Global Automotive After Market Steady Growth to be Witnessed by 2021
The automotive aftermarket deals in manufacturing, remanufacturing, installation, distribution and retailing of vehicle parts, equipment, chemicals and accessories, after the sale of the automobile to the customer by the OEM (original equipment manufacturer). Automotive aftermarket is responsible for vehicle diagnostics, automotive spare parts and accessories and service workshop concept. In this market customers have the option to choose the offer that best fits their personal criteria and individual requirement. The automotive aftermarket includes all services and parts purchased for light duty and heavy duty vehicles after the original sale. Automotive aftermarket volume is growing rapidly and becoming important to automotive companies due to the higher margins.
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Furthermore, key players are providing innovative services such as mobility and telematics services, which in turn create opportunities to generate revenue and account for growing share of the automotive aftermarket. There is a huge potential for automotive aftermarket in countries such as the U.K, Russia, France, Italy, Spain, China and India. Automobile companies are expanding their business in these countries, which is expected to drive the growth of automobile aftermarket over forecast period.
The automotive aftermarket report contains the global scenario of this market discussing detailed overview and market figures. The research report analyses the industry growth rate, industry capacity, and industry structure. The report analyses the historical data and forecasts the automotive aftermarket size along with key factors driving and restraining the market growth.
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The automotive aftermarket market can be segmented into two major types into channels and vehicle age. The automotive aftermarket can be segmented on the basis of its channel into two major categories namely authorized channels: such as single-brand repair shop & multi-brand repair shop and independent channels: such as franchise workshops, automotive centers, and independent repair shops. On the basis of vehicle age the automotive aftermarket can be segmented into three major categories namely vehicle age 0-4 years, vehicle age 4-8 years and vehicle age over 8 years. The market can also be segmented geographically into North America, Europe, Asia Pacific and Rest of the World (Latin America, Middle East and Africa).
The automotive aftermarket across the globe is expected to show a substantial growth in CAGR, from 2013 to 2019. There is a significant increase in the automotive aftermarket market because it reduces repair and maintenance cost per vehicle.
The key drivers of this market include emerging market in Europe and Asia Pacific, cost advantage and increasing demand for high quality brand, which are biggest revenue generator for the market.The key restraint to this market is legal issues, which is hindering the growth of automotive aftermarket.
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Some of the key players in the automotive aftermarket are ABS Friction Inc., ADVICS North America Inc., Bosch Brake Components LLC, Honeywell, Fritec, Link Engineering and Centric Parts among others.
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