Automotive Aftermarket size in APAC to grow over 6% CAGR by 2024; led by China, India and Thailand

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Automotive Aftermarket to exceed 680 billion by
2024 Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights from Automotive Aftermarket

• Favorable FDI policies in developing countries
  has led to increasing number of manufacturing
  plants. Additionally, rising customer base of
  international market players across the globe
  along with increasing number of service centers
  are the driving factors for the automobile
  aftermarket industry growth.
• Legal issues regarding patent and copyright
  infringement are restraining factors to
  automotive aftermarket industry. Increasing
  on-road vehicle usage coupled with rising vehicle
  average age are the key factors driving the
  global automotive aftermarket demand. Tires,
  electrical parts and brakes are among the highest
  revenue generating parts accounting for over 50
  of total revenue generated from replacement part
  segment.
• Growing demand from replacement components, owing
  to more usage of older vehicles in Latin America
  will drive the product penetration. This is due
  to more than 50 of the vehicles in Mexico are
  older than 10 years.

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Continued...

• Europe led by Germany, UK and France will witness
  more than 4.5 growth. Large presence of original
  equipment manufacturers along with regional
  players will drive the regional demand. Stringent
  government regulations for improving fuel
  efficiency will result in frequent maintenance of
  older vehicles should fuel the market demand.
• Easy replacement parts availability accompanied
  by ease in operations like changing oil, tires,
  mirrors with minimum requirement of tools are
  driving the DIY sales outlet market size. Mexico
  is one of the major exporters of the vehicle
  replacement components particularly for the U.S.
  with favorable import policies will positively
  influence the automotive aftermarket demand.
• Global automotive aftermarket industry share is
  highly fragmented. The key market players include
  Denso Corporation, Magneti Marelli, Continental
  AG, Akebone Brake Corporation, 3M Company, Cooper
  Tire and Rubber Company.

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U.S Automotive Aftermarket Size, by Product,
2013-2024 (USD Billion)

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360 Analysis

• Product Analysis
• Accessories are used to improve appearance,
  performance and safety function of vehicle parts.
  These includes parts like graphics, spoilers,
  wings, styling seats and alloy wheels. Upsurge in
  demand for aesthetically pleasant and comfort
  feature in vehicle is expected to drive the
  accessories market segment of automotive
  aftermarket industry.
• Regional Analysis
• Europe, led by Germany, UK and Russia will
  witness CAGR over 4 up to 2024. Large customer
  base coupled with presence of OE manufactures are
  key factors driving regional market demand.
  Increasing number of authorized service providers
  along with rise in industry participants will
  result increased competition in this region.
• Competitive Market Share
• Global automotive aftermarket industry market
  share is moderately fragmented owing to the
  presence of numerous regional industry
  participants. Some of the key industry players
  include Continental AG, 3M Company, Akebone Brake
  corporation, Delphi, Federal-Mogul, Denso,
  Magneti Marelli, Robert Bosch, ACDElco and ASIMCO
  Technologies ltd.

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