Global Automotive Aftermarket Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Automotive Aftermarket Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global automotive aftermarket market report has been segmented on the basis of the replacement part, distribution channel, service channel, certification, and region.

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Global Automotive Aftermarket Market: Overview

Aftermarket is one of the sectors of automotive industry that offers automotive parts, accessories, and after sale services. The automotive aftermarket is the secondary market of automobiles industry which includes installation of all vehicle parts, accessories, equipment and automobile paints after selling the products to the customers by the original equipment manufacturers (OEMs).

Global Automotive Aftermarket Market: Dynamics

Constantly increasing production of automobiles across various countries is a major factor expected to drive growth of the target market. Another key factor expected to drive growth of the global automotive aftermarket market is increasing inclination towards advanced accessories and automobile components and rising spending capacity on modifications of automobiles. In addition, easy availability of accessories on E-commerce websites and rising preference to purchase goods online is expected to support growth of the market.

Constant need for regular replacement and maintenance of components such as deflectors, brake parts, tires, filters, and actuators, which have small lifespan is expected to result in higher revenue growth of the target market.

Among some of the major factors that could restrain market growth include increasing demand for the electric vehicles, rising passenger vehicle production and sales, and high maintenance cost of accessories.

Moreover, increasing number of technological advancements, coupled with increasing demand for aftermarket products from pre-owners of cars are projected to create new revenue growth opportunities for major players operating in the automotive aftermarket industry, as well as new entrants.

Global Automotive Aftermarket Market: Segment Analysis

Among the replacement part segments, the tire segment is expected to maintain a dominant position over the forecast period in the global automotive aftermarket market, owing to high rate of replacement of tires.

Among the distribution channel segments, the wholesalers & distributors segment is expected to contribute higher revenue share as compared to the retailers segment. This can be attributable to growing strong network of wholesalers & distributors to provide components.

Among the service channel segments, the OE (Delegating to OEM’s) segment is estimated to account a prominent revenue share owing to service and warranty offered for a longer period of time by OEMs.

There are three types of certification for the components, out of which, the genuine part segment is expected to dominate in the global market. Vehicle manufacturers and OEMs produce genuine parts, where these parts are expensive and of good quality, which in turn is expected to drive growth of this segment in the upcoming years in the global market.

Global Automotive Aftermarket Market: Region Analysis

Asia Pacific automotive aftermarket market is estimated to account the major revenue share, followed by Europe market. This can be attributable to the rapidly growing automotive industry in this region, mostly in countries such as India, Japan, and China is expected to drive the market growth. China is projected to dominate with higher revenue share in the Asia Pacific market, owing to high occurrence of prominent OEMs and vehicle manufacturers in the country.

North America is expected to register significant growth in terms of revenue, owing to digitalization of automotive component delivery services, and increasing preference towards customization of vehicles.

Global Automotive Aftermarket Market Segmentation:

Segmentation by Replacement Part:

 	
Tire
 	
Battery
 	
Filters
 	
Brake parts
 	
Body parts
 	
Lighting & Electronic components
 	
Wheels
 	
Exhaust components
 	
Turbochargers
 	
Others

Segmentation by Distribution Channel:

 	
Wholesalers & distributors
 	
Retailers

Segmentation by service channel:

 	
OE (Delegating to OEM’s)
 	
DIY (Do It Yourself)
 	
DIFM (Do It for Me)

Segmentation by Certification:

 	
Genuine Parts
 	
Certified Parts
 	
Uncertified Parts

Lead Players of Automotive Aftermarket market covered in this market report:

 	
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
 	
3M
 	
Akebono Brake Corporation
 	
Federal-Mogul Holdings LLC
 	
Shandong Zhengnuo Group Co.
 	
ASIMCO
 	
ACDelco
 	
Faurecia USA Holdings, Inc
 	
Magnetic Marelli
 	
Robert Bosch GmbH
 	
Aisin Seiki
 	
Hyundai Mobis Co., Ltd
 	
Johnson
 	
Toyota Motor Corporation
 	
ZF FRIEDRICHSHAFEN AG