Pune, Oct. 13, 2020 (GLOBE NEWSWIRE) -- The global automotive aftermarket industry is projected to reach USD 288.20 billion by the end of 2026. The increasing investment in the development of efficient customer service and maintenance tools will aid the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Automotive Aftermarket Size, Share & Industry Analysis, By Replacement Part Type (Battery, Brake Pads, Filters, Gaskets & Seals, Lighting Components, Body Parts, Wheels, Others), By Vehicle Type (Passenger Cars, Commercial Vehicles), and Regional Forecast, 2019-2026,” the market was worth USD 215.32 billion in 2018 and will exhibit a CAGR of 3.7% during the forecast period, 2019-2026.
The recent coronavirus outbreak has created a sense of panic across the world. Due to the rapid spread of the disease, governments across the world are taking maximum efforts to curb the spread and minimize the adverse effects. As a result, several businesses have been forced to shut down. Due to social distancing practices, business vendors are hesitant as well as working professionals across the world. The Covid-19 pandemic has had a hugely adverse effect across several industries.
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The automotive aftermarket is the phase of repair and maintenance of automotive. There are several stages in the aftermarket chain and each stage has its significance. The automotive aftermarket industry also involves the companies that are providing repair and maintenance services as well as spare parts and accessories. The digitization of conventional aftermarket activities will lead to wider product adoption across the world. The increasing investment in the development of efficient aftermarket techniques will have a direct impact on the growth of the overall market in the coming years.
The technological intervention will open up a huge potential for the companies operating in the market. The distribution of online channels for aftermarket services will create several growth opportunities for the market in the foreseeable future. The presence of several large scale companies will contribute to the growth of the market.
List of the Leading Companies Profiled in the Global Automotive Aftermarket Industry are:
- 3M Company
- Delphi Automotive PLC
- Tenneco Inc.
- Valeo SA
- Hyundai Mobis
- ZF Friedrichshafen AG
- Magna International Inc.
- Robert Bosch GmbH
- Akebono Brake Corporation
- Cooper Tire & Rubber Company
- Faurecia
- Lear Corporation
- Aisin Seiki Co.
- Continental AG
- Denso Corporation
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Company Mergers Will Have a Direct Impact on Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers and acquisitions will have a direct impact on the growth of the market in the coming years. In October 2018, Tenneco Inc. announced that it has completed the acquisition of Federal Mogul LLC. Through this acquisition, the company will look to create a new independent aftermarket. This company will look to establish itself as one of the global multi-line and multi-brand aftermarket companies.
Tenneco’s acquisition of Federal-Mogul is an example of major industry development of recent times. The report highlights a few of the major company mergers and acquisitions and discusses how these M&As will affect the growth of the overall market in the coming years.
Asia Pacific to Emerge Dominant; Increasing Passenger Car Sale Will Aid Growth
The report analyses the ongoing automotive aftermarket industry trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific is projected to emerge dominant in the coming years. The increasing passenger car sales in several countries across this region, including India and China will aid the growth of the regional market. As of 2019, the market in Asia Pacific was worth USD 101.52 billion and this value is projected to increase further in the coming years. The market in Europe will account for the second-largest market share driven by the presence of several large scale companies in countries such as Germany, France, and the UK.
Key Industry Development:
October 2019 – Magna International Inc. announced that it has received the largest contract for transmission technologies by BMW AG. Through this contract, the company will work on FWD dual-clutch transmissions, including hybrid transmission variants.
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https://www.fortunebusinessinsights.com/automotive-aftermarket-102613
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Global Automotive Aftermarket Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By Replacement Parts Type
- Battery
- Brake Pads
- Filters
- Gaskets & Seals
- Lighting Components
- Body Parts
- Wheels
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Latin America
- Middle East
- Rest of the World
TOC Continued…!
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