Published Date: Oct 2019 | Report ID: GMI1166 | Authors: Kiran Pulidindi, Hemant Pandey
Automotive Aftermarket size valued at USD 923.1 billion in 2018 and will grow at a CAGR of 5.5% from 2019 to 2026.
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Automotive aftermarket, frequently referred to as secondary market, manufactures and supplies spare parts, accessories and other components for various automobiles. Aftermarket industry provides services such as repair and maintenance for the vehicles. It is highly consumer driven and undergoing changes with evolving consumer expectations, technological advancement and changing dynamics. Shifts in competitive power in emerging economies contribute to transforming the industry landscape periodically. New technology in terms of innovative components and logistics are set to reduce gap between OEM and aftermarket offerings.
Surging pre-owned vehicle sales in turn help propel the repair and maintenance side of the automotive market, for improved vehicle performance. Growing middle class population in conjunction with increasing purchasing power is driving the vehicle sales and providing potential opportunities for aftermarket part manufacturers and supply chain providers. Ageing vehicle fleet, along with growing demand for replacement parts will further escalate the revenue generation in next few years.
Usage of sensor technology in vehicles provides optimum driving behavior that leads to less wear and tear of vehicle parts including brakes and tires. This reduces the replacement requirement that may hamper the automotive aftermarket industry growth. Ongoing R&D for new materials to decrease the deterioration wear and tear of vehicle parts that limit the product penetration. For instance, in March 2019, UBC Okanagan, University of Toronto and Sharif University of Technology developed self-lubricant brakes for cars. The carbon fiber-infused polymer-based brake are expected to provide high performance over wide range of temperatures with smaller brake pads and higher performance life.
|Base Year:||2018||Market Size in 2018:||923.1 Billion (USD)|
|Historical Data for:||2016 to 2018||Forecast Period:||2019 to 2026|
|Forecast Period 2019 to 2026 CAGR:||5.5%||2026 Value Projection:||1,430.5 Billion (USD)|
|Pages:||254||Tables, Charts & Figures:||278|
|Geographies covered (18):||U.S., Canada, Germany, UK, Russia, Poland, France, China, India, South Korea, Japan, Indonesia, Thailand, Brazil, Mexico, Argentina, South Africa, Saudi Arabia|
|Segments covered:||Product, Sales Outlet, Region|
|Companies covered (25):||Lear Corporation, BASF SE, YAZAKI Corporation, Cooper Tire & Rubber Company, ALCO Filters Ltd, Continental AG, Bridgestone Corporation, Delphi automotive PLC, Denso Corporation, Hella KGaA Hueck & Co, 3M, Akebono Brake Corporation, Federal-Mogul Holdings LLC, Shandong Zhengnuo Group Co., Ltd, ASIMCO, ACDelco, Faurecia USA Holdings, Inc, Magnetic Marelli, Robert Bosch GmbH, Aisin Seiki, Hyundai Mobis Co., Ltd, Johnson Controls, Toyota Motor Corporation, ZF FRIEDRICHSHAFEN AG, Magna International, Inc.|
|Pitfalls & Challenges:||
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