of OEM & Aftermarket Segments
- Aftermarket Automobile Navigation Systems Gain Popularity
- Aftermarket GPS Systems Commands Increasing Usage in Fleet Management
- Aftermarket GPS Car Security Systems: Getting Smaller and Simpler
- Vehicle Security Systems: Auto Producers Storm into Aftermarket Security Systems Market
- Aftermarket Exterior & Structural Products: Driven Mostly By Tires
- Aftermarket Tires: Prominent Category
- Retreaded Tires Grow in Popularity in Aftermarket
- Vehicular Wiper Systems: Advanced Sensors Augment Usability
- Wiper Blades: Main Replacement Component
- Universal Fit Aftermarket Wiper Systems Grow in Popularity
- Growing Demand in DIY Segment
- Pricing: The Main Competitive Variable for Aftermarket Wiper Systems
- Factors Influencing Wiper Purchases in Aftermarket - on a Scale of 1 to 10
- Growing Preference for Integrated Systems
- Aftermarket Rear Wiper Systems: Untapped Opportunity in Low Cost Car Segment
- Rise in Demand for Quieter, Lighter and Cleaner Windshield Systems
- Aftermarket Electrical Products: Batteries Remain Extremely Relevant
- Dominance of Automotive Lead Acid Battery Remains Even More Clear in Aftermarket Market
- New Age Cars to Drive Battery Replacement Demand
- Advanced Vehicular Lighting Systems Augment Aftermarket Demand
- Product Developments & Technology Innovations to Continue in Aftermarket Liging Systems Vertical
- Aftermarket Motor Oil, Fluids & Additives: A Compulsion for Healthy Operation of the Vehicle
- Emission Regulations Accelerate Adoption of High-Quality Aftermarket Lubricants
- Engine Oils: Major Revenue Generators
- Recycled Oils Score Over Virgin Oils
- Products Specifically Developed for and Used by Specific End Users
- Additives Continue to Make Gains
- Aftermarket Appearance Chemicals Seek Opportunities
- Luxury Cars: Primary Target Segment for Appearance Chemicals
- Growing Investments on Vintage & Classic Cars Augurs Well
- KEY CHALLENGES
- Counterfeit Products Pose a Threat to the Market
- Casual Attitude of Customers Towards Replacement of Parts
- Extended Life of OEM Engine & Transmission Systems Hampers Growth
- Extended Warranties Hinder Prospects of Independent Service Providers
- New & Advanced OEM Fittings Threaten Aftermarket Opportunities
- Longer Drain Times Quell Demand for Lubricant Refills
- Lower Crankcase Capacities too Reduce Quantity of Lubricants & Oil Consumption
- PRODUCT OVERVIEW
- Automotive Aftermarket: A Definition
- Automotive Aftermarket Product Segments
- Key Channels of Distribution
- Auto Parts Glossary
FOCUS ON SELECT PLAYERS (Total 186 Featured)
- 3M Company
- ACDElco
- Akebono Brake Corporation
- American Axle & Manufacturing, Inc.
- ASIMCO Technologies Limited
- Bridgestone Corporation
- Compagnie Generale des Etablissements Michelin
- Continental AG
- Cooper Tire & Rubber Company
- Delphi Technologies PLC
- Denso Corporation
- Gates Corporation
- Goodyear Tire & Rubber Company
- Grupo Kuo, S.A.B. de C.V.
- HELLA KGaA Hueck & Co.
- Hyundai Mobis Co. Ltd.
- Kumho Tires Co., Inc.
- Pirelli & C. S.p.A.
- NGK Spark Plug Co., Ltd.
- Prestone Products Corporation
- Robert Bosch GmbH
- Tenneco Inc.
- Yokohama Rubber Co., Ltd.
- ZF Friedrichshafen AG
For more information about this report visit https://www.researchandmarkets.com/r/28xeoy
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