About Automotive Aftermarket part market
The automotive aftermarket encompasses the secondary market of the automotive industry, involving the production, refurbishment, distribution, sale, and installation of vehicle components, tools, chemicals, and accessories subsequent to the initial sale by the original equipment manufacturer (OEM). The automotive aftermarket is undergoing a significant transformation fueled by several pivotal drivers. With vehicles staying on the roads longer, there's a heightened demand for replacement parts and maintenance services, propelling the aftermarket sector's growth. Furthermore, the increasing desire among consumers to personalize their vehicles has resulted in a surge of aftermarket accessories, spanning from performance enhancements to aesthetic alterations. Advancements in technology, notably within electric vehicles and connected car solutions, are reshaping the aftermarket scene, paving the way for inventive products and services. Additionally, the focus on sustainability has opened doors for eco-friendly aftermarket solutions like recycled components and hybrid conversions, offering new avenues for businesses. This evolving landscape presents abundant opportunities for enterprises to meet diverse consumer demands, pioneer new technologies, and leverage the escalating interest in aftermarket goods and services.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
CAGR | 4.4% |
Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Automotive Aftermarket part market market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Alpine Electronic, Inc.(Japan), Auto Zone ,Inc.(United States), Bridgestone Corporation,(United States), Continental AG,(Germany), Denso Corporation,(Japan), Ford Motor Company,(United States), Harman International,(United States), Hella KGaA Hueck and Co.(Germany), Hyundai Mobis,(South Korea), Michelin,(France), Osram Licht AG,(Germany) and Panasonic Corporation,(Japan) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Nippon Seiki Co .Ltd.(Japan), Continental AG (Germany), DENSO corporation (Japan), Panasonic Holding Corporation (Japan), Foryou Corporation (China), Yazaki Corporation (Japan) and Valeo (France).
Segmentation Overview
AMA Research has segmented the market of Global Automotive Aftermarket part market market by Type (Battery, Tire, Filters, Brake Parts, Turbochargers, Body parts, Wheels and Others) and Region.
On the basis of geography, the market of Automotive Aftermarket part market has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. Retailers will boost the Automotive Aftermarket part market market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
- Developing markets and regions are gaining prominence in the aftermarket sector thanks to a surge in vehicle ownership and growing levels of disposable income. and - As self-driving vehicle technology progresses, the aftermarket industry will have to evolve by providing specialized services and components tailored for these automobiles.
Market Growth Drivers:
- Ongoing advancements in automotive technology consistently create fresh openings in the aftermarket industry. and - Many consumers favor the cost-effective options provided by the aftermarket to keep their vehicles in good condition rather than investing in pricier original manufacturer replacements.
Challenges:
Costumers trust the authenticity and quality of auto parts and accessories sold online be challenge. and Auto part companies need managing their inventory to deal with large number of SKUs and stock level that constantly Fluctuate.
Restraints:
The aftermarket industry's intense competition, where numerous brands compete for market dominance, can present challenges for smaller companies striving to carve out a space amid larger, well-established players.
Opportunities:
Expanding Vehicle population. and Increase in older Vehicles on the road.
I
Key Target Audience
Auto parts and Components Manufactures, Auto service Providers, Raw Material Suppliers, Investment Banks, Government Bodies and Regulating Authorities and End Users (Automotive Industry, Ecommerce Industry, and Consumers)
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.