Automotive aftermarket is referred to as the secondary market of automotive industry. This aftermarket is concerned with retailing, manufacturing, remanufacturing & installation of all vehicle equipment, chemicals, and spare parts.
Ocean View, DE -- (SBWIRE) -- 04/08/2020 -- Automotive aftermarket is referred to as the secondary market of automotive industry. This aftermarket is concerned with retailing, manufacturing, remanufacturing & installation of all vehicle equipment, chemicals, and spare parts. The aftermarket covers parts for collision, replacement, appearance, and performance, after the sale of the automobile by the OEM to consumer. It also provides a variety of parts of varying prices and qualities for nearly all vehicle models in the market.
Growing preference for advanced driver assist system in vehicles may fuel automotive aftermarket. Expanding e-commerce industry has captured a wider customer base with tons of options. The automotive aftermarket is selling products through e-commerce platforms to provide diverse range of vehicle equipment and accessories online to customers, which is likely to further change industry trends over the coming years. Automotive aftermarket is expected to cross USD 1,430 billion mark by 2026.
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Ongoing efforts to digitize existing service channels is expected to present new growth opportunities in automotive aftermarket. Market players are leveraging advanced analytics and big data to store and process vehicle usage data for optimizing the value chain. They are using vehicle data like mileage observations and degree of wear & tear to precisely generate and product maintenance schedules.
Taking 2019 for instance, Autodata launched maintenance and service data of existing as well as new vehicle models. This data consists of technical information, TPMS information and wheel alignment data.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Bridgestone Corporation
2. Denso Corporation
4. Continental AG
5. Delphi automotive PLC
7. Faurecia SA
8. Magneti Marelli SpA
9. Robert Bosch GmbH
10. Aisin World Corp. of America
12. Magna International
13. Johnson Control, Inc.
14. Hyundai Mobis
15. Yazaki North America
16. Lear Corporation
17. BASF SE
18. Cooper Tire & Rubber Company
19. 3M Company
20. Akebone Brake Corporation
21. Federal Mogul Corporation
Remote diagnostic is a major emerging trend in the automotive services industry. It allows vehicle manufacturers to monitor automotive parameters in real-time and helps ensure that its performance follows regulatory standards. Moreover, small-scale shops are signing agreements with fleet operators to gain additional contracts for maintenance services.
Considering the sales outlet, the OEM factory fill segment is expected to drive significant growth on account of increasing consumer inclination towards the installation of vehicle components manufactured by OEM players. This can be attributed to several benefits offered by these outlets like quality assurance and longer warranty coverage. Companies are increasingly developing cost-effective products and online platforms to tap a major consumer base.
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On the regional front, Europe is expected to offer lucrative growth opportunities to automotive aftermarket. The average age for on-road vehicles in Europe have been increasing from the last decade. As per ACEA (European Automobile Manufacturers Association), in 2017, the average age of passenger vehicles in the European Union rose to 11.1 years, an increase of around 5.71% compared to 2013. This could significantly fuel the demand for automotive aftermarket in the region.
Numerous governments across the globe have enforced strict vehicle safety norms that require manufacturers to incorporate novel safety technologies like ADAS in vehicles. Consequently, the surging deployment of ADAS in vehicles is resulting in a decreasing number of vehicle collisions. Moreover, the increasing trend of self-driving cars is expected to restrain automotive aftermarket growth in the forthcoming years.
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