Global Market for Automotive Aftermarket
Dublin, July 20, 2022 (GLOBE NEWSWIRE) -- The "Automotive Aftermarket - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Automotive Aftermarket Market to Reach $542.1 Billion by 2026
Amid the COVID-19 crisis, the global market for Automotive Aftermarket estimated at US$438.8 Billion in the year 2020, is projected to reach a revised size of US$542.1 Billion by 2026, growing at a CAGR of 3.6% over the analysis period.
Increasing vehicle population, higher vehicle life expectancy and longer car retention continue to fuel growth in the global automotive aftermarket.
Growing percentage of electronic content in automobiles coupled with modern consumers` proclivity to in-car infotainment technologies provides ample opportunities for growth. Automotive electronics such as night-vision devices, global positioning systems (GPS) and reverse and parking-assist systems will become popular targets for market expansion. Increasing customer expectations, technological innovations and growing competition are among the factors driving industry expansion.
More and more OEMs can be seen penetrating into the aftermarket. Increasing consumer awareness pertaining to periodic maintenance, safety, installation of new interior and exterior accessories, convenience and add-on services would also fuel business expansion. The online platform for sales of automotive components would also become more popular in the coming years. Online platforms would enable customers to compare prices and product features prior to the purchase decision.
Mechanical Products, one of the segments analyzed in the report, is projected to grow at a 3.2% CAGR to reach US$228 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Exterior & Structural Products segment is readjusted to a revised 3.1% CAGR for the next 7-year period.
This segment currently accounts for a 18.7% share of the global Automotive Aftermarket market. Bad road conditions and rise in automotive accidents generate demand for tires, rims, and other mechanical products associated with the wheel assembly. Vehicle exterior and structural products such as laminated windows and glass are some of the most common products that are enhanced with advanced versions.
The U.S. Market is Estimated at $118.8 Billion in 2021, While China is Forecast to Reach $98.5 Billion by 2026
The Automotive Aftermarket market in the U.S. is estimated at US$118.8 Billion in the year 2021. The country currently accounts for a 26.61% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$98.5 Billion in the year 2026 trailing a CAGR of 6.3% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.9% and 2.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.9% CAGR while Rest of European market (as defined in the study) will reach US$104.4 Billion by the end of the analysis period.
The aftermarket in North America will witness increased demand for accessories that meet customers` desire for comfort and appearance i.e. custom seats, mats, hands-free phone kits, Bluetooth car kits, and auto-repair tools.
In Europe, on the other hand, product solutions that enhance the performance and agility features of vehicles, such as, steel-belted radial tires will witness the highest adoption.
In emerging countries, strong automobiles demand would drive growth of automotive aftermarket. Government regulations in these regions are also pressurizing auto component manufacturers to come up with environmentally friendly and highly efficient components.
Electrical Products Segment to Reach $93.9 Billion by 2026
The aftermarket represents a large and lucrative market for electrical products such as batteries, alternators, and lighting, among others. The expanding base of on-road vehicle population provides a steady stream of vehicle flow into the aftermarket for upgrades and replacements.
The growing demand among consumers to upgrade their lighting systems for enhanced aesthetic appeal and function also creates demand for electrical connections and accessories for lighting systems in the aftermarket.
MARKET TRENDS & DRIVERS
Large Global Base of Vehicle Fleet Offers Potential Opportunities for Aftermarket Products
With Consumers Preferring to Keep their Vehicles for Longer Periods, Market Opportunities Remain Rife
Anticipated Rise in New Car Sales to Shore Up Demand for Aftermarket Enhancements in the Coming Years
Automotive Aftermarket Industry Influenced by Prevailing Diverse Trends
Dynamic Changes on Several Fronts in the Store
As OEMs Embrace Customer-Oriented Approach, Dynamics in Aftermarket Market Likely to Change
Autonomous Vehicles & ADAS to Impact Uptake of Aftermarket Products
Autonomous Vehicle Commercialization & Technology Penetration Timeline
Battery Electric Vehicles to Influence Prospects of Parts Aftermarket
Predictive Maintenance: New Norm in the Automotive Aftermarket Market
High Passenger Car Density in Developed Regions Spurs Opportunities
Growing Lenience Towards Small Affordable Cars in Developing Markets Bodes Well
New Technologies Keep Aftermarket Players on Their Toes
Pre-Owned Cars & Auto Leasing Drives Growth
Bad Road Conditions & Rise in Automotive Accidents Generate Demand for Aftermarket Parts
Rising Consumer Awareness on Vehicle Maintenance Boosts Market Prospects
DIY Customers Lending Traction to the Market
Market Attributes for Auto Parts in DIY Segment
Growing Demand for DIFM Services Turn Service Providers into Target Customers for Aftermarket Products
