Automotive aftermarket products are used as replacement products for parts or components which are manufactured or used for automobiles by original equipment manufacturers (OEMs). Increasing preferences for the replacement products by consumers to improve vehicle performance is a major factor driving the automotive aftermarket size by product growth. Automotive components and systems need to be replaced after several months/ years based on their utility. Major and common replacement components of the automotive industry include tires, windshields, oils, and braking components. Most of these products are available for in the automotive aftermarket.
Increasing demand for vehicles is a key driver of the automotive aftermarket size by product. Significant improvements in the engineering of vehicles such as customization alternatives, diversified paint coatings, accessories, and engines are attributed to rapid technological advancements. This, in turn, is expected to propel the market during the forecast period. High flexibility in vehicle design and production is anticipated to create opportunities in the market. Changing lifestyles and rise in disposable income of customers are expected to increase production and sales of automotive components. Changing trends and easy customizations allow customers to replace original equipment by using products from the aftermarket.
Aftermarket products are lightweight, strong, and available in available in various for customizations. Increasing concern of customers regarding comfort and safety is expected to fuel the adoption or addition of aftermarket products in vehicles. High durability and strength of original equipment is a major restraint for the automotive aftermarket size by product. Difference in quality of the material can also inhibit the automotive aftermarket products.
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The global automotive market size by product can be segmented in terms of application, product, material, sales store/outlet, vehicle type, and region. Based on application, market can be bifurcated into interior products and exterior products. In terms of product, the automotive aftermarket size by product can be segregated into tires, engine components, transmissions, belts, hoses, suspensions, harnesses, batteries, oils, interior components, and others. Based on material, the aftermarket can be classified into plastics, composites, metals & alloys, and others.
In terms sales store/outlet, the automotive aftermarket size by product can be categorized into organized stores and un-organized stores. Based on vehicle type, the market can be divided into passenger vehicles, light commercial vehicles, heavy commercial vehicles, and two-wheelers. Increase in production of passenger vehicles across the globe is expected to drive the passenger vehicles segment of the market during the forecast period. Additionally, rise in per capita income, rapid urbanization, and expansion of the automotive industry in developing countries are driving the demand for passenger vehicles.
In terms of region, the global automotive aftermarket size by product can be split into Europe, North America, Latin America, Middle East & Africa, and Asia Pacific. The market in Europe is estimated to expand at a rapid pace, as the region is a major producer of premium passenger vehicles and several top OEMs are based in Europe. Demand for automotive aftermarket size by product is projected to rise considerably in Asia Pacific, as countries such as India and China are among the top producers of automobiles and are major users, exporters, and importers of vehicles in the region.
Key players operating in the global automotive aftermarket size by product include Continental AG, 3M Company, Federal Mogul, Delphi Automotive, Robert Bosch GmbH, ASIMCO Technologies Ltd., Denso Corporation, ALCO Filters. Shandong Zhengnuo Group Co. Ltd., and ACDElco.
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
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- Latin America
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