The
global automotive aftermarket
market is expected to reach more than USD 519 billion by 2026 with a
CAGR of 4% during the forecast period as per a new study released by Polaris
Market Research. The report “Automotive Aftermarket [By Product (Tire,
Wheels, Battery, Lighting Components, Exhaust Components, Body Parts,
Accessories, Telematics, and Others); By Sales Channel (OEM, Professional
Service Stations); By Vehicle Type (Passenger Vehicles, Commercial Vehicles);
By Region]: Market size & Forecast, 2017 – 2026”. provides an
extensive analysis of present market dynamics and predicted future trends.
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In 2017,
the tire segment accounted for the majority revenue share in the global market.
The key factor driving the market include expanding the global automotive
industry and the rising average age of vehicles. The growing awareness about
proper maintenance and repair of vehicles is expected to propel the demand in
the coming years. Other factors boosting the market growth include
technological advancements in telematics, greater need for long distance travel,
and changing lifestyles. New emerging markets, sale through online channels,
and emerging consumer demographics are expected to offer a new avenue for
growth in the coming years.
The
competition is high in automotive aftermarket market owing to the presence of a
large number of industry players and the players offer products and services
required for repair and maintenance for a wide range of vans, trucks, cars, and
buses. The factor such as price, quality, vehicle age, and convenience affect
consumer buying behavior.
High
investment in research and development is expected to open a new avenue for
growth during the forecast period. The demand for replaceable parts and
accessories such as clutch systems, axle, and engine parts is gaining owing to
wear and tear of vehicles. Increase in the number of accidents has also
propelled the demand.
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In 2017,
North America dominated the global market as to the presence of a large
customer base with high disposable income and high demand for replaceable
vehicle’s parts. Asia-pacific is anticipated to witness the highest growth rate
during the forecast period owing to rising demand form the developing nation
such as China and India and the expansion of global players. The rise in living
standards and high disposable income is expected to boost the market growth in
the coming year in the region. The factors such as poor road infrastructure and
favorable production regulations, in developing nations such as India, and
Pakistan are estimated to drive the demand during the forecast period.
The
automotive aftermarket can be classified based on products into tire, battery,
wheels, exhaust components, lighting, telematics, accessories, body parts, and
others. The tire segment is expected to dominate the market during the forecast
period. Tires require periodic replacement as external factors easily damage
them. The radial tire is gaining popularity as to properties such as
higher durability, low rolling resistance, and enhanced service.
The
market is segmented based on vehicle type into passenger vehicles, and
commercial vehicles. The growing demand for passenger vehicles in developing
regions such as India, China, and Brazil is expected to provide numerous growth
opportunities in the coming years. Commercial vehicles are mostly used for
activities such as industrial, mining and construction, and logistics. These
vehicles require frequent repair and maintenance and create a market for
replaceable products.
The major
vendors profiled in the report include Denso Corporation, Royal Dutch Shell
PLC, Exide Technologies, Inc., Johnsons Controls Inc., Delphi Automotive PLC,
3M Company, Goodyear Tire & Rubber Company, Magneti Marelli S.p.A, Cooper
Tire & Rubber Company, and Robert Bosch GmbH, among others. These vendors are
involved in strategic initiatives such as new product development, merger and
acquisition, and collaboration with other market leaders to meet the increasing
needs and requirements of consumers.
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Polaris Market
Research has segmented the global automotive aftermarket market on the basis of
product, vehicle type, sales channel, and region:
Automotive
Aftermarket Product Outlook (Market Revenue in USD Billion, 2015 – 2026)
- Tire
- Wheels
- Battery
- Lighting
- Exhaust Components
- Body Parts
- Accessories
- Telematics
- Others
Automotive
Aftermarket Vehicle Type Outlook (Market Revenue in USD Billion, 2015 – 2026)
- Passenger Vehicle
- Commercial Vehicle
Automotive
Aftermarket Sales Channel Outlook (Market Revenue in USD Billion, 2015 – 2026)
- OEM
- Professional Service Stations
- Others
Automotive
Aftermarket Regional Outlook (Market Revenue in USD Billion, 2015 – 2026)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Asia Pacific
- China
- India
- Japan
- Australia
- Latin America
- Brazil
- Middle East & Africa
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About Polaris Market Research
Polaris
Market Research is a global market research and consulting company. The company
specializes in providing exceptional market intelligence and in-depth business
research services for our clientele spread across different enterprises. We at
Polaris are obliged to serve our diverse customer base present across the
industries of healthcare, technology, semi-conductors and chemicals among
various other industries present around the world. We strive to provide our
customers with updated information on innovative technologies, high growth
markets, emerging business environments and latest business-centric
applications, thereby helping them always to make informed decisions and
leverage new opportunities. Adept with a highly competent, experienced and
extremely qualified team of experts comprising SMEs, analysts and consultants,
we at Polaris endeavor to deliver value-added business solutions to our
customers.
Contact us
Mr. Rohit
Corporate
Sales, USA
Polaris
Market Research
Phone:
1-646-568-9980
Email:
sales@polarismarketresearch.com
