Automotive Aftermarket Market Scope
The automotive aftermarket is going in dramatic changes by evolving customer expectations and competitive power. These variations provide the shape of their customers, automotive suppliers, and another aftermarket. The technological developments are expected to disrupt the automotive aftermarket over the next 5 to 10 years. The growth rate of the automotive aftermarket industry is expected to grow at a rate of 3% per annum through 2030. China will become the major driver in the growth of the automotive aftermarket due to the aggressive enhancement of OEMs into aftermarket activities and digitization of channels. The major issue faced by aftermarket suppliers is their ability to survive in the future due to the lack of aftermarket value chain.
The market study is being classified and major geographies with country level break-up.
The market is fragmented by key vendors who are focusing on production technologies, improving efficiency and shelf life. Growth opportunities can be captured by tracking the ongoing process improvement and financial flexibility to invest in optimal strategies. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Automotive Aftermarket market throughout the predicted period.
3M Company (United States), Continental AG (Germany), Delphi Automotive PLC (Ireland), Denso Corporation (Japan), Federal-Mogul Corporation (United States), Magneti Marelli S.p.A. (Italy), Eaton (Ireland), Robert Bosch GmbH (Germany), McKinsey & Company (United States) and Cerasis (United States) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are American Industrial Co. (United States), Goodyear Tire & Rubber Company (United States) and Cooper Tire & Rubber Company (United States).
AdvanceMarketAnalytics has segmented the market of Global Automotive Aftermarket market by Type, Application and Region.
On the basis of geography, the market of Automotive Aftermarket 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).
Market Leaders and their expansionary development strategies
In Jan 2019, Osram announced to acquire Ring Automotive to enhance its portfolio in the aftermarket sector. This adds classic automotive lighting and other product range. Through this company also enhance the distribution channels across the United Kingdom.
In May 2019, Castrol India Limited announced the partnership with 3M to bring market-leading vehicle care products to the automotive aftermarket. Through this partnership, Castrol enters into USD 200 million vehicle care market in India, by developing approaching new business models in the automotive landscape.
- Rapid Adoption of New Technologies Such As Big Data and Advanced Analytics for both Revenue and Cost Sides
- High Growth in Digitization of Channels Such As E-Commerce, Raising the Price Transparency for the Customers
- Growing Importance of Fleet Customers Require Differentiated Service Offerings
- The emergence of Next-Generation Vehicles Such As Green Consciousness, Autonomous Driving, Connected Vehicles
- Increase the Average Age of Vehicles
- High Growth in Gas and Hybrid Cars among Electrical Vehicles
- Lack of Strategic Focus and Skills and Insufficient Digitization Resources
- High Cost of Maintenance
- Rapid Changes in Consumer Behaviours
- Future Replacement Rates
- High Impact of Low-Cost Country Imports
Key Target AudienceVenture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Automotive aftermarket Providers, Government Regulatory and Research Organizations and End-Use Industries
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Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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