What is the projected market size and growth rate of the Automotive Aftermarket Market?

ASEAN Automotive Aftermarket

Automotive aftermarket sector is involved in a wide range of activities such as retailing, remanufacturing, installing vehicle parts and equipment, distributing, and post the sale of the vehicles. Today, consumers from all across the globe are increasing preference toward the replacement of OEM parts/products in order to improve the performance of different vehicle systems and components such as audio system, power delivery systems, and engine. This scenario is foreseen to help in promising growth of the global automotive aftermarket market in the years to come.

Over the period of past few years, there is noteworthy growth in the demand and production of vehicles in major parts of the world including ASEAN countries. This scenario is creating promising sales avenues in the ASEAN automotive aftermarket industry. Automotive aftermarket sector is consumer-driven and largely relays on automotive consumers. With shifting consumer preferences, the companies engaged in the automotive industry are incorporating technological advancements. This factor is pushing the automotive aftermarket sector to constantly evolve. In recent few years, the disposable income of major population from all across the globe is improved. This factor is fueling the growth of the automotive industry, and thereby boosting the automotive aftermarket industry.

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Automotive Aftermarket Market: Introduction

• Automotive aftermarket industry majorly depends on automotive consumers and is consumer-driven. The automotive aftermarket industry is constantly evolving due to changes in consumer preferences owing to rapid technological changes in vehicles. Therefore, advancement in automotive technology is expected to propel the global automotive aftermarket industry.
• The automotive aftermarket industry engages in the remanufacturing, retailing, distributing and installing vehicle parts and equipment, post the sale of the car. The global automotive aftermarket market is estimated to expand at a consistent pace owing to a rise in the demand and production of vehicles across the globe.

Key Drivers of Automotive Aftermarket Market

• Increasing preference by consumers to replace OEM parts/products to improve performance of various vehicle systems and components such as engine, audio system, and power delivery among others is a prominent factor that is projected to drive the global automotive aftermarket market during the forecast period. For instance, several consumers opt to change their factory audio system with aftermarket audio system in order to enjoy better sound quality. Additionally, several consumers opt for vehicle engine modification for improving vehicle engine performance and increased power output.
• Automotive components and systems need to be replaced after several months/ years based on their utility and manufacturer’s guidelines. 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. Therefore, replacement of vehicle components and parts owing to reduced performance of existing automotive components and systems is expected to drive the global automotive aftermarket market.
• An increase in the per capita income of the population globally has boosted the ownership of new vehicles. This, in turn, creates significant opportunity for automotive aftermarket industry players to cater to the increased number of automotive consumers.

Global Automotive Aftermarket Market: COVID-19 Impact

• Until the Corona Pandemic, globally, the financial crisis in 2007-2009 was one of the largest events that hampered the automotive industry. In 2007-2009, new car sales plummet by 42% in the U.S., while aftermarket sales witnessed a decline of mere 1%. However, during 2019-2020, the Corona Pandemic has impacted the global automotive industry on a larger scale. Governments across the globe enforced lockdowns in order to stop the spread of corona virus, resulting in the shutdown of manufacturing and production units across multiple industries.
• The corona pandemic hit the automotive aftermarket more severely and rapidly. It started as disruptions in domestic supply chain on a country level such as in China, U.S., and rapidly resulted in a sharp decline in the demand for aftermarket products, systems and components worldwide. According to industry experts, the global automotive aftermarket industry witnessed a decline of approximately 20% in 2020, the largest in the 21^st century.
• Governments have enacted restrictions in terms of conducting business during the corona pandemic; however, the trend toward online trading in the automotive aftermarket is increasing sharply. Compared to 2019, in 2020, the online automotive service bookings are expected to increase by 30%, while sales of automotive aftermarket parts rose by more than 60%. Continuation of these trends toward business digitalization and online trading are expected to help automotive aftermarket industry recover from economic losses during the forecast period.

Key Players Operating in Automotive Aftermarket Market

The global automotive aftermarket market is concentrated owing to the presence of prominent transportation service providers. A few key players operating in the global automotive aftermarket market are:

• 3M Company
• ACDelco
• ALCO Filters
• Aisin Seiki Co.
• ASIMCO Technologies Ltd.
• BASF
• Bridgestone Corporation
• Continental AG
• Delphi Automotive
• Denso Corporation
• Fauraecia
• Federal Mogul
• Hella KGaA Hueck & Co.
• Hyundai Mobis.
• Lear Corp.
• Magna International Inc.
• Robert Bosch GmbH
• Shandong Zhengnuo Group Co. Ltd.
• Valeo SA
• ZF Friedrichshafen AG
• Other Key players

Global Automotive Aftermarket Market: Research Scope

Global Automotive Aftermarket Market, by Vehicle Type

• Passenger Vehicle
  • Mini
  • Hatchbacks
  • Sedans
  • SUVs/MUVs,
  • Sports Cars
• Commercial Vehicles
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles

Global Automotive Aftermarket Market, by Propulsion

• IC-Engine
  • Gasoline
  • Diesel
• Electric
  • Battery Electric
  • Hybrid & Plug-in Hybrid
• Others

Global Automotive Aftermarket Market, by Distribution Channel

• Authorized/ Professional Channel
  • Online
  • Offline
• OEM Aftermarket Channel
  • Online
  • Offline

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