According to a report by Grand View Research, Inc., global automotive aftermarket is anticipated to value USD 486.36 billion by 2025. Growing requirement for automobiles attributed to increase number of population globally is anticipated to propel demand for automotive aftermarket. This market is likely to offer spare parts related to various segments in automobile sector. Consumers can get in touch with appropriate supplier or distributor to purchase and replace any specific faulty part in their vehicle.
Growing adoption of hybrid and electric vehicles equipped with components based on advanced technologies are likely to influence growth of market. Increasing number of online distribution channels offering wide range of automotive components and easy transactions can fuel market growth over next few years. High demand for modification in vehicles among consumers in terms of speed, sound, appearance, and exhaust can augment demand for automotive aftermarket. Increasing R&D investments by manufacturers and associations to develop advanced automotive spare parts can spur market growth during the forecast period (2014 to 2025).
High R&D expenditure is expected to hinder market growth. Automobile manufacturers are likely to face certain constraints while carrying out manufacturing processes, production cost being one. Aftermarket for automobiles, however, can support manufacturers to generate additional revenue for themselves.
Full Research Report On Automotive Aftermarket Analysis: https://www.grandviewresearch.com/industry-analysis/aftermarket-automotive-parts-market
The automotive aftermarket can be segregated on the basis of replacement part, distribution channel, service channel, certification, and region. Based on replacement part, the market can be categorized into filters, body parts, battery, tire, wheels, lightning & electronic components, exhaust components, turbochargers, and others. Tire segment dominated the market in recent years and can grow at similar pace during the forecast period attributed to low replacement cycle.
Based on distribution channel, the market can be classified into repair shops, OEMs, retailers, and wholesalers & distributors. Retailer segment is expected to dominate the market over the forecast period. On the contrary, wholesale and distribution segment can grow at fast rate in terms of revenue from 2017 to 2025.
Based on service channel, the market can segmented into do it for me (DIFM), delegating to OEMs (OE), and do it yourself (DI). OE segment is estimated to dominate the market during the forecast period. On the contrary, DIY segment can grow at fast rate in terms of revenue from 2017 to 2025. Presence of technical knowledge among DIY consumers and interest to maintain, upgrade, and repair cars on their own can fuel market growth.
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Based on certification, the market can be divided into certified parts, genuine parts, and uncertified parts. Genuine parts segment is expected to dominate the market during the forecast period. In addition, uncertified parts segment is likely to grow fast during the forecast period. Genuine parts are likely to have greater assurance of quality, include warranty, and are easy to find. However, price of genuine parts can be high as compared to uncertified parts. Certified parts are likely to be tested and inspected by certified organizations such as certified automotive parts association (CAPA).
Regional segmentation includes Europe, North America, Asia Pacific, South America, and Middle East & Africa. In 2016, North America dominated the market and accounted for largest market share. Growing use of advanced technology in fabrication of auto parts can influence market growth. In addition, increasing automobile production & sales coupled with digitalization of auto component delivery services can spur growth of market in this region.
In Asia Pacific, the market is anticipated to witness significant growth attributed to stringent regulations imposed by local governments to pressurize component suppliers for producing cost-effective and user-friendly products. Continual development of automotive components in emerging economies such as India and China can fuel market growth in the region.
In South America, the market is likely to grow well during the forecast period owing to continual development of cost-effective automotive components in Brazil.
Some of the leading companies offering automotive aftermarket assistance are Delphi Automotive PLC, 3M Company, Continental AG, Federal-Mogul Corporation, and Denso Corporation. Strategic alliances and collaborations between collision repair centers and insurance companies can provide competitive edge and opportunity to gain significant market share. In addition, companies are likely to adopt new production technologies such as 3D printing to offer automotive parts at affordable prices.
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