NEW YORK, March 27, 2017 /PRNewswire/ -- The Global Automotive Aftermarket to Grow at a CAGR of 8% by 2022.
The global automotive aftermarket is estimated to witness a growth at a CAGR of 8% over the period from 2016-2022.
This substantial growth in the market is accredited to the robust global base of vehicle fleet, which is constantly widening, thereby generating more demand for aftermarket parts and components. The stricter fuel-efficiency laws and government regulations imposed in some countries to improve global safety, reduce environmental pollution and emission of hazardous gases, decrease energy and fuel consumption, improving anti-theft performance, and augment the demand for performance components and specialty aftermarket accessories and equipment. With the widening global base of the automotive fleet, a rise in the number of accidents/collisions is also witnessed, for which an imperative need for aftermarket products arises.
The report is a compilation of different segments of global automotive aftermarket including market breakdown by type and geography. It also includes sections on competitive insights and market dynamics. Herein the revenue generated from the segments by type is tracked to calculate the market size, by each type and for each country, along with a detailed explanation how they are shaping the market.
The report titled "Global Automotive Aftermarket, Analysis and Forecast 2016-2022; Focus on Powertrains, Chassis & Safety, Body & Interior and Tires" covers various segments by type, as well as region wise dynamics and developments.
This report details include:
- The type of aftermarket products are divided into four categories viz. powertrains, chassis & safety, body & interior and tires. The market dynamics of these products have been restricted to the organized sector at the manufacturer level.
- Regional Developments- The revenue split by geography has been listed, each seen to be supported by a number of factors, from the development of the automotive and aftermarket industry in certain countries to top performing countries in these geographies. The different dynamics in the geographies is seen to be governed by the average age of the vehicles in that country, the economy (GDP, etc.), the import and export data and the government policies and regulations in the country with respect to the automotive industry.
- While highlighting the key driving and restraining forces for this market, the report also provides a comprehensive section of certain trends followed by the automotive aftermarket. It also details some of the key participants involved in the industry. The company profile section includes highlights of significant information about the key companies involved along with their financial positions, key strategies, & developmental activities of recent years. The strategy used most often for developing a better hold on the market has been through product launches, followed by agreements, collaborations and partnerships, which also helps them spread their areas of operation, geographically. Some of the key players are Continental AG, Denso Corporation, Delphi Automotive, ZF-TRW, Hitachi, Mitsubishi Electric, WABCO, NSK Ltd. etc.
- European Union generated the maximum revenue in the year 2015 followed by North America and Asia. Asia is expected to grow at the fastest CAGR in the forecast period, followed by EU and North America. The industry is expected to cross $700 billion in its market value by the end of forecast period.
The report answers the following questions about the global automotive aftermarket:
- What is the global automotive aftermarket size is in terms of revenue from 2015-2022?
- What are the different segments of the automotive aftermarket by type, along with their global revenue realization?
- What is the revenue generated by different countries in the automotive aftermarket industry?
- What are the major factors affecting the growth of the market along with the current and future trends in the automotive aftermarket?
- What are the different factors driving the market in the forecast period?
- What are the factors challenging the growth of global automotive aftermarket?
- Who are the different participants in the global automotive aftermarket?
- What kind of initiatives and programs are undertaken by governments and related agencies globally to attain more acceptance for the industry products?
- Which region will lead the global automotive aftermarket by the end of the forecast period?
The automotive aftermarket is the secondary market of the automotive industry, one of the most well-established industries of its kind, globally. It comprises every replacement, detailing, customisation, done to the vehicle once it is sold. The market covers all the segments from manufacturing and remanufacturing of the vehicle parts, accessories and components to their distribution and retailing to finally installing and/or repairing them. The automotive industry itself is a trillion dollar recording the sales of vehicles around ~74 million vehicles in 2015, which creates enormous opportunities for the automotive aftermarket parts and services.
The global automotive aftermarket is forecast to grow at a healthy CAGR of 8% as improved global economic conditions prompt consumers to buy new vehicles and replace older vehicles with new fuel-efficient models are growing in the market.
As the automotive aftermarket is growing, the average age of vehicles has been increasing, along with original equipment manufacturers globalizing their base. The aftermarket business fetches 5-6% of its revenue through e-tailing channels, and the percentage share will continue to rise in future due to convenience, cheaper prices, variety of options available to the customers.
The aftermarket has been tracked and estimated by type and geography. The aftermarket by type, can be further segmented into powertrains, chassis and safety, body and security and tires. The market has also been estimated for growth in each of these segments with individual CAGR and y-o-y growth rates, factors driving the growth and impeding it, along with government regulations and policies and other initiatives associated with the market dynamics.
The demand for these products are fulfilled by many major players, some of them being Continental AG, Federal Mogul, ZF-TRW, WABCO, Infineon AG, Hitachi, Bosch, Denso Corporation, Delphi, Continental AG, Magna International, NSK Ltd., Akebono Brake, and Brembo S.p.A., which have been profiled in detail. All of these companies deal in one or multiple of the products of the aftermarket. These companies are driving the industry with continuous business expansions, mergers and acquisitions, partnerships and products. The major geographies covered are North America- U.S and Canada; Asia- China & India, Europe- U.K. & Germany, and ROW- Brazil.
A thorough geographical analysis has identified and predicted European Union to be currently the largest market for automotive after-parts and components, at the manufacturer level of the organized sector, globally. Asia, is predicted to grow at the fastest CAGR, with China and India as the major contributors in the predicted increase. All these are strongly dependent on the number and average age of vehicles on road, stringent government regulations and policies, developmental activities, economic conditions of the country, and the import and export data along with government support.
The report provides complete revenue generation estimation (2016-2022) for selected countries within each geography and their individual dynamics for the revenue to grow by each type of product viz, powertrain, chassis & safety, body & interior and tires.
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