Automotive Aftermarket Industry 2019 Global Market Trends, Size, Business Growth, Opportunities, Growth Prospects, Key Country, And Regional Forecast To 2023
The report on the global Automotive Aftermarket Industry covers historical market trends, current market dynamics, market valuation by segmentation as well as region, country-level analysis for every segment, key player’s market share analysis, competitive landscape and supply chain analysis.
Pune, India – February 28, 2019 /MarketersMedia/ —
Market Highlights:
The global automotive aftermarket industry is expected to post a CAGR of 4.40% and attain a valuation of USD 1,023.4 Bn by the end of the forecast period of 2017-2023, reveals Market Research Future (MRFR) in a detailed study. The global automotive aftermarket industry was valued at USD 800 Bn in 2019. The global automotive aftermarket is currently valued at over USD 800 Bn. It is expected to capture a steady CAGR during the review period (2017-2023). OEMs are finding new opportunities in regions such as Asia Pacific (APAC), Latin America and the Middle East.
Companies Covered:
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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The automotive industry is witnessing a shift from advanced economies to emerging markets. Sales remain moderate in Europe and North America while countries such as China, Mexico and India are being viewed as new pockets of growth for the automotive industry. These countries are an attractive prospect for both new car sales and aftermarket business. 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.
Market Segments Analysis:
By channel type, the market is segmented into authorized repair and independent repair. The independent repair segment accounts for the largest share of the total market and accounts for close to 60% of the total market. Independent repair shops are expected to witness the fastest growth with the highest CAGR during the forecast period due to the expansion activities are undertaken by the players in this segment. Moreover, they are entering partnerships with fleet operators, insurers, and leasing firms in an effort to gain large maintenance contracts across all vehicle segments, thus leading to significant growth for the independent repair segment.
By vehicle age, the market is segmented into 0-4 years, 4-8 years, and above 8 years. The above 8 years segment is the predominant segment with regards to vehicle age and is expected to experience the fastest growth over the course of the review period. Consumers who own vehicles belonging to this age group are more reliant on the aftermarket to keep up optimal maintenance of the vehicle. Moreover, these consumers prefer cost-efficient alternatives and often prefer to visit independent vehicle repair shops for affordable quotes. The above 8 years segment was valued at USD 462.6 billion in 2017 and is expected to reach an approximate evaluation of USD 610.4 billion by the end of 2023.
By vehicle type, the market is segmented into passenger vehicle and commercial vehicle. The passenger vehicle segment accounts for the most significant share of the market and is anticipated to witness the most rapid growth during the assessment period. The availability of disposable income has grown worldwide resulting in the increased demand for passenger vehicles. The global expansion of automotive manufacturers has also significantly improved the growth of the automotive aftermarket.
Regional Analysis:
By region, the global automotive aftermarket industry has been segmented into North America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
North America, led by the US, currently accounts for the foremost share of the global automotive aftermarket industry. High sales of passenger as well as commercial cars in the region, present significant opportunities for the growth of the automotive aftermarket industry. The US is marked by the presence of various automotive aftermarket manufacturers which positions the US as a major automotive aftermarket hub. Canada too is a significant destination for market players.
Europe follows North America closely driven by surging demand for automotive aftermarket products and the growing trend of reuse. Moreover, Europe is home to some of the prominent automotive aftermarket manufacturers which support the growth of the market.
Intended Audience:
Automotive Aftermarket Key Company
Automotive Aftermarket firms
Research/Consultancy firms
Vendors from various verticals such as Bose, Harman, Samsung among others
OEMs
Stakeholders
Table of Content:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
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
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
Continued
List Of Tables
Table 1 Global Automotive Aftermarket Market: By Region, 2018 2023
Table 2 North America Automotive Aftermarket Market: By Country, 2018 2023
Table 3 Europe Automotive Aftermarket Market: By Country, 2018 2023
Table 4 Asia-Pacific Automotive Aftermarket Market: By Country, 2018 2023
Table 5 RoW Automotive Aftermarket Market: By Country, 2018 2023
Table 6 Global Automotive Aftermarket Market, By Component, By Regions, 2018 2023
Continued
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
Continued
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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Source: MarketersMedia
Release ID: 487090
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