Reports


Automotive Aftermarket Industry Size, Share, Trends Report, 2019-2025 (Includes Business Impact of COVID-19)

  • TBI227415
  • August 01, 2019
  • Global
  • 132 pages
  • HCCResearch
                                              Abstract, Snapshot, Market Analysis & Market Definition: Global Automotive Aftermarket Market
 
The global automotive aftermarket size was valued at USD 369.2 billion in 2018 and is anticipated to expand at a CAGR of 3.9% from 2019 to 2025. The market is majorly driven by the pursuit of automobile drivers to enhance their vehicle performance in terms of exhaust sound, speed, and appearance parameters, along with many other aspects.
Regional regulatory authorities such as Japanese Automobile Sports Muffler Association (JASMA) and the U.S. Environmental Protection Agency monitor the built-up standards and environmental impacts associated with automotive component functioning. For instance, the noise emission levels associated with the modern-day automotive resonators and mufflers in automotive exhaust systems.
 
Digitization of component delivery sales and services, along with the advent of online portal distributing aftermarket components in synchrony with the global auto-part supplier groups, is expected to draw huge investments from the key participants. For instance, the leading market component suppliers, such as U.S. Auto Parts Network, Inc. and CarParts.com, would drive the global market demand in the years to come. Owing to above-mentioned trade gateways, the online aftermarket businesses arcade parades high potential in the Asia Pacific countries.
The value chain comprises two primary segments automotive replacement parts suppliers and service enablers with prime industry segments exchanging value through these sectors at several intermittent stages.
Access to elaborative component assortment, coupled with the simplicity of transactions delivered through digitalization of the global automotive component sales, is destined to resolve the obtainability issues, thereby driving the automobile aftermarket industry. The ensuing digitalization is anticipated to convey a high impact on the industry growth owing to rising inclination of people towards Internet-of-Things (IoT) and digitization trends.

Market Segmentation, Outlook & Viewpoint: Global Automotive Aftermarket Market


Replacement Part Market Segmentation & Outlook (Revenue, USD Billion, 2014  - 2025)

Tire

Battery

Brake parts

Filters

Body parts

Lighting & Electronic components

Wheels

Exhaust components

Turbochargers

Others


Distribution Channel Market Segmentation & Outlook (Revenue, USD Billion, 2014 - 2025)

Retailers

OEMs

Repair Shops


Wholesalers & Distributors


Service Channel Market Segmentation & Outlook (Revenue, USD Billion, 2014 - 2025)

DIY (Do It Yourself)

DIFM (Do It for Me)

OE (Delegating to OEM’s)


Certification Market Segmentation & Outlook (Revenue, USD Billion, 2014 - 2025)

Genuine Parts

Certified Parts

Uncertified Parts


Key Players, Recent Developments & Regional Insights: Global Automotive Aftermarket Market


The retailers segment is anticipated to dominate the market arena in terms of size by 2025. The wholesale and distribution segment would witness relatively faster growth in terms of revenue from 2019 to 2025.
Increasing influence of technological advancement is transforming the market towards digitization. The aftermarket is going online and the marketplace is changing. Parts and services are being sold online. Every player in value chain such as Original Equipment Manufacturers (OEMs), Original Equipment Suppliers (OESs), wholesalers, insurers, and workshops are reacting to growing online aftermarket trend. Advanced technology usage in auto parts fabrication, surge in consumer and passenger automobile production, and digitalization of automotive repair and maintenance services are the few factors expected to benefit market expansion over the forecast period.
Issues pertaining to high R&D expenditures are expected to hinder the market growth over the forecast period. Automobile manufacturers face certain constraints while carrying out their manufacturing processes. Production cost is one of these constraints. Aftermarket filters, however, offer the chance of choosing a muffler that suits the conditions in which a vehicle operates.
Automotive aftermarket economies are important parts of the overall automotive manufacturing and maintenance scheme as automotive components need to be replaced on time to maintain the overall performance of the vehicle.
Certification Insights
The genuine segment is anticipated to hold the dominant share in terms of size by 2025. The uncertified segment would witness relatively faster growth in terms of revenue from 2019 to 2025. The report also includes ballpark market size and estimation for counterfeit automotive replacement parts. Counterfeit parts are illegal, not tested or certified, and have no warranty.
Genuine parts are manufactured by the car manufacturers or by the OEMs, also known as subcontractors. Genuine replacement parts have greater assurance of quality, are diverse, easy to find, and include a warranty. The downside of these parts is that they are expensive and required to be purchased from dealers.
Certified automotive parts are tested and inspected by certified organizations. The Certified Automotive Parts Association (CAPA) is a non-profit organization, which was incorporated in 1987. CAPA offers test programs to verify and guarantee the quality and suitability of automotive replacement parts. It was the brainchild of automotive insurance companies and was formed to ensure the quality of replacement parts used by collision repair shops. Certified parts are cost-effective alternatives to costly genuine parts. Whereas, uncertified parts can be used instead of the original automotive parts. Uncertified parts are not approved by the car maker.
Service Channel Insights 
The OE segment is anticipated to hold the largest share in terms of size by 2025. The DIY segment would witness relatively faster growth in terms of revenue from 2019 to 2025. DIY customers have technical knowledge and interest to maintain, repair, and upgrade their cars on their own. DIFM customers buy parts online but get them installed from professional workshop.
 
