Automotive Aftermarket To Witness Phenomenal Proceeds Over 2021-2027
Global automotive aftermarket has witnessed a significant shift of consumers towards purchasing products from the e-Commerce platforms. Rapid advances in technology to develop automotive parts, coupled with the transformation from the conventional to the digital service channels and interfaces, will provide a positive growth trajectory to the global market trends over the forecast spell.
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Remote diagnostics has become an emerging trend in the automotive industry, as it allows the monitoring of automobile parameters in real-time to examine the quality of its performances and operations. Additionally, mounting number of small-scale service providers & shop owners are entering agreements with the large-scale fleet operators to obtain more contracts for repair and maintenance. These aforementioned factors will contribute to the global automotive aftermarket growth over the forthcoming years.
The ongoing COVID-19 pandemic has posed severe impacts on the global automotive industry, by disrupting the Chinese parts exports, manufacturing process across Europe, and led to the closure of the U.S. assembly plants. Several countries also have imposed strict regulations to ensure vehicle safety, compelling vehicle manufacturers to adopt safety technologies and features like ADAS. These factors, along with the high prominence of autonomous vehicles, may pose major challenges to the steady automotive aftermarket expansion in years ahead.
As per the ACEA (European Automobile Manufacturers Association), the average age of the passenger vehicles in the region increased by 5.71% in 2017 as compared to 2013, resulting in their average age of 11.1 years. This increase in the ageing fleet and the subsequent expansion of the maintenance sector are expected to create ideal growth conditions for the regional industry share over the estimated timeline.
From a regional perspective, the Europe automotive aftermarket is anticipated to gain remarkable traction in the coming years, due to the high average age for on-road vehicles in the developed European countries.
The competitive landscape of the automotive aftermarket comprises of companies such as ZF Friedrichshafen AG, Federal-Mogul Holdings, BASF, Continental AG, and 3M, among others. These industry players are focusing on expanding their regional presence through M&A, business expansions, new product launches, and other strategies.
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Partial Chapter of the Table of Content
Charts & Figures
FIG. 1 Industry Segmentation
FIG. 2 Global automotive aftermarket revenue, (USD Billion), 2017 - 2027
FIG. 3 Industry Ecosystem Analysis
FIG. 4 European B2C E-Commerce Sales, 2017-2020 (USD Billion)
FIG. 5 Adjusted Gross Disposable Income Per Capita, Italy, 2013-2019 (USD)
FIG. 6 Vehicles Sales, China, 2015-2019
FIG. 7 Average Age of EU Fleet by Vehicle Type
FIG. 8 Growth Potential Analysis, 2020
FIG. 9 Porter’s Analysis
FIG. 10 PESTLE Analysis
FIG. 11 Automotive aftermarket revenue share by product, 2020 & 2027
FIG. 12 Market revenue share by sales outlet, 2020 & 2027
FIG. 13 Market shares by region, 2020 & 2027
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