Automotive Aftermarket for Top 10 Components Worth 302.64 Billion USD by 2021
PUNE, India, February 6, 2017 /PRNewswire/ --
The report "Automotive Aftermarket for Top 10 Components (Tire, Fluid, Filter, Battery, Brake, Collision Body, Lighting, Spark Plug, Telematics, Bearings), Vehicle Type (Passenger Car & Commercial Vehicle), and Region - Global Trends & Forecast to 2021", published by Markets and Markets. The Automotive Aftermarket is projected to grow at a CAGR of 7.75%, to reach USD 302.64 Billion by 2021.
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Browse 67 market data Tables and 26 Figures spread through 99 Pages and in-depth TOC on "Automotive Aftermarket for Top 10 Components"
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The market is driven by factors such as rising average age of vehicles in operation, increasing vehicle sales and parc, and increased miles driven per year.
"Asia-Oceania to be the largest aftermarket for top 10 automotive components"
Asia-Oceania is expected to dominate the aftermarket for the top 10 automotive components, and is projected to grow at the highest CAGR during the forecast period. The region is brimming with promising opportunities for the automobile aftermarket manufacturers and suppliers. Increasing income levels and rapid urbanization has a direct impact on positive vehicle sale growth which is expected to push the aftermarket. With a wide spread of aftermarket distribution channels in emerging markets such as India, and China, amongst other Asia-Oceanic countries, the automotive component aftermarket has witnessed high growth.
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"Passenger cars to be the largest segment in the aftermarket for top 10 automotive components"
The passenger car segment is expected to dominate the Automotive Aftermarket for Top 10 Components, and is projected to grow at the highest CAGR during the forecast period. The passenger car segment has witnessed an increase in average vehicle life with the global parc for this segment rising by 4% in 2014 from 2013, according to OICA. The highest growth in vehicle parc for passenger cars can be observed for Asia-Oceania, with a growth of 8.6% in 2014 from 2013. With a rise in automotive e-business, automotive supermarkets, and other multi-branded business models, the automotive components aftermarket has seen increased demand, especially in the passenger cars segment.
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"Remote vehicle diagnostics to be the fastest growing segment in the top 10 automotive components aftermarket"
The remote vehicle diagnostics segment is projected to grow at the highest CAGR during the forecast period. The application of remote vehicle diagnostics is influenced by factors such as the rising demand for technology from passenger as well as commercial fleet operators and increasing stringency in emission and fuel economy regulations. For instance, Euro 6 standards limits CO emissions to 0.50 g/km (which was 0.64 g/km in EURO 3) and NOX to 0.25 g/km (which was 0.50 g/km) for passenger cars. Such regulations have fueled the demand for advance technologies such as warning notification lights which provide real-time alerts about fuel consumption and sometimes emission-related defects.
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