Market Research Report
Automotive Aftermarket Size By Product, By Sales Outlet, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
|Published by||Global Market Insights Inc.||Product code||976203|
|Published||Content info||250 Pages
Delivery time: 2-3 business days
|Automotive Aftermarket Size By Product, By Sales Outlet, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026|
|Published: December 11, 2020||Content info: 250 Pages||
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, 2020 - 2026.
The automotive aftermarket is likely to gain substantial growth in the coming years owing to increasing expenditure on regular maintenance, increasing vehicle age, increasing customization activities across the world, and high dependency of customer on automotive service professionals. At present, repair work is becoming more and more wide and gradually needs a deep understanding of the whole vehicle system.
The repair as well as maintenance of a vehicle comprises of a very complex chain of numerous actors, namely the so-called 'automotive aftermarket'. Every stage within this essential aftermarket chain has its own importance, where each operator fulfills a special role for keeping repair and maintenance and replacement parts efficient as well as competitive. A highly competitive automotive aftermarket is the precondition to keep mobility affordable during the vehicle's lifetime.
The automotive aftermarket is generally the after-sale market of the auto industry. This after-sales market comprises of replacement tires, collision repair, accessories, service repair, and vehicle parts, sold after the sale of the actual vehicle.
Automotive aftermarket market segments include the kind of parts and accessories for heavy-duty, light, or medium vehicles. It further includes companies in retailing, distribution, re-manufacturing, manufacturing as well as installation of replacement vehicle parts, service repair, replacement of equipment, and essential automotive accessories. The aftermarket is bifurcated in terms of product, sales outlet, and regional landscape.
With respect to product, the automotive aftermarket is classified into accessories and replacement parts. The accessories segment will witness steady growth owing to increasing customization activities across the globe. Aftermarket auto accessories can entirely change the car from a stock model to a focus-attention vehicle. The products generally range from good headlights, tires, fire extinguisher, good music system, GPS, parking aid, rain outlet, day & night mirror, rain visor, horn, among others.
In terms of sales outlet, the overall automotive aftermarket is categorized into OEM factory fill, DIY, and professional. Among these, professional segment will experience tremendous growth over the coming years. High dependency of customer on automotive service professionals will induce significant potential in the industry.
From a regional frame of reference, Latin America automotive aftermarket size will witness around 5% CAGR over the forecast time period. This anticipated growth is ascribed to increasing vehicle age in the region. Meanwhile, automotive aftermarket in Middle East & Africa will witness more than 5.5% CAGR over 2020-2026. This growth is attributed to the increasing expenditure on regular maintenance.