Automotive Aftermarket Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2029

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Automotive Aftermarket Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2029

Status : February, 2021 | Automotive

Report Digest

Automotive Aftermarket Market: Overview

The automotive aftermarket has been constantly making strides driven by the adoption of new business models and several key consumer shifts. The value chain is vast and dynamic. It spans from various automotive replacement part suppliers to service enablers. Key replacement parts are battery, tire, brake parts, body parts, filters, lighting, electronic components, exhaust components, and wheels. Suppliers catering to the demand of these parts have been expanding the array of accessories and lubricants to keep the automotive aftermarket market lucrative.  Rise in adoption of hybrid electric vehicles has enabled players to chart a new growth trajectory in the automotive aftermarket market.

The advent of 3D printed automotive parts in the aftermarket has expanded the canvas of opportunities in the automotive aftermarket market. Some of the key distribution channels are retailers and wholesale and distribution (W&D) segments.

Automotive Aftermarket Market: Competitive Analysis and Key Developments

The study on the automotive aftermarket market offers a detailed assessment of the competitive landscape and recent shifts and disruptions. The analysts have provides a scrutiny of how new technologies are stimulating the change of strategic goals for prominent aftermarket players. Also, the study highlights recent trends in consumers’ preferences that will compel top companies in the automotive aftermarket market to reassess their strategic position, particularly to keep garnering a steady revenue shares in emerging markets.

There seems to be a large threat for automotive aftermarket market players as new players may come from unexpected zones, particularly in established markets of North America and Europe. Also, digital players and intermediaries will try to disrupt the competitive landscape. Aspiring players in the automotive aftermarket market will consolidate their shares by foraying into electric vehicles segments. Top players see a substantial and steady profit by leveraging e-commerce channels.

Automotive Aftermarket Market: Key Trends

The increasing penetration of digital channels is expected to benefit automobile owners and other consumers, reason having to do with increased in price transparency. Rise in use of big data has increased the use cases of customer data, thereby boosting the automotive aftermarket market. The growing demand for differentiated offering among fleet customers has unlocked a promising prospects in the market. Advent of next-gen vehicles compelled by the electrification of powertrain has spurred a new demand potential for service providers in the automotive aftermarket.

The growing adoption of autonomous vehicles has spurred the demand for aftermarket replacement parts more frequently than ever, since the products are complex and has shorter maintenance cycle. The automotive aftermarket market is likely to see vast revenue stream on the back of expanding network of software and EV component manufacturers, including through digital channels.

However, a key constrain is the complexity of using software that has become an integral part of aftermarket hardware advancement. This will call for the need for the generation of new skill sets. Over the years, players especially OEMs in the automotive aftermarket market has realized the significance of becoming customer-centric. Hence, they are targeting specific customer segments that align best with their strategy.

Automotive Aftermarket Market: Regional Analysis

North America and Europe have become mature markets. The rise in growth of opportunities has slowed down, mainly due to different consolidation forces at work. The rapid pace of consolidation will result in less scope for traditional players. But, digital natives may make a foray challenging the status quo of top players in these regional markets. Such trends define the landscape in the automotive aftermarket market.

Asia Pacific is expected to offer opportunities to players in the global market at a rapid pace. The rise in prospects is backed by the sheer rate of penetration of hybrid vehicles and electric vehicles in several countries, notably India and China.  

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?