Automotive Aftermarket to Register Robust Revenue Growth in Coming the Next Ten Years

Global automotive aftermarket share is slated to proliferate at a considerable pace over the foreseeable future, on account of the rising vehicle ownership due to the favorable economic conditions of customers worldwide.
Likewise, the demand for automotive vehicles will observe a dramatic increase in years to come, owing to the escalating sales of pre-owned vehicles. For example, in July 2020, Mahindra First Choice announced an aggressive expansion plan to meet the burgeoning demand for used cars, with plans to add 30 outlets by its pre-owned vehicles arm.
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Currently, the global market has witnessed a significant shift of consumers towards purchasing products from the e-Commerce platforms. Rapid advances in technology to develop automotive parts, coupled with the transformation from the conventional to the digital service channels and interfaces, will provide a positive growth trajectory to the global automotive aftermarket trends over the forecast spell.
As per Global Market Insights, Inc. estimates, the global automotive aftermarket size is expected to cross $1,100 billion by 2026.
In the emerging countries, especially the APAC region, the sub-par road infrastructure standard has led to the wear and tear of motor vehicles, thereby resulting in frequent maintenance and repair activities. Furthermore, industry players deploy modern tools like data analytics and big data to process and store vehicle usage data to drive the value chain efficiency.
Remote diagnostics has become an emerging trend in the automotive industry, as it allows the monitoring of automobile parameters in real-time to examine the quality of its performances and operations. Additionally, mounting number of small-scale service providers & shop owners are entering agreements with the large-scale fleet operators to obtain more contracts for repair and maintenance. These aforementioned factors will contribute to the global automotive aftermarket growth over the forthcoming years.
In terms of segmentation by product, the exhaust replacement parts segment is set to depict a CAGR of around 7% through 2026. The system is exposed to high temperatures as hot air from the combustion engine passes through it. Its major components include muffler, tailpipe, catalytic converter, engine manifold, and engine downpipe.
With regards to the sales outlet spectrum, the global automotive aftermarket from the OEM factory fill segment is poised to exhibit over 4% CAGR through 2026, which is attributable to the increasing consumers’ trust and confidence towards products offered by OEMs. Benefits of using the OEM outlets include long-term warranty and quality assurance. In addition, accelerating usage of e-Commerce and electronic platforms by these providers will further escalate segmental growth.
The ongoing COVID-19 pandemic has posed severe impacts on the global automotive industry, by disrupting the Chinese parts exports, manufacturing process across Europe, and led to the closure of the U.S. assembly plants. Several countries also have imposed strict regulations to ensure vehicle safety, compelling vehicle manufacturers to adopt safety technologies and features like ADAS. These factors, along with the high prominence of autonomous vehicles, may pose major challenges to the steady automotive aftermarket expansion in years ahead.
From a regional perspective, the Europe automotive aftermarket is anticipated to gain remarkable traction in the coming years, due to the high average age for on-road vehicles in the developed European countries.
As per the ACEA (European Automobile Manufacturers Association), the average age of the passenger vehicles in the region increased by 5.71% in 2017 as compared to 2013, resulting in their average age of 11.1 years. This increase in the ageing fleet and the subsequent expansion of the maintenance sector are expected to create ideal growth conditions for the regional industry share over the estimated timeline.
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The competitive landscape of the automotive aftermarket comprises of companies such as ZF Friedrichshafen AG, Federal-Mogul Holdings, BASF, Continental AG, and 3M, among others. These industry players are focusing on expanding their regional presence through M&A, business expansions, new product launches, and other strategies.
Table of Contents of the Report (TOC):
Chapter 1   Methodology & Scope
1.1    Market definition
1.2    Market estimation & working
1.2.1    North America
1.2.2    Europe
1.2.3    Asia Pacific (APAC)
1.2.4    Latin America (LATAM)
1.2.5    Middle East & Africa (MEA)
1.3    Forecast parameters
1.3.1    COVID-19 impact on industry forecast
1.4    Data Sources
1.4.1    Paid sources
1.4.2    Secondary
1.4.3    Primary
Chapter 2   Executive Summary
2.1    Automotive aftermarket industry 3600 synopsis, 2018 - 2028
2.1.1    Business trends
2.1.2    Product trends
2.1.3    Sales outlet trends
2.1.4    Regional trends
Chapter 3   Automotive Aftermarket Industry Insights
3.1    Industry Segmentation
3.2    Industry size & forecast, 2018 - 2028, (USD Billion)
3.3    COVID-19 impact on industry landscape
3.4    Industry Ecosystem Analysis
3.4.1    Parts manufacturers
3.4.2    Profit margin analysis
3.4.3    Distribution channel analysis
3.4.3.1    Authorized dealers
3.4.3.1    Trade corporations
3.4.3.2    Online platforms
3.4.4    COVID-19 impact on distribution analysis
3.4.5    Workshops
3.4.6    End-users
3.4.7    Vendor matrix
3.5    Technology & innovation landscape
3.5.1    Paintless Dent Removal (PDR)
3.5.2    Electronic Diagnosis
3.5.3    Augmented reality
3.6    Regulatory landscape
3.6.1    North America
3.6.1.1    NHTSA
3.6.1.2    CAPA Certification
3.6.1.3    EPA Certification
3.6.1.4    Vehicle parts standards
3.6.2    Europe
3.6.2.1    (EC) NO 1400/2002
3.6.2.2    Whole Vehicle Type Approval
3.6.2.3    ISO 9001 & ISO/TS 16949
3.6.2.4    Germany
3.6.3    Asia Pacific
3.6.3.1    Australia
3.6.3.1.1    Motor Vehicle Standards Regulations 1989
3.6.3.2    China
3.6.3.2.1    New regulatory framework on auto distribution and aftermarket
3.6.3.3    India
3.6.3.4    Japan
3.6.3.4.1    Japan Automotive Products Association (JAPA)
3.6.4    Latin America
3.6.5    MEA
3.6.5.1    Emirates Authority of Standardization and Metrology (ESMA)
3.6.5.1.1    Requirements for spare parts and their suppliers
3.7    Global automotive industry overview
3.7.1    Major automotive trends
3.7.2    Advantages of manufacturing
3.7.2.1    OEM versus aftermarket
3.7.2.2    Opportunities
3.7.2.2.1    Rising e-commerce spending
3.7.2.2.2    Increasing vehicle age
3.7.2.2.3    Smaller vehicles
3.7.2.3    Service market overview
3.7.3    Vehicle parc (on road) statistics
3.7.4    Insurance landscape, by region
3.7.4.1    North America
3.7.4.2    Europe
3.7.4.3    Asia Pacific
3.7.4.4    Latin America
3.7.4.5    MEA
3.7.5    COVID-19 impact on global automotive industry
3.8    Industry impact forces
3.8.1    Growth drivers
3.8.1.1    Growing demand for vehicle upgradation along with digitization of distribution channels
3.8.1.2    Increasing vehicle sales of new and preowned vehicles
3.8.1.3    Ageing vehicle fleet along with poor road infrastructure
3.8.2    Industry pitfalls & challenges
3.8.2.1    Adoption of vehicle safety technologies and rising electric vehicle sales
3.9    Growth Potential Analysis, 2021
3.10    Porter’s Analysis
3.10.1    Buyer’s power
3.10.2    Supplier’s power
3.10.3    Threat of new entrants
3.10.4    Threat of substitutes
3.11    Competitive landscape, 2021
3.11.1    Top players overview, 2021
3.11.2    Strategy dashboard
3.12    PESTLE Analysis
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