Automotive Aftermarket Market size was estimated at $393,536 Million in 2019 and is expected to reach $517,866.6 Million by 2027, growing at a CAGR of 4% during the forecast period of 2020 to 2027.
The Automotive aftermarket refers to the vast commercial establishment engaged in manufacturing and installation of Car accessories and replacement parts. One of the key growth drivers is the new-found consumer awareness and trust in third-party Automotive companies. Increased vehicle sales is has a positive correlation with the Automotive aftermarket as well. One of the restraints is the adoption of complex engineering technologies within automobiles, which are not easily understood by third-party vendors.
Analysis by Product
According to the Product, the two major segments are Accessories and Replacement Parts. While Accessories consists of Car Exteriors and Car Interiors, the Replacement Parts are categorized into Belt, Brakes, Clutch, Electrical Parts, Lighting, Electrical & AC Parts, Exhaust, Filters, Suspensions, Transmission, and Wiper Parts. The Automotive Aftermarket market report confirms the pole position held by Replacement Parts due to the economic advantages prevalent in the industry. Every automobile has a cycle it follows for when parts are due for replacement, which propels this industry forward. On the other hand, the Automotive Aftermarket market research indicates that Accessories will have an emerging role to play in the upcoming future.
Analysis by Sales Outlet
According to the Sales Outlet, the three segments are DIY, Professional, and OEM Factory Fill. While DIY is further categorized into Discount Department Stores and Auto Parts Stores, the Professional has five major classifications: Quick Lubes, Garages & Service Stations, Automobile Dealerships, Government, and Commercial Fleets & Other Professional Outlets.
A significant share of the Automotive Aftermarket market share is held by Professional Outlets because of participation from reputed brands. Automobile Dealerships sit in the sweet-spot of consumer-reach and hold the ability to affect vital customer touch-points by utilizing their data to gauge buying patterns and priorities. It is predicted that the Automotive Aftermarket market size of the Professional outlets will undergo healthy growth over the forecasted period.
Analysis by Region
The Automotive Aftermarket market estimation for the Asia-Pacific region is very optimistic owing to an extraordinary rate of vehicular sales in this region across all car segments. This is likely to augment the role of the Aftermarket. The Automobile Aftermarket market forecast for countries such as China, India, and Japan looks very favorable as the disposable incomes of the middle-class are rising. The credit facilities are being made friendly and are thus likely to improve the Automotive Aftermarket price trend in this region.
Analysis by Renowned Businesses
The leading Automotive Aftermarket companies are Bridgestone Corporation, Denso Corporation, Hella KGaA Hueck & Co., Continental, Delphi Automotive, Robert Bosch, and BASF. The companies in this fray need to keep a strict vigil on the latest government guidelines regarding the quality and installation of their products. This can be the turning point from where a business can blossom or hit a temporary pause in their revenue.
• Market Revenue Estimation and Forecast (2019 – 2026)
• Market Production Estimation and Forecast (2019 – 2026)
• Market Sales/Consumption Volume Estimation and Forecast (2019 – 2026)
• Breakdown of Revenue by Segments (2019 – 2026)
• Breakdown of Production by Segments (2019 – 2026)
• Breakdown of Sales Volume by Segments (2019 – 2026)
• Gross Margin and Profitability Analysis of Companies
• Business Trend and Expansion Analysis
• Import and Export Analysis
• Regional Analysis and Market Data Breakdown
By Product Outlook ($Revenue and Unit Sales, 2019-2026)
o Car Exteriors
o Car Interiors
• Replacement Parts
o Electrical Parts
o Electrical & AC Parts
o Wiper Parts
By Sales Outlet Outlook ($Revenue and Unit Sales, 2019-2026)
o Discount Department Stores
o Auto Parts Stores
o Quick Lubes
o Garages & Service Stations
o Automobile Dealerships
o Commercial Fleets & Other Professional Outlets
• OEM Factory Fill
By Regional Outlook ($Revenue and Unit Sales, 2019-2026)
• North America
o New Zealand
• Latin America
• Middle East & Africa
o South Africa
• Lear Corporation
• BASF SE
• YAZAKI Corporation
• Cooper Tire & Rubber Company
• ALCO Filters Ltd
• Continental AG
• Bridgestone Corporation
• Delphi automotive PLC
• Denso Corporation
• Hella KGaA Hueck & Co
• Akebono Brake Corporation
• Federal-Mogul Holdings LLC
• Shandong Zhengnuo Group Co., Ltd
• Faurecia USA Holdings, Inc
• Magnetic Marelli
• Robert Bosch GmbH
• Aisin Seiki
• Hyundai Mobis Co., Ltd
• Johnson Controls
• Toyota Motor Corporation
• ZF FRIEDRICHSHAFEN AG
• Magna International, Inc.