Automotive Aftermarket Industry 2019 – Forecast to 2023

Market Research Future has published a cooked research report on the Global "Automotive Aftermarket Industry".

Overview:

The global automotive aftermarket industry is expected to post a CAGR of 4.40% and attain a valuation of USD 1,023.4 Bn by the end of the forecast period of 2017-2023, reveals Market Research Future (MRFR) in a detailed study. The global automotive aftermarket industry was valued at USD 800 Bn in 2018.

Consumers are exhibiting greater interest in aftermarket automotive components due to the transparent nature of the aftermarket industry. Aftermarket industry offers repairs and replacements at reduced parts along with the liberty to choose services as per their requirements at a much more affordable price which has resulted in higher consumer affinity towards aftermarket components. Motivated by increased consumer inclination towards aftermarket, automotive OEMs are aggressively expanding their aftermarket activities to secure core business and strengthen their position in the market which has been a major driver for the growth of the global automotive aftermarket industry. Additionally, the rise in a number of aged vehicles has initiated demand within the global automotive aftermarket industry. Vehicle more than the age of 8 years induce heightened demand for the service segment. Furthermore, increasing vehicle density, especially in the emerging economies of the globe present lucrative growth opportunities to the global automotive aftermarket industry. Product innovation and increased collaboration activities have further consolidated the growth of the market. Digitization within the automotive industry such as telematics and fleet management systems is expected to open up new growth avenues for the global automotive aftermarket industry. Other factors which are likely to enhance the growth of the market include automation of workflow and parts logistics and the growing popularity of digital channels. However, the growth of the global automotive aftermarket industry might face a slowdown due to improving part quality, e-mobility, and price pressure.

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Segmentation:

The global automotive aftermarket industry has been segmented based on offering, channel type, vehicle age, and vehicle type.

By offering, the automotive aftermarket industry has been segmented into parts and services. The parts segment accounts for more than 50% share of the global market and is likely to exhibit the highest CAGR over the forecast period. Automotive parts such as battery, body, brake parts and others experience high demand as they are required to ensure optimal functionality.

By channel type, the global automotive aftermarket industry has been segmented into authorized and independent repair. The independent repair segment accounts for the largest share of almost 60% of the global market. The independent repair segment is expected to be the fastest growing segment over the forecast period.

By vehicle age, the global automotive aftermarket industry has been segmented into 0-4 years, 4-8 years, and above 8 years. The above 8 years segment is the largest segment and is expected to garner the highest CAGR over the forecast period. Vehicles above the age of 8 years are highly reliant on aftermarket to maintain optimal performance. The above 8 years segment is expected to attain a valuation of USD 610.4 Bn by the end of the forecast period.

By vehicle type, the global automotive aftermarket industry has been segmented into passenger vehicle and commercial vehicle. The passenger vehicle segment is the largest segment and is likely to witness the highest CAGR over the forecast period. Rise in disposable income on a global scale has increased the sales of passenger cars.

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At Market Research Future (Mrfr), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (Crr).