Automotive Aftermarket to Hit $1100 Bn by 2026; Global Market Insights, Inc.
The automotive aftermarket from the OEM factory fill segment is projected to expand at over a 4% CAGR through 2026, driven by existing consumer confidence and trust toward automotive parts offered by OEMs.
SELBYVILLE, Del., Jan. 5, 2021 /PRNewswire/ -- Global Market Insights, Inc. has recently added a new report on the automotive aftermarket industry, which estimates the market valuation will cross US $1100 billion by 2026. Increasing vehicle ownership, owing to improving economic conditions, is set to drive the industry's growth.
The increasing average age of vehicles has led to an increase in the need for maintenance & repair services. The sub-par standard of road infrastructure in some emerging economies, especially in the Asia Pacific, escalates the wear and tear in vehicles, leading to frequent maintenance and repair requirements, driving the automotive aftermarket towards a growth trajectory.
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The transformation from conventional means to the digitization of service channels and interfaces is aiding growth opportunities for the sector's expansion. Modern tools, such as big data and data analytics, allow market participants to store and process vehicle usage data to increase the efficiency of the value chain. The data provides insights on specific vehicle details regarding potential service due date and time spent in workshop per vehicle to increase productivity and effectiveness.
Another emerging trend in the market is remote diagnostics. Remote diagnostics allows for real-time monitoring of parameters of an automobile to evaluate its quality of operations and performance in line with predetermined benchmarks. Additionally, more and more small-scale service providers and shop owners are coming into agreement with largescale fleet operators to procure additional contracts for repair and maintenance and are further anticipated to support the industry expansion.
Increasing stringency regarding vehicle safety in terms of regulation mandated by several countries across the globe is forcing vehicle manufacturers to incorporate new safety technologies & features such as ADAS in vehicles. The adoption of ADAS is expected to reduce road accidents significantly over the forecast timeframe. The rising autonomous vehicle trends are expected to limit the automotive aftermarket growth over the forecast timeframe.
The exhaust segment in automotive aftermarket replacement parts will witness around a 7% CAGR over the projected time frame. The exhaust system in an automobile is exposed to high temperatures as the hot air from a combustion engine exits through it. The component is also subject to replacement from high-end and enthusiast consumers to enhance vehicle outlet acoustics. Major components of the exhaust include engine downpipe, engine manifold, catalytic converter, tailpipe, and muffler.
The OEM factory fill segment will witness around a 4% CAGR in the automotive aftermarket size, owing to existing consumer confidence and trust toward automotive parts offered by OEMs. The advantages offered by these OEM outlets include long-term warranty coverage coupled with quality assurance, manifesting the segment growth. The increasing usage of e-commerce and electronics means from established OEM providers is further expected to enhance market growth.
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The average age for on-road vehicles in developed regions, especially Europe, is significantly higher and is increasing from the last decade. The European Automobile Manufacturers Association (ACEA) states that in 2017, the average age of passenger vehicles in Europe rose 5.71% relative to 2013, resulting in an average age of 11.1 years. With an increase of this aging fleet, the maintenance sector is further expected to drive automotive aftermarket demand.
Some major findings of the automotive aftermarket report include:
- Increasing sales of pre-owned vehicles.
- Increasing consumer interest toward e-commerce platforms.
- Technological innovation to develop vehicle accessories.
Strategic mergers and acquisitions by industry participants will expand regional presence. Major industry players include 3M, Continental AG, BASF, Federal-Mogul Holdings, and ZF Friedrichshafen AG, among others.
Partial chapters of report table of contents (TOC):
Chapter 3 Automotive Aftermarket Industry Insights
3.1 Industry segmentation
3.2 Industry size & forecast, 2016- 2026, (USD Billion)
3.3 COVID-19 impact on industry landscape
3.4 Industry ecosystem analysis
3.4.1 Part manufacturers
3.4.2 Profit margin analysis
3.4.3 Distribution channel analysis
3.4.3.1 Authorized dealers
3.4.3.1 Trade corporations
3.4.3.2 Online platforms
3.4.4 COVID-19 impact on distribution channels
3.4.5 Workshops
3.4.6 End users
3.4.7 Vendor matrix
3.5 Technology & innovation landscape
3.5.1 Paintless dent removal (PDR)
3.5.2 Electronic Diagnosis
3.5.3 Augmented reality
3.6 Regulatory landscape
3.6.1 North America
3.6.1.1 NHTSA
3.6.1.1.1 49 U.S.C. 30118
3.6.1.1.2 FMVSS (49 U.S.C. 30122)
3.6.1.2 CAPA Certification
3.6.1.3 EPA Certification
3.6.1.4 Vehicle parts standards
3.6.2 Europe
3.6.2.1 (EC) NO 1400/2002
3.6.2.2 Whole Vehicle Type Approval
3.6.2.3 ISO 9001 & ISO/TS 16949
3.6.2.4 Germany
3.6.3 Asia Pacific
3.6.3.1 Australia
3.6.3.1.1 Motor Vehicle Standards Regulations 1989
3.6.3.2 China
3.6.3.2.1 New regulatory framework on auto distribution and aftermarket
3.6.3.3 India
3.6.3.4 Japan
3.6.3.4.1 Japan Automotive Products Association (JAPA)
3.6.4 Latin America
3.6.5 MEA
3.6.5.1 Emirates Authority of Standardization and Metrology (ESMA)
3.6.5.1.1 Requirements for spare parts and their suppliers
3.6 Global automotive industry overview,2019
3.6.1 Major automotive trends
3.6.2 Advantages of manufacturing
3.6.2.1 OEM versus aftermarket
3.6.2.2 Opportunities
3.6.2.2.1 Rising e-commerce spending
3.6.2.2.2 Increasing vehicle age
3.6.2.2.3 Smaller vehicles
3.6.2.3 Service market overview
3.6.3 Vehicle parc (on road) statistics
3.6.4 Insurance landscape, by region
3.6.4.1 North America
3.6.4.2 Europe
3.6.4.3 Asia Pacific
3.6.4.4 Latin America
3.6.4.5 MEA
3.6.1 COVID-19 impact on global automotive industry
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 Growing demand for vehicle upgradation along with digitization of distribution channels
3.7.1.2 Increasing vehicle sales of new and preowned vehicles
3.7.1.3 Ageing vehicle fleet along with poor road infrastructure
3.7.2 Industry pitfalls & challenges
3.7.2.1 Adoption of vehicle safety technologies and rising electric vehicle sales
3.8 Growth potential analysis, 2019
3.9 Porter's analysis
3.10 Competitive landscape, 2019
3.9.1 Top players overview, 2019
3.9.2 Strategy dashboard
3.11 PESTLE analysis
Browse related report:
E-commerce Automotive Aftermarket Size By E-commerce Retail (Third Party Retailers, Direct To Customer), By Product (Parts [Braking {Brake Pads, Hydraulics & Hardware, Rotor & Drum}, Steering & Suspension {Control Arms, Ball Joints, Tie Rods, Sway Bar Links, Bushings, Bearings/Seals, Coil Springs}, Hub Assemblies, Universal Joints, Gaskets, Wipers, Filters, Lighting, Spark Plug, Tires], Accessories [Interiors, Exteriors]), By Consumer (B2C, B to Big B, B to Small B), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
https://www.gminsights.com/industry-analysis/e-commerce-automotive-aftermarket
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Automotive Aftermarket size worth over $1,100 Bn by 2026
Automotive Aftermarket size will likely exceed USD 1,100 billion by 2026, according to a new research report by Global Market Insights, Inc.
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Asia Pacific Automotive Aftermarket
SOURCE Global Market Insights, Inc.
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