Automotive Aftermarket Industry Trends 2018 & Forecast to 2024
Date: 2018-09-03   Author: Ronak Bora  Category: #market

Automotive Aftermarket Industry Trends 2018 & Forecast to 2024

Automotive Aftermarket Industry is led by replacement parts accounting for over USD 350 billion in 2015. These parts are used as replacement over original auto parts after wear & tear, damage or reduction in vehicle performance.

Expansion in e-commerce market coupled with increasing online sales for replacement parts will drive the automotive aftermarket industry growth. Legal concerns including patent and copyright infringement may restrain the market growth.

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Increased necessity for travelling along with improved standard of living has enhanced the average distance travelled by vehicles. Rising need for repairs & replacement of auto parts due to this increased travelling will drive the automotive aftermarket industry growth.

Growing automotive industries coupled with rise in manufacturing facilities for vehicle parts will propel the market growth. Increasing preference for vehicle safety, comfort, periodic maintenance and improving efficiency will drive the revenue growth.

Shift in trend towards vehicle customization to enhance the vehicle function and aesthetic look among customers are the fuelling factor of the automotive aftermarket industry growth. Increasing vehicle wear & tear rates due to poor road constructions particularly in emerging economies has enhanced the demand for replacement parts.

Stringent government regulations to minimize carbon emission has encouraged the need for automobile maintenance. Rising demand to enhance quality and lifespan of vehicles has encouraged replacements of older vehicle parts with new and authentic auto components.

Technological advancement in telematics coupled with rise in usage of plastics to reduce automobile weight will propel the product demand. Moreover, add-on services including installation of auto components, internal & external accessories and 24/7 customer support are the factors positively influencing product penetration.

Professional channel dominates the market with market  around USD 300 billion in 2015. Increased provision for the after-sale services offered by the auto manufacturer will fuel automotive aftermarket industry.

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North America automotive aftermarket industry was valued more than USD 165 billion in 2015. Large presence of consumer base as well as manufacturing facilities will drive the business growth.  Moreover, extensive research and development activities and rapid technological developments in the region will drive the product demand.

Europe, dominated by Germany, Russia and UK automotive aftermarket will witness growth over 4% up to 2024. Growing number of manufacturing and service outlets is likely to provide lucrative opportunities for market growth in the region. Stringent government regulations on fuel efficiency has increased the demand for maintenance and repairs among the customers.

Asia-Pacific, led by India and China was valued around USD 90 billion in 2015. The region is the fastest growing automotive aftermarket industry owing to increasing automotive sales coupled with rising population. High workforce, easy availability of land and economic resources will further foster the product scope.

Global automotive aftermarket industry is moderately fragmented owing to the presence of several local and international players. 3M, Delphi, Denso, Robert Bosch, ASIMCO, Akebone Brake Co, Magneti Marelli and Continental AG are some of the major industry players. Other notable participants include Federal Mogul, ALCO Filters and Cooper tires and Shandong Zhengnuo Group.  

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.


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