Automotive Aftermarket By Product, Industry trends and Statistics, Forecast, 2016 – 2024

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Automotive Aftermarket By Product, Industry
trends and Statistics, Forecast, 2016 2024
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Key Insights of Automotive Aftermarket

• The rising automotive industry coupled with the
  consumer preference for maintained and efficient
  vehicles will boost the automotive aftermarket
  industry size in the years ahead.
• A major focus is toward improving the overall
  vehicle efficiency which is derived from lower
  fuel emissions. For instance, Corporate Average
  Fuel Economy (CAFÉ) and European legislations are
  imposing strict norms for enhancing the
  efficiency of the vehicles.
• The increased average lifespan of the automobiles
  is a significant factor generating huge avenues
  for the automotive aftermarket industry. Latin
  America, in this regard, is witnessing a huge
  demand for automotive aftermarket products and is
  forecast to witness a CAGR of 5 over the
  timeframe of 2016-2024.
• Asia Pacific will be one of the major regions
  driven by this trend, with an estimated annual
  growth rate of 6 over the coming seven years.

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Continued

• Europe automotive aftermarket industry is
  projected to witness gains at over 4 during the
  estimated timeframe, primarily driven by the
  demand across Germany and UK. The large presence
  of OEMs and a huge customer base will be the
  prime factors favoring the regional demand.
• Technological advancements in the automotive
  industry has led to an appreciable sale of the
  replacement aftermarket products, particularly
  the electrical components and brakes which almost
  accounted for 50 of the overall replacement
  product sales.
• The industry with the presence of varied service
  channels is quite fragmented and competitive. To
  sustain the competition and retain the market
  value, the players need to upgrade the product
  quality and enhance the brand recognition and
  regional presence. Notable industry participants
  include Denso Corporation, Continental AG,
  Magneti Marelli, 3M Company, Akebono Brake
  Corporation, Yazaki, Cooper Tire Rubber
  Company, Lear Corp, ALCO Filters, Magna
  International, Johnson Controls, and BASF.

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U.S Automotive Aftermarket Size, by Product,
2013-2024 (USD Billion)
on)

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