Automotive Aftermarket: Segmented: By Vehicle Type, By
New York, July 6. 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Automotive After Market: Segmented: By Vehicle Type, By Replacement Part, And Region – Global Analysis of Market Size, Share & Trends For 2019-2020 and Forecasts to in 2031” – https://www.reportlinker.com/p06288789/?utm_source=GNW
This industry includes automotive components, replacement tires, equipment, repair services, auto repair and accessories sold immediately after the initial sale of the vehicle. It covers companies that manufacture, distribute, retail, install and recondition all types of automotive parts and accessories. With improvements in technology, digitization of vehicle repair and component sales has emerged, which has contributed to the progress of the automotive aftermarket industry.
The global automotive aftermarket is expected to project a notable CAGR of 5% in 2031.
The market is mainly driven by the desire of car owners to improve the overall performance of their vehicle in terms of exhaust noise, speed, and aesthetic factors, among others.
Global automotive aftermarket segments
Wheels & Tires Segment Expected to Grow with Highest CAGR in 2021-31
The market is divided into batteries, brake pads, filters, gaskets and seals, lighting components, wheels and tires, and others based on the type of spare parts. In 2020, the wheels and tires segment of the global market will account for the majority of revenue. Due to an increased focus on vehicle occupant safety, as well as research and development by major aftermarket players to reduce the overall weight of a vehicle by implementing lightweight and cost effective solutions, the wheels and tires segment is expected to experience one of the largest market shares.
Passenger Car Segment Expected to Grow with Highest CAGR in 2021-31
The market is divided into passenger cars and commercial vehicles based on vehicle type. Due to upcoming emission standards for commercial vehicles, which are likely to affect maintenance through increased use of engine electronics, the commercial vehicle segment is expected to experience steady growth in this market. The increase in remanufacturing also provides vehicle warranty coverage, extended life and improved performance without the high cost of new parts. The commercial vehicle segment should be impacted by these main variables.
Price transparency and diversity of supply are improving
In both developed and emerging economies, digital platforms such as social media are increasingly influential in customer search and purchase processes. Online sales channels provide customers with quick access to parts pricing information, and end users use these methods to decide which auto parts to buy. Customers can form opinions about the quality and usefulness of seminars by participating in online forums. Suppliers, OEMs, dealers and chain workshops are developing their online presence, and some large companies, such as Hella GmbH & Co. KGaA, have already established online platforms. A digital selling approach also allows for a leaner and shorter value chain, which helps suppliers.
OEM expansion in aftermarket business to drive market growth
The original equipment manufacturer has exponentially increased its participation and focus in the automotive parts aftermarket value chain, for example, by establishing networks of non-car-brand-specific repair shops. To compete with independent aftermarket companies and retain customers longer in their networks, major market players have offered second service formats, second brands, or reconditioned parts to keep up with the age-driven market of vehicles. . OEMs are also focusing on improving the customer experience and developing differentiated aftermarket solutions, such as using vehicle connections to build customer loyalty and automate maintenance decision-making. and repair.
Adoption of automotive safety technology and increased sales of electric vehicles.
The use of sensors in automobiles, which results in optimal driving behavior, reduces wear and tear on vehicles, especially on brakes and tires, which are subjected to harsh driving conditions on a daily basis. This aspect minimizes the need for spare parts, which could stifle the growth of the industry. Product penetration is further limited by ongoing research and development of new raw materials to prevent deterioration of automotive parts.
Global Automotive After Key: Players
Robert Bosch GmbH
Company overview, business strategy, key product offerings, financial performance, key performance indicators, risk analysis, recent development, regional presence, SWOT analysis
Magna International Inc.
ZF Friedrichshafen AG
Aisin Seiki Co.
Other top players
Global Automotive After Regions
The global automotive aftermarket market is segmented on the basis of regional analysis into five major regions: North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. The rising market in the Asia-Pacific region is characterized by expanding sales of passenger vehicles and commercial vehicles. Additionally, there has been an increase in consolidation among parts distributors, following new tax reforms, which are important in displacing the current unorganized sector. These factors are expected to propel APAC to a leading position in the global market.
Impact of Covid-19 on the automotive aftermarket
The COVID-19 crisis has had a significant and rapid impact on the integrated automotive sector globally. Auto assembly plant closures, large-scale manufacturing pauses and disruptions to aftermarket product exports are putting enormous pressure on the auto sector, which is already suffering from slowing global demand. People are staying home due to COVID-19, and the economy has also entered a slump, resulting in less wear and tear on their vehicles. The pandemic has impacted auto parts sales in the aftermarket. The aging vehicle fleet, on the other hand, is expected to drive the demand for these automotive components in the coming years.
Global Automotive After is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – US & Canada
Latin America Market size, share, trends, opportunities, annual growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
European Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – UK, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Market Size, Share, Trends, Opportunities, YoY Growth, CAGR of Asia-Pacific Market – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
The Global Automotive After report also contains analysis on:
Segments after automotive:
By type of vehicle
Per spare part
gaskets and gaskets
Wheels and Tires
Automotive after dynamics
Automotive after pruning
Offer and demand
Competition and companies involved in the market
Market value chain
Market drivers and restraints
Automotive Aftermarket Report Scope and Segmentation
Report attribute details
The value of the market size in 2021 USD 566.1 billion
Revenue forecast in 2031 922 billion USD
CAGR growth rate of 5% from 2021 to 2031
The base year for the 2020 estimate
Revenue in billion USD and CAGR from 2021 to 2031
Report Coverage Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends
Segments covered Vehicle type, part and region
Regional scope North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)
Key Companies Featured Robert Bosch GmbH, Denso Corporation, Magna International Inc., Continental AG, ZF Friedrichshafen AG, Aisin Seiki Co., Lear Corp., Valeo SA, Bridgestone, Corporation, Faurecia and other important players
Read the full report: https://www.reportlinker.com/p06288789/?utm_source=GNW
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