Automotive Aftermarket Size By Product (Replacement Parts [Belt, Brakes, Clutch, Electrical Parts, Lighting, Electrical & AC Parts, Exhaust, Filters, Suspensions, Transmission, Wiper Parts], Accessories [Car Exteriors, Car Interiors]), By Sales Outlet (Professional [Quick Lubes, Garages & Service Stations, Automobile Dealerships, Government, Commercial Fleets & Other Professional Outlets], DIY [Discount Department Stores, Auto Parts Stores], OEM Factory Fill ), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Russia, Poland, France, China, India, South Korea, Japan, Indonesia, Thailand, Brazil, Mexico, Argentina, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024

Latest Update: Nov 2018 |  Published Date: Feb 2017 | Report ID: GMI1166 | Authors: Vitika Verma, Amulya Agarwal Report Format: PDF

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Summary Table of Contents Industry Coverage Methodology

Industry Trends

Automotive Aftermarket size valued at USD 990 billion in 2017 and is estimated to exhibit over 5% CAGR from 2018 to 2024.

U.S. Automotive Aftermarket, By Sales Outlet, 2017 & 2024, (USD Billion)
U.S. Automotive Aftermarket, By Sales Outlet, 2017 & 2024, (USD Billion)

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Increasing consumer preference towards improvisations in vehicle performance is a major factor driving the automotive aftermarket growth. Significant enhancements in vehicle engineering including efficient engines, diversified paint coatings, customization alternatives, and various accessories owing to rapid technological advancements will propel the market demand. Higher flexibility in vehicle production and design will provide a positive outlook for the industry growth.

An upsurge in the sales and production along with changing lifestyles and increasing disposable income will enhance the automotive aftermarket share. Shifting automotive trends including modified & aesthetically appealing cars, weight reduction, and improved security will support product penetration over the forecast period. In addition, a substantial growth in the travel & tourism sector resulting in an increased average distance driven per vehicle will further promulgate the automotive aftermarket expansion.

A positive outlook for the automotive industry along with the rise in auto components manufacturing will significantly fuel the product demand. Growing awareness of consumers pertaining to the safety, periodic maintenance, add-on services including the installation of exterior & interior accessories, convenience, and exhaust components will fuel the business expansion. In addition, improved services including 24/7 breakdown assistance and extended warranty covers will further proliferate the industry size.

Growing penetration of several e-commerce platforms is bolstering online sales, leading to easier availability of vehicle parts leading to frequent purchases by consumers. For instance, in 2017, Amazon reached over USD 1.4 billion in the automotive sales from its aftermarket division, that is giving an intense competition to the traditional auto part retail chains. Hence, Amazon is creating a USP by providing products at lower prices with better convenience and disrupting the overall industry. Moreover, E-Bay is also improvising its operations by connecting the end users through new business models.

Automotive Aftermarket, By Product

Accessories showcased a significant growth rate at over 6% from 2018 to 2024 owing to the rising consumer demand for the repair and customizable parts. Interior accessories segment is the fastest growing segment owing to the substantial rise in the sales number of pickup trucks and passenger cars. Moreover, the surging demand for passenger cars such as mid-size, compact, luxury, and premium will proliferate the exterior division in the accessories segment.

Replacement parts accounted for over 85% revenue share in 2017. Increasing average vehicle ownership duration for used and new vehicles along with an upsurge in the e-commerce trade will augment the automotive aftermarket proliferation. In addition, increasing presence of numerous service providers in the automotive industry coupled with long-term service warranties will proliferate the overall segment growth.

Automotive Aftermarket, By Sales Outlet

Do It Yourself (DIY) accounted for the fastest growing segment with approximately 6% CAGR owing to the effective costs coupled with significant consumer passion for automobiles. Further, industry participants are involved in offering innovative easy to use car repair kits that plays a major role in increasing the share till 2024. Additionally, increasing per capita income and corporate profit levels coupled with increased sales of new and used automotive aftermarket parts and accessories.

Garages and service station segment is anticipated to witness notable growth rate at around 5% over the projected timeframe. This includes company authorized service stations and workshops which holds a prominent distribution right from companies for distribution of their products. These service stations provide a series of maintenance procedures, which are carried out when a vehicle has travelled a certain distance. These intervals for servicing depend on the type of vehicle. Increasing necessity for engine tuning, replacement of air filters, spark plugs, fuel filter, engine oils, car washing, and lubricating & greasing with aging of vehicles are driving the segment growth.

OEM factory fill was valued at over USD 85 billion in 2017 owing to the increasing consumer preferences towards automotive parts provided by the OEM players. Key benefits including improved quality, long-term warranty coverage, and a wide range of alternatives in choosing the parts will augment the automotive aftermarket size. In addition, factors such as ease of parts replacement, reliable distribution, durability, system compatibility, and adequate customer support will further provide a positive outlook for the overall segment growth.

Automotive Aftermarket, By Region

Asia Pacific automotive aftermarket industry is expected to witness fastest growth at more than 5% CAGR to 2024 owing to increasing consumer preference for high performance and aesthetics for their vehicles. This will create a positive business outlook for distributors who offers high-performance solutions including brakes, suspensions & transmission, or high-end audio systems. South Korea is among top-10 market for overall U.S. parts exports and imports valued at over USD 2.9 billion annually.

North America automotive aftermarket accounted for the maximum revenue share at over 30% in 2017. The market is driven by the increasing new vehicles production coupled with enhanced performance of old vehicles, which are still in use. Ongoing technological innovation in the automotive sector will create new opportunities for the companies in the industry to grow globally. Rise in the sales of electric vehicles, hybrid vehicles, and gas-based vehicles pertaining to shifting interest toward energy-efficient vehicles, fueling the product penetration. Increasing customization of vehicles, digitization, demand for Bluetooth devices, and other accessories are driving the industry in the U.S. and Canada. Improved fuel economy likely to increase the average miles driven by a customer. This has led to more wear and tear in vehicle parts, thus augmenting the demand for automotive aftermarket products.

Competitive Market Share

The major players in the automotive aftermarket include 3M Company, Continental AG, Delphi Automotive, Federal Mogul, Robert Bosch GmbH, Denso Corporation, ASIMCO Technologies Ltd., and ACDElco. Other notable players include Copper Tire and Rubber Company, Shandong Zhengnuo Group Co. Ltd., and ALCO Filters. Industry participants are engaged in partnerships and joint ventures for increasing their market share. For instance, in January 2017, Continental AG entered a strategic alliance with Nexteer Automotive for introducing innovative steering solutions and advanced driver assistance solutions for the market.

Industry Background

Automotive Aftermarket Segmentation

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The automotive aftermarket is mainly concerned with the manufacturing, distribution, retailing, and installation of automotive spare parts and components, after the vehicle sale from the OEMs to the consumers. Factors such as crash repair, wear and tear are supporting aftermarket components demand. Consumer preference for aftermarket parts compared to the original manufacturer parts owing to lower costs is likely to boost revenue generation. Additionally, the easier availability of the components at lower costs across multiple retail stores is further supporting the industry proliferation till 2024.

Introduction of computer aided, and lean manufacturing techniques is supporting the industry expansion over the projected timeframe. Further, the usage of eco-friendly tools and machines complying with stringent government regulations is further supporting the industry expansion over the study timeframe.



What Information does this report contain?

Historical data coverage: 2013 to 2017; Growth Projections: 2018 to 2024.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

Premium Report: Details

Pages: 200
Tables: 254
Charts / Figures: 9
Companies covered: 25
Countries covered: 18

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