Automotive Aftermarket Industry Trends & Forecast, 2018 – 2024

1
Automotive Aftermarket in APAC to grow at 5 CAGR
To 2024
2
Key Insights from Automotive Aftermarket

• Increasing necessity for maintenance and
  scheduled servicing requirements for enhancing
  aging vehicles life will drive the automotive
  aftermarket industry. Growing customer
  expectations, ongoing technological innovation,
  and rising competition across automotive industry
  are the major factors fueling industry expansion.
  Increasing penetration of OEMs into aftermarket
  activities along with the consolidation of parts
  distributors will also provide a positive outlook
  for business development.
• Strong demand for automobiles from emerging
  economies is likely to favor automotive
  aftermarket industry growth. According to OICA,
  global LCVs and passenger cars registered sale
  over 86 million units in 2017, an increase by
  2.4 than in 2016. The increase in demand was
  supported by the rapid expansion of global
  players in Asian countries majorly in China,
  India, Australia, and Indonesia.
• Shifting consumer preferences towards upgrading
  existing cars with newer technologies is also
  expected to propel automotive aftermarket
  industry size. Improved demand for
  electrification and software installation will
  create new avenues for suppliers and workshops.
  Increasing popularity of connectivity/telematics,
  ADAS, info- and entertainment systems among young
  will further support the market growth.

3
Continued
Replacement parts was valued at around USD 844
billion in 2017. Increasing maintenance
requirements owing to excessive strain with
vehicles aging and poor road conditions provides
a positive outlook for aftermarket parts. Factors
such as low production cost, rising number of
manufacturers and increase in number of accidents
will drive the segment growth. Professionals are
estimated to hold a major share of automotive
aftermarket industry representing over 65 of
the total demand. The rest of the demand is
generated from OEMs and DIY. Professional
includes quick lubes, garages services,
dealers, government services, commercial fleets,
and other professional outlets. Consumer
preference for economical services, closer to
home advantage and personalized services likely
to augment garages, service stations and
automobile dealerships growth rate.
4

Latest Research Report On Automotive Aftermarket
_at_ https//www.gminsights.com/industry-analysis/aut
omotive-aftermarket Request for a sample of
this research report _at_ https//www.gminsights.com/
request-sample/detail/1166

5
U.S. Automotive Aftermarket, By Sales Outlet,
2017 2024, (USD Billion)

6
Major Companies in Automotive Aftermarket

• Yazaki
• Lear Corp.
• ALCO Filters
• Magna International
• 3M Company
• Continental AG
• Denso Corporation
• Copper Tire and Rubber Company
• Akebone Brake Corporation, and Magneti Marelli

7
Industry Coverage

8
Regional Insights in Automotive Aftermarket

• North America automotive aftermarket industry
  accounted for over 30 revenue share in 2017.
  This can be credited to the increasing new
  vehicles production coupled with enhanced
  performance of old vehicles. Ongoing
  technological innovation in the automotive sector
  will create new opportunities for aftermarket
  companies to grow globally. Increasing
  customization of vehicles, digitization, demand
  for Bluetooth devices, and other accessories
  driving automotive aftermarket industry in the
  U.S. and Canada. Improved fuel economy likely to
  increase the average miles driven by a customer.
  This has led to more wear and tear in vehicle
  parts, thus augmenting the demand for automotive
  aftermarket industry products.

9
Stay In Touch Website www.gminsights.com Soci
al Media