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