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Global Automotive Aftermarket Market Size, Share, Growth, Analysis Forecast to 2023

Mar 20th 2020 at 6:45 AM

Market Synopsis:

The global automotive aftermarket market is garnering much eminence owing to their effective service to keep the vehicles to their optimum level and fit for the road. This assurance is to get the automotive aftermarket market exceed a valuation of USD 1000 billion by 2023 with a CAGR of 4.40% during the forecast period (2018-2023). Market Research Future (MRFR) in their latest report on the automotive aftermarket market disclosed the possibilities that can change the course of future action.

Factors to impact the automotive aftermarket market are the surge in business for the OEMs, hike in disposable income, product innovation, better telematics and fleet management system, and digitization. These factors are impacting both the automotive industry and aftermarket service as customers prefer their cars in optimum state to avoid any accidents on road. But e-mobility and price pressure can detract the market from having a good run in the coming years.

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The global automotive aftermarket industry has been segmented by MRFR for their report on the same based on offering, channel type, vehicle age, and vehicle type.

Based on the offering, the automotive aftermarket industry includes parts and services. The parts segment has more than 50% share of the global market under its coverage and is projected to garner the maximum CAGR over the revies period. This would happen due to the demand to ensure optimal functionality of vehicles.

Based on the channel type, the global automotive aftermarket industry includes authorized and independent repair. The independent repair segment covers 60% of the global market. The segment is also expected to top the CAGR chart over the forecast period.

Based on the vehicle age, the global automotive aftermarket industry incorporates 0-4 years, 4-8 years, and above 8 years. The above 8 years segment has the maximum hold and is expected to rise with the highest CAGR over the assessment period. Vehicles belong to the last category relies heavily on the aftermarket to offer optimal performance. The segment could reach and cross USD 610.4 Bn valuation by the end of 2023.

Based on the vehicle type, the global automotive aftermarket industry includes passenger vehicle and commercial vehicle. The passenger vehicle segment leads the charge with higher market value and possibilities of attaining greater CAGR during the forecast period.

Regional Analysis:

Geographic segmentation of the global automotive aftermarket market, as done in MRFR report, can be segmented into Europe, Asia Pacific (APAC), North America, and the Middle East & Africa (MEA).

North America’s rise in the global market is marked by the high ratio of car and individual owner. The region is benefiting much from the burgeoning passenger car section. The U.S. is at the helm as high investment capacity, presence of several car manufacturers, significant growth opportunities, and revamping of the automotive sector are expected to boost its market presence. Other countries such as Mexico and Canada are also showing substantial opportunities.

Europe is in the second position as the trend of reuse is getting much prominence in the region. At the same time, Europe is known to house some of the finest car manufacturers of the world which is bound to impact the global automotive aftermarket market.

Competitive Landscape:

Companies gaining ground in the automotive aftermarket market are Aisin Seiki Co., Ltd. (Japan), 3M (U.S.), Robert Bosch GmbH (Germany), Schaeffler AG (Germany), Federal-Mogul Corporation (U.S.), Cooper Tire & Rubber Company (U.S.), ACDelco, Inc. (U.S.), Magneti Marelli S.p.A. (Italy), Aptiv PLC (U.K.), Valeo (France), Denso Corporation (Japan), MAHLE GmbH (Germany), Continental AG (Germany), ZF Friedrichshafen AG (Germany), and Sumitomo Electric Industries Ltd. (Japan). MRFR enlisted these companies for a better understanding of how the trends in the market are taking shape. These depends mostly on the latest developments, on a strategic scale, made by these companies.

In May 2019, Pitstop announced a collaboration with Continental with a USD 1.5 million seed financing that would better their prognostic platform for vehicle failure predictions and aftermarket services.

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