Global Automotive Aftermarket Report 2020: Resilience From an Aging Vehicle Parc, Complemented By Digitization of the Value Chain to Usher in Post-pandemic Revival

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Sep 11, 2020, 18:30 ET

DUBLIN, Sept. 11, 2020 /PRNewswire/ -- The "Digital Business Models Mitigating COVID-19 Implications on Global Aftermarket Performance in 2020" report has been added to ResearchAndMarkets.com's offering.

This study evaluates the trajectories of global economic recovery in the aftermath of the pandemic and elucidates the medium-term impact of muted demand and supply on aftermarket revenues for 2020.

Taking the long-term view, the study also underscores growth opportunities and evolving business models that, if leveraged on, will aid the aftermarket's resurgence when the global economy is restored to pre-pandemic levels.

Although automotive sales had slackened in 2019, resilience from the global vehicle stock was expected to fuel growth opportunities for aftermarket stakeholders in 2020. With disruptions to businesses from fears of contagion snowballing into an economic crisis the world over, the aftermarket will also have to pull through its share of headwinds.

According to this analysis, aftermarket revenue expanded by 4.1% in 2019. This was largely driven by a 3.2% growth in vehicles in operation, with the contraction in global gross domestic product (GDP) growth stifling consumer expenditure on new vehicle purchases. Slowdown in new vehicle sales also meant increased focus on the aftermarket from all stakeholders, more so from the OES channel, to sustain business at the dealer level by offering new vehicle services. This translated into the development of newer partnerships and evolution of newer channels to the market.

For 2020, the publisher had initially forecast a 4.0% growth in aftermarket revenues, with India and China leading the growth. The COVID-19 pandemic has put paid to these hopes, and the global automotive aftermarket will have to pull through headwinds that will result in the industry posting a de-growth, ranging between 4.9% and 11.6%, depending on the nature of the ensuing economic recovery across regions.

Research Highlights

To ascertain the impact of the COVID 19 pandemic on aftermarket revenues across regions and part categories
To understand how the aftermarket ecosystem is responding to mitigate the impact of the pandemic on businesses
To determine the trajectory of post-pandemic recovery across regions and segments
To highlight the upcoming business models that will see adoption in the wake of the pandemic

Key Issues Addressed

What are the main factors that will drive and restrain the size of the global automotive aftermarket in 2020?
How will the virus' impact on the general macroeconomic performance translate into the global automotive aftermarket business?
How does the effect of the pandemic on aftermarket performance vary from region to region?
What is the region-wise outlook for emerging growth opportunities such as digitization and sanitization services against the backdrop of the pandemic?
Which companies are likely to gain the first-mover advantage in the recovery phase owing to early reorientation in their existing business models?

Key Topics Covered:

1. Changing Business and Economic Scenario

COVID-19 Impact on World GDP Growth
COVID-19 Impact on Key Regions and Countries
Economic Stimulus Across Virus Hit Economies
COVID-19 Impact on Industries

2. Global Automotive Aftermarket Outlook

2019 in Numbers - Key Highlights
2019 in Trends - Key Highlights
2020 in Numbers - Key Predictions
2020 in Trends - Key Predictions
Impact of Covid-19 outbreak on the Global Aftermarket
Global Light Vehicle in Operation
Global Aftermarket Revenue Market Size Potential
Global Aftermarket - Impact Analysis
Global Automotive Vehicle Parc Average Age
Average Annual Vehicle Miles Travelled (VMT)
Global Aftermarket Outlook 2020 Overview

3. Future of Aftermarket

Key Implications on Automotive Aftermarket
Stakeholder-level Impact and Opportunity Assessment
Impact of COVID-19 on Key Demand Influencers
Key Trends Emerging in the Aftermarket After COVID-19 in the Global Market
Digital Opportunity Business Model 1: Digital Adoption for Sale of Online Parts and Accessories
Digital Opportunity Business Model 2: Online Marketplaces
Digital Opportunity Business Model 3: On-demand Services Open Up Another Digitized Installer Channel
Health Wellness and Wellbeing Products for IAM

4. Region-wise 2020 Aftermarket Outlook

2020 Aftermarket Outlook - North America
2020 Aftermarket Outlook - Europe
Implications of Mot-related Extension (UK)
2020 Aftermarket Outlook - Latin America
2020 Aftermarket Outlook - India
2020 Aftermarket Outlook - China
Chinese Aftermarket Revival in Motion

5. Growth Opportunities

Growth Opportunity 1: E-retailing of Replacement Parts and Accessories, 2019
Growth Opportunity 2: Service Aggregation for Vehicle Repair and Maintenance, 2019
Growth Opportunity 3: On-demand Vehicle Services Models to Answer Customer Fears Around Contamination Fear in Workshops
Growth Opportunity 4: Demand for Health Wellness and Wellbeing Parts and Accessories Will Create Niche Product Categories

6. Companies to Action

7. Appendix

2020 Aftermarket Outlook: Understanding Scenarios
2020 Aftermarket Outlook: Factors in Consideration
Lockdown Details Considered in Demand Estimation Revision
Impact of Covid-19 on Global Crude Oil Demand
Fuel Demand and Covid-19 Impact in India
Exhibit 8: Global Smartphone Penetration - Driver for Aftermarket Digitization

8. Appendix: Growth Pipeline Engine

For more information about this report visit https://www.researchandmarkets.com/r/qalf8k

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