Automotive aftermarket industry to cross $ 1 trillion mark


New York, June 16, 2021 (GLOBE NEWSWIRE) – Automotive Aftermarket Industry Snapshot: According to a comprehensive research report from Market Research Future (MRFR), Automotive aftermarket industry – Information by, by channel, by vehicle age, by vehicle type and by region – Global forecasts until 2027 ” The market is expected to cross $ 1 trillion by 2027. It can exhibit a growth rate of 4.40% over the forecast period (2020-2027).

Market scope

The need for drivers to improve the performance of vehicles in terms of appearance, speed, sound and mileage can significantly boost the market demand. A large number of car owners in the United States and Europe, coupled with compliance with changing standards by regulators, may bode well for the market.

Automakers seeking to expand their revenue streams have ventured into the market. Increased auto sales and the integration of digitally tuned devices can boost market demand. Online channels are seen as a source of great components and manufacturers are investing in websites and opening channels on e-commerce sites to be part of the customer experience. The preference for personal vehicles as a mode of transportation and a small vehicle span due to difficult driving attitudes and collisions can be opportunistic for the automotive aftermarket industry.

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Major Key Players in Automotive Aftermarket Covered Industry are:

  • Continental AG (Germany)
  • Aisin Seiki Co. Ltd. (Japan)
  • Robert Bosch GmbH (Germany)
  • 3M (United States)
  • Valéo (France)
  • Denso Corporation (Japan)
  • Magneti Marelli SpA (Italy)
  • Cooper Tire & Rubber Company (United States)
  • Sumitomo Electric Industries Ltd. (Japan)
  • Federal-Mogul Corporation (United States)
  • Aptiv PLC (UK)

Browse in-depth market research report (100 pages) on Automotive Aftermarket Industry

Segmentation analysis

By offering, the auto parts segment is expected to dominate the market during the forecast period. Strong sales of tires, batteries, brake pads and other components bode well for the segment.

By channel, the authorized channel segment can take the lead in the automotive aftermarket industry. This is attributed to the number of franchises associated with OEMs established in major cities to meet customer demand for maintenance and repair work. Certified auto parts are tested for defects and certified by organizations known to be true substitutes.

By vehicle age, the above 8 year segment is poised to generate maximum revenue for the market during the forecast period. Owners of cars belonging to the segment rely on repair and maintenance shops for the maintenance of their vehicles. The preference of independent vehicle repair shops for accurate quotes may bode well for the segment.

By vehicle type, passenger vehicles are expected to dominate the aftermarket industry. This is attributed to soaring levels of disposable income in developing and developed economies.

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Regional analysis

North America is poised to dominate the global market due to the presence of automotive solution providers and automotive players. Emphasis on reducing exorbitant maintenance and repair costs and establishing facilities in developing economies can boost regional market growth. The consumption of tires and auto parts is expected to be observed during the forecast period. The advent of online channels and the power of digital marketing have been harnessed by businesses to make sales.

Europe is expected to be the second largest market for the global automotive aftermarket industry due to increased spending on luxury cars and the presence of reputable car manufacturers. The strong demand for light and durable vehicles may present new opportunities in the market.

Global Automotive Aftermarket Market Growth Driven by Demand for Genuine Parts or Accessories

The global automotive aftermarket industry is expected to experience massive growth due to the sales of passenger and utility vehicles. The increased purchasing power of customers and the availability of loans at affordable interest rates have boosted vehicle sales and, in turn, contributed to the growth of the market. Replacing auto parts and maintaining existing vehicles can significantly boost market demand. But the COVID-19 epidemic has been a long-term spoiler. Manufacturers have turned to online channels or created their own online site to meet customer demands.

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Market segmentation covered by research:

Information by offer (parts, services), by channel (authorized repair, independent repair), by vehicle age (0-4 years, 4-8 years, over 8 years) and by vehicle type (passenger vehicle, vehicle sales) and region (North America, Europe, Asia-Pacific and rest of the world)

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