Automotive Aftermarket Industry is to grow at strategic CAGR of 4.40% over the forecast period of 2018 to 2023. Global Automotive Aftermarket industry Report – Forecast to 2023 is latest research report published by “Market Research Future”, which provides comprehensive information on Automotive Aftermarket Industry Trends, Size, Share, Statistics with historic and forecast data to 2023. Automotive Aftermarket Valued at USD 824.82 Bn in 2017 and is expected to grow to reach an approximate value of USD 1,023.4 Bn by the end of 2023.
Global Automotive Aftermarket Industry is segmented 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), and Region.
Automotive Aftermarket Key Players Analyzed in Report Are:
Aisin Seiki Co., Ltd. (Japan), Continental AG (Germany), Robert Bosch GmbH (Germany), Valeo (France), 3M (U.S.), Denso Corporation (Japan), Cooper Tire & Rubber Company (U.S.), Magneti Marelli S.p.A. (Italy), Sumitomo Electric Industries Ltd. (Japan), Aptiv PLC (U.K.), Federal-Mogul Corporation (U.S.).
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Automotive Aftermarket Industry Highlights:
The Automotive Aftermarket Industry has witnessed advancement in the recent years also due to continuous product innovation and increased collaboration activities. Most players are competing on fronts such as quality and cost, which is reflecting favorably on the overall growth of the market. The factors are also helping the market players to strengthen their global market position. A huge number of companies currently operate in the automotive aftermarket, with large-sized players collectively commanding over the majority share of the market in terms of revenue. The strong grip of established companies and fierce competition is creating entry barriers for new player.
For many carmakers, aftermarket business is a key focus area as it allows creation of attractive revenues and profit margins. Fast-developing countries hold significant potential for aftermarket business, as reuse and refurbishing remain a prominent trend in such counties. By the year 2023, the market is likely to surpass a valuation of USD 1,000 Bn.
The high fragmentation of the market means there are a wide number of independent and authorized repair shops in the automotive aftermarket which are implementing various strategies to secure higher market shares. Attractive offers such as extended warranties, and service contracts for new vehicles, as well as wear & tear repair and servicing solutions over a vehicles lifetime, are offered to consumers, thus increasing demand for similar aftermarket activities.
Automotive Aftermarket Global Industry Segmentation:
Report offers a detailed segment analysis of the market based on offering, channel, vehicle age, vehicle type and region.
· By offering, the market has been segmented into parts and services. Among these, the parts segment accounts for the largest market share and is likely to remain highly lucrative throughout the forecast period.
· By channel type, the market has segmented into authorized repair and independent repair. The authorized repair segments currently dominate the market and the trend is likely to continue in 2018 and beyond.
· By vehicle age, the market has been segmented into vehicles with 0-4 years, 4-8 years, and above 8 years. The 0-4 years segment is expected to remain a highly profitable and surge at a strong CAGR.
· By vehicle type, the market has been segmented into passenger vehicle and commercial vehicle. The former will continue to outperform the later throughout the assessment period.
Automotive Aftermarket Industry Regional Analysis:
Based on region, the global automotive aftermarket has been segmented into North America, Europe, Asia Pacific (APAC), and the Middles East & Africa (MEA).
North America accounts for the most significant region in the automotive aftermarket and is closely followed by Europe and the Asia Pacific.
North America led by the U.S. is expected to spearhead the global automotive aftermarket during the forecast period. In terms of revenue, North America currently accounts for more than half of the share of the global market. Countries such as the U.S. and Canada present significant opportunities for market players, therefore the region remains a prominent destination for investors. The U.S. is home to some of the leading automotive aftermarket manufacturers, which also makes a major manufacturing hub of automotive aftermarket components.
Europe is expected to maintain its second position in the global automotive aftermarket over 2023. Factors such as the increased demand for automotive aftermarket product and rising trend of reuse is supporting the growth of the market in the region.
Major Table Of Contents:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
List of Figures:
FIGURE 1 Research Process Of MRFR
FIGURE 2 Top Down & Bottom Up Approach
FIGURE 3 Market Dynamics
FIGURE 4 Impact Analysis: Market Drivers
FIGURE 5 Impact Analysis: Market Restraints
FIGURE 6 Porter’s Five Forces Analysis
FIGURE 7 Value Chain Analysis
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