December 19, 2019
According to a new report titled ‘Automotive Aftermarket Size By Product (Replacement Parts [Belt, Brakes, Clutch, Electrical Parts, Lighting, Electrical & AC Parts, Exhaust, Filters, Suspensions, Transmission, Wiper Parts], Accessories [Car Exteriors, Car Interiors]), By Sales Outlet (Professional [Quick Lubes, Garages & Service Stations, Automobile Dealerships, Government, Commercial Fleets & Other Professional Outlets], DIY [Discount Department Stores, Auto Parts Stores], OEM Factory Fill ), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026’ available at MarketStudyReport.com, the global automotive aftermarket size is predicted to be worth USD 1,430 billion by the year 2026.
Surging demand for repair & maintenance services due to increasing average age of on-road commercial as well as passenger vehicles will drive future automotive aftermarket trends. Poor quality of road infrastructure, particularly in developing regions, leading to increased wear & tear in automobile components which is stimulating the market growth.
In addition, ongoing efforts to digitize the service channels will present opportunities for business growth. Market players are leveraging advanced analytics and big data to store and process vehicle usage data, resulting in an optimized value chain. Remote diagnostics 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 is in compliance with regulatory standards. Leading companies are using vehicle data such as mileage observations and degree of wear & tear to precisely predict and generate maintenance schedules.
Several governments around the world have enforced strict vehicle safety regulations which require manufacturers to incorporate advanced safety technologies such as ADAS in vehicles. Consequently, the growing deployment of ADAS in vehicles is resulting in decreasing number of vehicle collisions. Surging trend of self-driving cars is anticipated to slightly impede automotive aftermarket growth over the forecast timeframe.
OEM factory fill segment is projected to experience healthy growth owing to growing consumer inclination towards installation of vehicle components manufactured by OEM players. This can be attributed to different benefits offered by these outlets such as quality assurance and longer warranty coverage. Industry players are increasingly using online platforms and developing cost-effective product portfolio to gain consumer traction.
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Notably, exhaust system in vehicles is exposed to extremely high temperature as the air from the combustion cavity escapes through it. Different components of the exhaust are engine downpipe, engine manifold, catalytic converter, tailpipe, and muffler. Steady and uniform distribution of high temperature is needed to ensure greater life of these components. The report cites that exhaust subsegment is expected to register steady growth over the analysis timespan.
Some of the major industry participants in automotive aftermarket are ZF Friedrichshafen, Continental AG, Federal-Mogul Holdings, BASF, and 3M. Leading companies are adopting merger & acquisition strategies and exploring collaboration opportunities to gain a competitive edge.
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