Automotive Aftermarket Market: Recent Industry Developments and Growth Strategies Adopted by Players

The automotive aftermarket is the secondary market of the automotive industry that provides vehicles with components, systems, and services. The automotive aftermarket market mostly focuses on the replacement of vehicle components and accessories. It offers direct entry for suppliers and third-party distributors to the vehicle owner for equipment and services ranging from vehicle repair and replacement to information, entertainment, and insurance.

Increase in vehicles sales and production is expected to be a key factor that is likely to boost the automotive aftermarket market during the forecast period. A majority of vehicle components such as filters, deflectors, tires, brake parts, and actuators have a short lifespan, which leads to regular maintenance and replacement of components. This is expected to propel the automotive aftermarket market during the forecast period. Rising technological innovation in vehicles has led to the development of advanced active systems, which include components such as sensors, ECUs, and display screens. Regular maintenance and replacement of electronic components owing to malfunction is projected to offer lucrative opportunities to the automotive aftermarket market during the forecast period. However, improvement by OEMs and car manufacturer towards catering improved components and service are expected to hamper automotive aftermarket during the forecast period.

The global automotive aftermarket market can be segmented based on distribution channel, replacement part, service channel, certification, and region. In terms of distribution channel, the automotive aftermarket market can be divided into wholesalers & distributors and retailers. Among distribution channel, the wholesalers & distributors segment accounts for a major share of the market as compared to the retailers segment, owing to the mass supply of components and accessories. Wholesalers & distributors supply components to retailers.

In terms of replacement part, the automotive aftermarket market can be segregated into tires, battery, brake parts, body parts, filter, exhaust system, and others. The tire segment holds a prominent share of the automotive aftermarket market owing to the higher rate of replacement of tires.

Based on service channel, the automotive aftermarket can be bifurcated into three segments. The OE (Delegating to OEM’s) segment holds a prominent share of the automotive aftermarket market. This is due to warranty and service offering for a longer time period. OEMs are organizations that manufacture and develop vehicle equipment and parts, which are marketed by other manufacturers. OE also offers vehicle servicing.

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In terms of certification, the genuine parts segment accounts for a major share of the market, as compared to the other segments. Mostly, OEMs and vehicle manufacturers produce genuine parts. These parts are considerably expensive and are available to dealers; however, they have superior quality assurance with warranty for a certain period. Furthermore, genuine parts are diverse and distinct, which is turn is projected to boost the demand for segment during the forecast period.

Based on geography, the global automotive aftermarket market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific leads the global automotive aftermarket market. This is due to the expansion of the automotive industry in the region especially in China and India. China accounts for a prominent share of the automotive aftermarket market in Asia Pacific due to the presence of prominent vehicle manufacturers and OEMs in the country.

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Key players operating in the global automotive aftermarket market include Robert Bosch GmbH, ZF Friedrichshafen AG, Continental AG, Delphi, Magneti Marelli S.p.A., Denso Corporation, Federal-Mogul Corporation, 3M, Mobileye, Eaton, WABCO, Schaeffler Technologies AG & Co. KG., Lear Corporation, Valeo, MAHLE GmbH, Yazaki Corp., and Aisin Seiki Co, Ltd.