Service channel comprises members such as raw material suppliers, tier 1 distributors, and automobile exhaust hubs/manufacturing units and aftermarket units comprising jobbers and ultimately the repair shops. Repair centers are the important stakeholders in the service channel. The industry is witnessing a trend of strategic alliances and collaborations between collision repair centers and leading auto insurance companies to gain a competitive edge and capture a significant share in the market. For instance, Utica Mutual Insurance Company, State Farm Mutual Automobile Insurance Company, and Progressive Casualty Insurance Company have tie-ups with certified automotive repair shops across all the states in U.S.

Regional Insights
North America led the aftermarket arena in terms of revenue in 2018. Advanced technology usage in the fabrication of auto parts, surge in consumer and passenger automobile production and sales, and digitalization of automotive component delivery services are anticipated to spur the automotive sales in the region.
Universities and other R&D organizations are increasingly working on increasing the cost and operational efficiencies of such critical automotive components, aimed at reducing their prices and eventually the price of the final end product. A new design developed by a team of researchers from the Department of Chemical Engineering at Imperial College in London uses up to 80% less rare metal, considerably reducing the costs of the vehicle and component fabrication. The prototype is anticipated to exhibit better results than the existing automobiles.
Such rules have pressurized the component suppliers to produce environment-friendly and high-efficient automotive components for the native and global markets. Over the past few years, emerging economies comprising China, India, and Brazil have validated insistent developments, which are expected to bid thriving prospects to the segment growth in Asia Pacific.
Automotive Aftermarket Share Insights
Key participants include 3M Company, Continental AG, Delphi Automotive PLC, Denso Corporation, Federal-Mogul Corporation, Magneti Marelli S.p.A., and Robert Bosch GmbH. Technological proliferation and increasing investments in R&D activities by manufacturers and associations are expected to drive the industry.

Key Insights Covered: Global Automotive Aftermarket Market
1.  North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Automotive Aftermarket industry.
2. Global major manufacturers' operating situation (sales, revenue, growth rate and gross margin) of Automotive Aftermarket industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Automotive Aftermarket industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Automotive Aftermarket industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Automotive Aftermarket industry.

Research Methodology: Global Automotive Aftermarket Market
  • Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  • Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  • Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other

Table of Contents
Chapter 1 Methodology and Scope
   1.1 Research Methodology
   1.2 Research Scope & Assumptions
   1.3 List of Data SourcesChapter 2 Executive Summary
   2.1 Automotive aftermarket - Market Snapshot & Key Buying Criteria, 2014 - 2025Chapter 3 Automotive Aftermarket Variables, Trends & Scope
   3.1 Market Segmentation & Scope
   3.2 Automotive Aftermarket Size and Growth Prospects
   3.3 Automotive aftermarket - Value Chain Analysis
       3.3.1 Automotive aftermarket - Supply chain analysis
   3.4 Market Dynamics
       3.4.1 Market Driver Analysis
           3.4.1.1 Advanced
|  read more...

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