Automotive Aftermarket Industry Growth, Trends Analysis From 2018 To 2023, is latest research report published by “Market Research Future”, Global Automotive Aftermarket Industry to grow at 8.55% CAGR by 2023. Automotive Aftermarket Industry Global Market analyzed by Offering (Parts, Services), Channel (Authorized Repair, Independent Repair), Vehicle Age (0-4 years, 4-8 years, Above 8 years) and Vehicle Type (Passenger Vehicle, Commercial Vehicle) – Forecast till 2023
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Automotive Aftermarket Industry Growth Factors Analysis:
The market has witnessed advancement in the recent years also due to continuous product innovation and increased collaboration activities. Most players are competing on fronts such as quality and cost, which is reflecting favourably on the overall growth of the market. The aforementioned factors are also helping the market players to strengthen their global market position. A huge number of companies currently operate in the automotive aftermarket, with large-sized players collectively commanding over the majority share of the market in terms of revenue. The strong grip of established companies and fierce competition is creating entry barriers for new player.
The two main automotive aftermarket offerings mentioned in the report are parts and services. The scope of the research also covers aftermarket channels such as authorized repair and independent repair. A revenue analysis has also been made on the basis of the vehicle age which include vehicle aged between 0-4 years, 4-8 years and above 8 years. Passenger vehicle and commercial vehicle are the two vehicle types considered for market sizing.
Automotive Aftermarket Industry Regional Analysis:
North America accounts for the most significant region in the automotive aftermarket and is closely followed by Europe and the Asia Pacific. With over a third of the global share, North America is a major contributor to the market with high sales of premium and luxury vehicles which require careful maintenance and upkeep. Moreover, the region possesses a large number of prominent manufacturers, existing aftermarket infrastructure and an affinity toward the adoption of advanced technologies which is driving demand and consequently the growth of the automotive aftermarket.
Automotive Aftermarket Segments Analysis:
The global automotive aftermarket is segmented on the basis of offering, channel type, vehicle age, vehicle type, and region. By offering, the market is segmented into parts and services. The parts segment share accounts for over 50% of the total market and is expected to display the highest CAGR during the forecast period. Parts include tires, brake parts, battery, body & other component parts which have high sales and high demand in the aftermarket due to the upkeep required to ensure these components are functioning at optimally.
By channel type, the market is segmented into authorized repair and independent repair. The independent repair segment accounts for the largest share of the total market and accounts for close to 60% of the total market. Independent repair shops are expected to witness the fastest growth with the highest CAGR during the forecast period due to the expansion activities are undertaken by the players in this segment. Moreover, they are entering partnerships with fleet operators, insurers, and leasing firms in an effort to gain large maintenance contracts across all vehicle segments, thus leading to significant growth for the independent repair segment.
By vehicle age, the market is segmented into 0-4 years, 4-8 years, and above 8 years. The above 8 years segment is the predominant segment with regards to vehicle age and is expected to experience the fastest growth over the course of the review period. Consumers who own vehicles belonging to this age group are more reliant on the aftermarket to keep up optimal maintenance of the vehicle. Moreover, these consumers prefer cost-efficient alternatives and often prefer to visit independent vehicle repair shops for affordable quotes. The above 8 years segment was valued at USD 462.6 billion in 2017 and is expected to reach an approximate evaluation of USD 610.4 billion by the end of 2023.
By vehicle type, the market is segmented into passenger vehicle and commercial vehicle. The passenger vehicle segment accounts for the most significant share of the market and is anticipated to witness the most rapid growth during the assessment period. The availability of disposable income has grown worldwide resulting in the increased demand for passenger vehicles. The global expansion of automotive manufacturers has also significantly improved the growth of the automotive aftermarket.
Table Of Contents:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimatio
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
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