25 Oct 2018: The global Automotive After-Market valuation is expected to cross USD 486.36 billion by 2025. Automotive after-market is driven by factors such as rise in buyers’ awareness regarding routine maintenance, convenience, and safety along with add-on services such as internal and external accessories and exhaust components. In addition, change in lifestyle and the need for commuting long distance travels leads in average distance driven per vehicle. The market witnesses numerous opportunities in form of availability of variants for spare parts and accessories. Automotive after-market, however, encounters negative setback in form of stringent policies by government, dearth of labor, and loopholes in record retrieving systems for older vehicles.
Automotive industry is enormous in Western Europe, Eastern Europe, Russia, China, and India. The market is witnessing significant changes along with growing importance not only for brand new cars but also in the after-market domain. Customers’ expectation, technological growth, automotive suppliers, and shifts in competitive power help in revamping and development of automotive aftermarket. Emerging markets seem to create new needs for after-market industry and simultaneously, the market players may encounter challenges such as rising pace of consolidation, particularly in European counterparts and U.S. On the other hand, automotive suppliers operate in a highly stable environment to face a new type of competitive pressure from other players at alternate stages of after market value chain. Market trends such as major shifts in after-market industry coupled with technological upgrade at periodic intervals prove to be game-changing factors for major players to maintain a strong market position.
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The automotive after-market segmentation includes product, replacement, distribution channel, sales outlet and geography. Replacement type comprises tire, battery, brake parts, filters, lighting, electronic components and body parts. Tire segment is expected to account for higher growth in the forecast period. Distribution channel segmentation includes retailers and wholesalers. Retailers segment would account for dominant position in the forthcoming period.
Geographical segmentation for automotive after-market spans North America, South America, Europe, Asia-Pacific, Middle East and Africa. North American automotive after-market is driven by factors such as rise in advanced technology for fabrication of auto parts and upsurge in automobile production leading to rise in sales. South American market expects to gain a higher CAGR owing to rise in accumulation of older vehicles resulting in repair and service.
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Asia-Pacific’s automotive after-market expects to gain a positive traction owing to rise in automotive developments and use of digital technology for automotive. In addition, wide presence of automotive manufacturers coupled with favorable policies is contributing to the market growth. Rise in disposable income coupled with increased spending capacity is likely to add to the market growth in the forthcoming period. European automotive after-market is expected to witness a substantial growth in the forthcoming period due to rise in infrastructural development coupled with stringent policies by government along with rise in foreign investments.
Middle East and African regions are likely to gain a higher growth in the forthcoming period due to growth in foreign investments, rise in vehicle population along with favorable policies by government. The key players in the automotive after-market include 3M Company, Delphi Automotive PLC, Denso Corporation, Continental AG, Federal-Mogul Corporation, Magneti Marelli S.p.A, and Robert Bosch GmbH.
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