Worldwide automotive aftermarket market is anticipated to reach around US $519.2 billion by the year 2026 , according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
Based on the key findings of the report, the tire segment had dominated the global automotive aftermarket market with respect to revenue, in the year 2017. In the same year, North America held the majority share in the worldwide market.
According to the report, rapid expansion of the global automotive industry, coupled with growing average age of vehicles, are significantly propelling the growth of the automotive aftermarket market. Rising awareness among consumers about proper maintenance & repair of vehicles supports market growth. The market has been gaining traction by virtue of higher need for long distance travel, changing lifestyles, and technological enhancements in telematics technologies. Developing consumer demographics, new evolving markets, and online sales are slated to enhance the upcoming growth prospects of the market.
The global automotive aftermarket market is immensely competitive, wherein vendors supply products & services essential for the maintenance and repair of a wide array of trucks, cars, buses, and vans.
The latest study involves a detailed scrutiny of the global automotive aftermarket market, taking into consideration the vital market dynamics, drivers, as well as the present & future trends. The report further expounds several market restraints and prospects that influence the scope of commercialization of this business space over the forecast period. In addition, the report involves a comprehensive industry analysis dealing with Porter’s five forces – the degree of competition, bargaining power of buyer, threat of new entrant, bargaining power of supplier, and threat of substitute.
Based on the product spectrum, the worldwide automotive aftermarket market is segmented into wheels, tire, exhaust components, lighting, battery, body parts, telematics, accessories, and others. The report cites that the tire segment will lead the global market throughout the predicted period. Researchers claim that the demand for radial tires has escalated on account of their higher durability, low rolling resistance, and superior service.
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Depending on the vehicle type, the global market is bifurcated into two broad segments passenger vehicles and commercial vehicles. The report also mentions details about the sales channels of the automotive aftermarket market, which is split into OEMs (original equipment manufacturers), professional service stations, and others.
On the basis of the geographical outlook, the worldwide automotive aftermarket market can be fragmented into five major regions – North America, Europe, Latin America, Middle East & Africa, and Asia Pacific. According to the data compiled by market analysts, the Asia Pacific market is poised to expand at the highest CAGR throughout the estimated timeframe. The regional growth can be attributed to the economic development in the APAC countries including India and China which has resulted in enhanced living standards and high disposable incomes of the people. Moreover, the expansion of multinational players into these nations, with the aim to tap market potential, will further support market growth. Other factors impacting regional expansion include favorable regulations and poor road infrastructure in emerging countries like India and Pakistan.
Leading automotive aftermarket market contenders profiled in the report are Johnsons Controls Inc., Royal Dutch Shell Plc, Exide Technologies Inc., Denso Corporation, Delphi Automotive Plc, Goodyear Tire & Rubber Company, 3M Company, Magneti Marelli S.p.A, Cooper Tire & Rubber Company, and Robert Bosch GmbH, among others. These companies are focusing on joining forces with other market spearheads and innovating new products, in a bid to meet the growing needs of consumers.