Aftermarket Products Made in Asia Gain Importance in Global Market
With Low Price Tag, Asian Make Aftermarket Products Sustain Momentum
Emphasis on Product Innovation & Advancements Augurs Well
Remanufactured Aftermarket Parts & Components Gain Prominence
Remanufactured Starters & Alternators Continue to Find Significant Demand
Green House Gas Emissions (in kgCO2-eq) by Type of Manufacturing Activity: Remanufacturing with Secondary Material, New Production with Secondary Material, Remanufacturing with Primary Material and New Production with Primary Material
Waste Generated (in Kgs) by Type of Manufacturing Activity: Remanufacturing and New Product Manufacturing
Breakdown of the Real and Resorted Value of Material, Labor, Energy and Plant & Equipment (in %) for New Product and Remanufactured Product
Demographic Trends to Underpin Future Revenue Growth
Urban Sprawl: Prominent Driver for Automotive Industry & Aftermarket Market
Middle Class Segment Emerges as Major Consumer Group
A REVIEW OF SELECT PRODUCT SEGMENTS
Mechanical Products: Dominant Product Category
Aftermarket Radiators Segment Witnesses Robust Demand
Aftermarket Brake Shoes & Brake Pads Market: A Review
Regulatory Guidelines Dictate Material Selection in Brake Friction Products
Focus on Light-Weight and Non-Toxic Friction Material
Ceramic Brake Pads Make their Way into the Market
Concerns Over Automotive Emissions Steer Demand for Aftermarket Air Filters
Cabin Air Filters Replacement Demand Also Means Easy Money for Service Providers
Technological Advancements: Spearheading Growth
Finer Separation Designs with Reduced Energy Consumption Come to the Fore
Nanotechnology Powered Air Filters to Gain Attention
A Look into Aftermarket Fuel Pumps Market
Stringent Emission Regulations Drive Regular Electric Fuel Pumps Replacements
Aftermarket Gear Shifters & Drives Find Considerable Demand
Aftermarket Electronic Products: High Growth Segment
Vehicle Electronification Trend to Intensify the Demand for Aftermarket Automotive Electronics in the Coming Years
Connected Cars Solidify the Relevance of Integrated Electronic Parts
Robust Opportunities in On-Board Aftermarket Infotainment & Electronic Systems Vertical
Desire to Replace Obsolete Audio Systems Driving Demand for New Age Replacements
Integrated Entertainment Devices Growing in Popularity
In-Car Streaming Radio: A Promising Segment
Entertainment Becomes Punchier With Aftermarket Infotainment Systems
Global Automotive Infotainment Systems Market (2019): Percentage Share Breakdown of OEM & Aftermarket Segments
Aftermarket Automobile Navigation Systems Gain Popularity
Aftermarket GPS Systems Commands Increasing Usage in Fleet Management
Aftermarket GPS Car Security Systems: Getting Smaller and Simpler
Vehicle Security Systems: Auto Producers Storm into Aftermarket Security Systems Market
Aftermarket Exterior & Structural Products: Driven Mostly By Tires
Aftermarket Tires: Prominent Category
Retreaded Tires Grow in Popularity in Aftermarket
Vehicular Wiper Systems: Advanced Sensors Augment Usability
Wiper Blades: Main Replacement Component
Universal Fit Aftermarket Wiper Systems Grow in Popularity
Growing Demand in DIY Segment
Pricing: The Main Competitive Variable for Aftermarket Wiper Systems
Factors Influencing Wiper Purchases in Aftermarket - on a Scale of 1 to 10
Growing Preference for Integrated Systems
Aftermarket Rear Wiper Systems: Untapped Opportunity in Low Cost Car Segment
Rise in Demand for Quieter, Lighter and Cleaner Windshield Systems
Aftermarket Electrical Products: Batteries Remain Extremely Relevant
Dominance of Automotive Lead Acid Battery Remains Even More Clear in Aftermarket Market
New Age Cars to Drive Battery Replacement Demand
Advanced Vehicular Lighting Systems Augment Aftermarket Demand
Product Developments & Technology Innovations to Continue in Aftermarket Liging Systems Vertical
Aftermarket Motor Oil, Fluids & Additives: A Compulsion for Healthy Operation of the Vehicle
Emission Regulations Accelerate Adoption of High-Quality Aftermarket Lubricants
Engine Oils: Major Revenue Generators
Recycled Oils Score Over Virgin Oils
Products Specifically Developed for and Used by Specific End Users
Additives Continue to Make Gains
Aftermarket Appearance Chemicals Seek Opportunities
Luxury Cars: Primary Target Segment for Appearance Chemicals
Growing Investments on Vintage & Classic Cars Augurs Well
Counterfeit Products Pose a Threat to the Market
Casual Attitude of Customers Towards Replacement of Parts
Extended Life of OEM Engine & Transmission Systems Hampers Growth
Extended Warranties Hinder Prospects of Independent Service Providers
New & Advanced OEM Fittings Threaten Aftermarket Opportunities
Longer Drain Times Quell Demand for Lubricant Refills
Lower Crankcase Capacities too Reduce Quantity of Lubricants & Oil Consumption
Automotive Aftermarket: A Definition
Automotive Aftermarket Product Segments
Key Channels of Distribution
Auto Parts Glossary
FOCUS ON SELECT PLAYERS (Total 186 Featured)
Akebono Brake Corporation
American Axle & Manufacturing, Inc.
ASIMCO Technologies Limited
Compagnie Generale des Etablissements Michelin
Cooper Tire & Rubber Company
Delphi Technologies PLC
Goodyear Tire & Rubber Company
Grupo Kuo, S.A.B. de C.V.
HELLA KGaA Hueck & Co.
Hyundai Mobis Co. Ltd.
Kumho Tires Co., Inc.
Pirelli & C. S.p.A.
NGK Spark Plug Co., Ltd.
Prestone Products Corporation
Robert Bosch GmbH
Yokohama Rubber Co., Ltd.
ZF Friedrichshafen AG
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