Title: Automotive Aftermarket By Product, Industry trends and Statistics, Forecast, 2016 – 2024
1Automotive Aftermarket By Product, Industry
trends and Statistics, Forecast, 2016 2024
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2 Key Insights of Automotive Aftermarket
- The rising automotive industry coupled with the
consumer preference for maintained and efficient
vehicles will boost the automotive aftermarket
industry size in the years ahead. - A major focus is toward improving the overall
vehicle efficiency which is derived from lower
fuel emissions. For instance, Corporate Average
Fuel Economy (CAFÉ) and European legislations are
imposing strict norms for enhancing the
efficiency of the vehicles. - The increased average lifespan of the automobiles
is a significant factor generating huge avenues
for the automotive aftermarket industry. Latin
America, in this regard, is witnessing a huge
demand for automotive aftermarket products and is
forecast to witness a CAGR of 5 over the
timeframe of 2016-2024. - Asia Pacific will be one of the major regions
driven by this trend, with an estimated annual
growth rate of 6 over the coming seven years.
3 Continued
- Europe automotive aftermarket industry is
projected to witness gains at over 4 during the
estimated timeframe, primarily driven by the
demand across Germany and UK. The large presence
of OEMs and a huge customer base will be the
prime factors favoring the regional demand. - Technological advancements in the automotive
industry has led to an appreciable sale of the
replacement aftermarket products, particularly
the electrical components and brakes which almost
accounted for 50 of the overall replacement
product sales. - The industry with the presence of varied service
channels is quite fragmented and competitive. To
sustain the competition and retain the market
value, the players need to upgrade the product
quality and enhance the brand recognition and
regional presence. Notable industry participants
include Denso Corporation, Continental AG,
Magneti Marelli, 3M Company, Akebono Brake
Corporation, Yazaki, Cooper Tire Rubber
Company, Lear Corp, ALCO Filters, Magna
International, Johnson Controls, and BASF.
4U.S Automotive Aftermarket Size, by Product,
2013-2024 (USD Billion)
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