Market Dynamics: Factors Driving Automotive Aftermarket Expansion
(PRUnderground) December 11th, 2023
The automotive aftermarket sector is anticipated to experience substantial growth, reaching an estimated USD 164.58 billion between 2022 and 2027, with a compounded annual growth rate (CAGR) of 6.26%. This market displays fragmentation due to the presence of numerous global and regional players. Notable contributors to the automotive aftermarket landscape include 3M Co., Aisin Corp., Akebono Brake Corp., ALCO Filters Ltd., Aptiv PLC, BASF SE, BorgWarner Inc., Bridgestone Corp, Continental AG, DENSO Corp., Faurecia, HELLA GmbH and Co. KGaA, JK Tyre, and Industries Ltd., LCI Industries, MAP MotoRad Automotive Parts Ltd., NGK SPARK PLUG Co. Ltd., Pioneer Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Tenneco Inc., The Goodyear Tire and Rubber Co., Valeo SA, and ZF Friedrichshafen AG.
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Companies in focus:
- Aptiv PLC provides automotive aftermarket products such as Delphi technologies max start batteries.
- BorgWarner Inc. also offers automotive aftermarket items, including Delphi technologies max start batteries.
- Bridgestone Corp specializes in automotive aftermarket products, particularly passenger tires.
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Geographical classification includes APAC, Europe, North America, South America, and the Middle East and Africa. APAC is projected to contribute 39% to the global automotive aftermarket industry’s growth during the forecast period. The region’s high rate of automobile adoption, particularly in countries like China and Japan, where the number of vehicles on the road is increasing, is a significant factor. Additionally, poor road conditions and inadequate infrastructure in developing economies contribute to excessive wear and tear of vehicle parts, driving increased demand for auto parts.
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Key insights:
- Impactful driver: High adoption of vehicle parts
- Key trend: Growing popularity of aftermarket e-retailing in the automotive aftermarket
- Major challenges: High price sensitivity leading to margin pressure on e-retailers
Market segmentation:
- Vehicle type classification into passenger cars and commercial vehicles. The passenger cars segment is expected to witness significant market share growth during the forecast period. The global demand for passenger cars, including hatchbacks, sedans, and estates, is strong. These vehicles require regular service and maintenance, leading to the replacement of worn-out components with new ones.
For a more in-depth analysis of segment market share, explore the free sample report provided by Technavio Research experts.
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TOC:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Vehicle Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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