– March 17, 2022 —
Competitive Analysis
The Automotive aftermarket Industry witnesses significant strategic approaches, such as collaboration, mergers & acquisitions, expansion, and technology launch. Leading industry players make strategic investments to drive research and development activities and expansion plans.
For instance, recently, on Aug.13, 2020, The B’laster Corporation (the US), a leading global provider of lubricant products, announced the acquisition of AC Avalanche Division from TSI Products to leverage added product offerings to build on its strong foundation with our customers. The acquisition of AC Avalanche strengthens the company’s portfolio of automotive aftermarket brands and doubles its revenue.
The company’s product line includes brake cleaner, chain & cable lubricant, air tool conditioner, corrosion stop, degreaser, fuel injector cleaner, small engine tune-up, and part washer solvents. AC Avalanche manufactures recharging systems for automotive air conditioners.
Key players involved in the market are Continental AG (Germany), Robert Bosch GmbH (Germany), Aisin Seiki Co., Ltd. (Japan), 3M (US), Denso Corporation (Japan), Valeo (France), Magneti Marelli S.p.A. (Italy), Sumitomo Electric Industries Ltd. (Japan), Cooper Tire & Rubber Company (US), Aptiv PLC (UK), and Federal-Mogul Corporation (US), among others.
According to Market Research Future (MRFR), the global automotive aftermarket industry is poised to create a valuation of USD 1,000 billion by 2030, registering a 4.40% CAGR during the estimated period. Technological upgrades, new product developments of many aftermarket parts, and the spurring rise in the automotive sector act as significant tailwinds benefitting the automotive aftermarket growth.
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Additionally, the rise in global economy OEMs and MRO service outsourcing are major driving forces driving the automotive aftermarket industry. Also, the rising warehouse distributors and stores of automotive aftermarket substantiate the market growth. Increasing numbers of automotive part manufacturers and the rising consumption of automotive parts in MROs across the automotive industry push the growth of the market.
Moreover, the augmenting demand for lightweight automotive parts influences the market growth. The COVID-19 outbreak severely hit the automotive aftermarket industry. Manufacturers faced a number of problems ranging from obtaining raw materials to attracting workers from quarantines to delivering end products. Strict lockdown mandates halted production facilities and forced several manufacturers to cut down on their production output.
However, the automotive aftermarket industry is rapidly returning to normal, witnessing the steadily increasing demand. The market demand would pick up further following the uplift of the lockdown in many countries.
The global automotive aftermarket industry is growing at a rapid pace, mainly due to the rising sales of automobiles and demand for OEM technologies. Besides, the market growth attributes to the burgeoning automotive sector worldwide and rising economic growth. Moreover, increasing vehicle maintenance & repairing costs drive the growth of the market, offering an attractive prospect for new car sales and aftermarket business.
Segmentation
The automotive aftermarket industry is segmented into offering, channel, vehicle age, vehicle type, and region. The offering segment is bifurcated into parts and services. Of these, the automotive parts segment derives the largest market share remaining highly lucrative throughout the forecast period.
The channel type segment is sub-segmented into authorized repair and independent repair. Of these, authorized repair remains the largest channel type. The segment would maintain its leading position throughout the assessment period. The vehicle age segment is bifurcated into 0-4 years, 4-8 years, and above 8 years. Of these, 0-4 years is the largest vehicle age segment estimated to remain highly profitable during the review period.
The vehicle type segment is categorized into passenger vehicles and commercial vehicles. Of these, the passenger vehicle segment is expected to continue to outperform throughout the assessment period.
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Regional Analysis
North America leads the global automotive aftermarket industry. The largest market share attributes to the strong presence of key industry players and major automakers. Besides, major auto component and auto-solution providing companies in the region boost the market size.
Moreover, the augmenting demand for innovative IT solutions and emphasis on minimizing skyrocketing maintenance & repair costs drive the growth of the regional market. The region demonstrates high growth potential, increasing production capacities, which foster market growth. The North American automotive aftermarket industry is predicted to garner tremendous gains over the forecast period.
Europe stands second in the global automotive aftermarket market. The presence of well-established automotive sectors drives the market, the growing purchasing power of consumers, and increased spending on luxury cars drive the regional market growth. Furthermore, the significant demand for lightweight and fuel-efficient vehicles in the region propels the market growth.
With its flourishing automotive companies and advanced technologies, Germany holds the leading share in the regional market, followed by Italy, Spain, France, Germany, and the UK. Furthermore, the penetration of new technologies and inventions in automotive OEMs provides a massive impetus to the market’s growth. The European automotive aftermarket industry is projected to emerge as a profitable market over the assessment period.
The Asia Pacific automotive aftermarket industry is heading with the burgeoning automotive sectors in the region. Additionally, growing advances in technologies and rise in the automotive OEM sector propel the regional market. China is the largest automotive aftermarket industry in the region, followed by India. The APAC automotive aftermarket industry is predicted to grow with a phenomenal CAGR during the review period.
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