Global Automotive Aftermarket is expected to foresee significant growth. APAC to grow at the fastest rate!
- Himanshu Patni
- November 21, 2022
- AUTOMOTIVE
- Automotive Aftermarket, Automotive Aftermarket Growth, Automotive Aftermarket Share, Automotive Aftermarket Size, Automotive Aftermarket Trends
- 0 Comments
The automotive aftermarket is expected to grow at a steady rate of around 5% owing to the surge in commercial and passenger automobile production. The automotive aftermarket provides various services to maintain and keep up the vehicle by providing spare parts of different categories. The automotive aftermarket provides the customers to get the installation of the different vehicle parts as per their needs. The growing demand for spare parts like wheels, axles, headlight components, pistons and piston rings, and engine valve parts are driving the growth of the market. In addition, the replacement of vehicle parts, repair, and maintenance of a vehicle are also part of automotive aftermarket service. Additionally, key stakeholders are concentrating on launching new automotive turbochargers with enhanced features to increase sales and strengthen their position in the highly competitive automotive aftermarket. For instance, in June 2021, MAN energy solutions and Rolls-Royce signed a strategic partnership agreement that will see MAN’s PBST brand distribute state-of-the-art MTU turbochargers. With this partnership, the companies combine their competencies, such as Rolls-Royce’s latest high-fuel efficiency mtu turbocharger technology for high-speed gasoline and gas engine and PBST’s global sale structure for the turbocharger.
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Based on component, the market is segmented into engine parts, drive transmission and steering parts, suspension and braking parts, equipment, electrical parts, and others. The equipment category to witness the fastest growth rate during the forecast period. This is mainly due to the rising demand for vehicle products such as headlights and & headlight components, wipers and washer systems, dashboard instruments, and other vehicle equipment in developing countries. Thus, automotive manufacturers are expected to diversify their products to fulfill the demand of consumers in the automotive aftermarket industry.
On the basis of distribution channel, the market is categorized into offline distribution channel and online distribution channel. Among these, the online distribution channel category is expected to witness the fastest growth rate during the forecast period. This is mainly due to the online distribution channel providing various to attract customers such as several discounts on the products, home delivery of bulky parts and components, and easy payment options.
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For a better understanding of the market adoption of the automotive aftermarket industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at the fastest rate during the forecast period. This is mainly due to the large population inclined towards high-performance and electric vehicles. Moreover, the rise in the purchasing capacity of people is ultimately leading to a high number of production and sales of passenger vehicles across the region, growing disposable income, and surging per capita spending of individuals in the emerging economies of the region is driving the growth of the market. Also, major players in the market continue to invest in this industry. For instance, in April 2021, Lippert Components Inc. announced the acquisition of Kaspar Ranch Hand Equipment, LLC. With this acquisition, Lippert Components Inc.’s aimed to expand its presence in the automotive parts aftermarket.
Some of the major players operating in the market include Continental AG, ZF Friedrichshafen AG, Dana Inc., Robert Bosch GmbH, Valeo SA, Tenneco Inc., Meritor Inc., AISIN SEIKI Co. Ltd., DENSO CORPORATION, HELLA GmbH & Co. KGaA
Global Automotive Aftermarket Segmentation
Market Insight, by Component
- Engine Parts
- Pistons and piston rings
- Engine valves and parts
- Fuel injection systems and carburetors
- Powertrain components and others
- Drive Transmission and Steering Parts
- Gearboxes
- Wheels
- Steering systems
- Axles
- Clutch assembly systems and other parts
- Suspension and Braking Parts
- Brake calipers
- Brake pads
- Suspension systems
- Equipment
- Headlights and & headlight components
- Wipers and washer systems
- Dashboard instruments
- Other equipment
- Electrical Parts
- Starter motors
- Spark plugs
- Electric ignition systems
- Batteries and other parts
- Other
Market Insight, by Distribution Channel
- Offline Distribution Channel
- Online Distribution Channel
Market Insight, by Region
- North America
- US
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
- Continental AG
- ZF Friedrichshafen AG
- Dana Inc.
- Robert Bosch GmbH
- Valeo SA
- Tenneco Inc.
- Meritor Inc.
- AISIN SEIKI Co. Ltd.
- DENSO CORPORATION
- HELLA GmbH & Co. KGaA
