Selbyville, Delaware, Oct. 31, 2019 (GLOBE NEWSWIRE) --
The automotive aftermarket industry is slated to cross US$ 1.43 tillion by 2026, according to growth forecast analysis by Global Market Insights, Inc. Aging vehicles are likely to spend more on maintenance and repairing of vehicle parts owing to high wear & tear. The average age for on-road vehicles has significantly increased across the globe. According to National Household Travel Survey, 2017 conducted by the U.S. Department of Transportation the vehicle with age 10 and above represent 48.9% of the total household vehicle population in the U.S. Further, rising ownership of pre-owned vehicles will escalate the automotive aftermarket growth over the study timeframe.
Shifting consumer inclination towards vehicle customization and upgradation with additional accessories will positively influence the industry proliferation. Increasing number of aftermarket service providers along with penetration of new market entrants will significantly augment the product demand over the forecast timeframe.
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Supportive government policies and initiatives for reducing the carbon emissions is primarily augmenting the sales of replacement auto parts. For instance, the U.S. Environmental Protection Agency (EPA) regulates emissions-related aftermarket parts for ensuring high level safety and product functionality. Performance requirements and test procedures are specified by regional regulatory bodies for efficient vehicle operation.
The replacement parts segment will account for a significant share in automotive aftermarket with the growing presence of service providers offering long term service warranties and cost-effective maintenance services. Increased risk of accidents owing to growing road traffic density is propelling the demand for replacement bodywork and structural parts. Moreover, availability of numerous replacement parts offering high quality and extended service life will significantly drive the industry size.
Browse key industry insights spread across 254 pages with 264 market data tables & 14 figures & charts from the report, “Automotive Aftermarket Size By Product (Replacement Parts [Belt, Brakes, Clutch, Electrical Parts, Lighting, Electrical & AC Parts, Exhaust, Filters, Suspensions, Transmission, Wiper Parts], Accessories [Car Exteriors, Car Interiors]), By Sales Outlet (Professional [Quick Lubes, Garages & Service Stations, Automobile Dealerships, Government, Commercial Fleets & Other Professional Outlets], DIY [Discount Department Stores, Auto Parts Stores], OEM Factory Fill ), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/automotive-aftermarket
China to bank upon increasing vehicle ownership
Rising automotive production and vehicle ownerships in China is anticipated to escalate the automotive aftermarket share. The country has manufacturing bases for multiple automotive OEMs, including SAIC Motors, Dongfeng, FAW, and Chang’an, among others. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2017, China led the region with production of around 29 million passenger and commercial vehicles across the country. New generation car models are equipped with advanced propulsion systems, drivetrains, suspension systems and accessories. Growing demand for periodic repair and maintenance of automotive parts for smooth and efficient operation of vehicles is propelling the industry size over the study timeframe.
Service providers developing innovative tools to gain competitive edge
In September 2018, Delphi Technologies introduced diagnostics tool for accurate and fast diagnostics of the automobiles. Further, the company launched a full-service solution for a faster steering service to boost service efficiency. Industry participants are adopting tools to enhance the service offerings and repair efficiency. Key players in automotive aftermarket share include BASF, ZF Friedrichshafen AG, Cooper Tire & Rubber Company, Denso Corporation, Lear Corporation, Magnetic Marelli, Robert Bosch and Magna International among others.
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Partial chapter from report table of contents (TOC):
Chapter 3 Automotive Aftermarket Industry Insights
3.1 Industry segmentation
3.2 Industry size & forecast, 2016- 2026, (USD Billion)
3.3 Industry ecosystem analysis
3.3.1 Part manufacturers
3.3.2 Profit margin analysis
3.3.3 Distribution channel analysis
3.3.3.1 Authorized dealers
3.3.3.1 Trade corporations
3.3.3.2 Online platforms
3.3.4 Workshops
3.3.5 End users
3.3.6 Vendor matrix
3.4 Technology & innovation landscape
3.4.1 Paintless dent removal (PDR)
3.4.2 Electronic Diagnosis
3.4.3 Augmented reality
3.5 Regulatory landscape
3.5.1 North America
3.5.1.1 NHTSA
3.5.1.1.1 49 U.S.C. 30118
3.5.1.1.2 FMVSS (49 U.S.C. 30122)
3.5.1.2 CAPA Certification
3.5.1.3 EPA Certification
3.5.1.4 Vehicle parts standards
3.5.2 Europe
3.5.2.1 (EC) NO 1400/2002
3.5.2.2 Whole Vehicle Type Approval
3.5.2.3 ISO 9001 & ISO/TS 16949
3.5.2.4 Germany
3.5.3 Asia Pacific
3.5.3.1 Australia
3.5.3.1.1 Motor Vehicle Standards Regulations 1989
3.5.3.2 China
3.5.3.2.1 New regulatory framework on auto distribution and aftermarket
3.5.3.3 India
3.5.3.4 Japan
3.5.3.4.1 Japan Automotive Products Association (JAPA)
3.5.4 Latin America
3.5.5 MEA
3.5.5.1 Emirates Authority of Standardization and Metrology (ESMA)
3.5.5.1.1 Requirements for spare parts and their suppliers
3.6 Global automotive industry overview,2018
3.6.1 Major automotive trends
3.6.2 Advantages of manufacturing
3.6.2.1 OEM versus aftermarket
3.6.2.2 Opportunities
3.6.2.2.1 Rising e-commerce spending
3.6.2.2.2 Increasing vehicle age
3.6.2.2.3 Smaller vehicles
3.6.2.3 Service market overview
3.6.3 Vehicle parc (on road) statistics
3.6.4 Insurance landscape, by region
3.6.4.1 North America
3.6.4.2 Europe
3.6.4.3 Asia Pacific
3.6.4.4 Latin America
3.6.4.5 MEA
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Growing demand for vehicle upgradation along with digitization of distribution channels
3.6.1.2 Increasing vehicle sales of new and preowned vehicles
3.6.1.3 Ageing vehicle fleet along with poor road infrastructure
3.6.2 Industry pitfalls & challenges
3.6.2.1 Adoption of vehicle safety technologies and rising electric vehicle sales
3.7 Growth potential analysis, 2018
3.8 Porter’s analysis
3.9 Competitive landscape, 2018
3.9.1 Top players overview, 2018
3.9.2 Strategy dashboard
3.10 PESTLE analysis
Browse Related Report:
E-commerce Automotive Aftermarket Size By E-Commerce Retail (Third Party Retailers, Direct To Customer), By Parts (Braking [Brake Pads, Hydraulics & Hardware, Rotor & Drum], Steering & Suspension [Control Arms, Ball Joints, Tie Rods, Sway Bar Links, Bushings, Bearings/Seals, Coil Springs], Hub Assemblies, Universal Joints, Gaskets, Wipers, Filters, Lighting, Spark Plug), By Consumer (B2C, B to Big B, B to Small B) Industry Analysis Report, Regional Outlook (U.S., Canada, France, Germany, Poland, UK, Spain, Russia, Benelux, Nordics, China, India, Japan, South Korea, Mexico, Argentina, Brazil, KSA, South Africa, UAE), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2025
https://www.gminsights.com/industry-analysis/e-commerce-automotive-aftermarket
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.