Automotive Aftermarket Industry Research Report By Offering (Parts, Services), By Channel (Authorized Repair, Independent Repair), By Vehicle Age (0-4 years, 4-8 years, Above 8 years) and By Vehicle Type (Passenger Vehicle, Commercial Vehicle) - Global Forecast till 2030

Automotive Aftermarket Industry Overview:

Size of Automotive aftermarket industry is anticipated to reach USD~500 Billion till 2027, registering a 4% CAGR. The Automotive after Market analysis by Rapidly increasing automobile sales and escalating demand for international brands increases rapid digitalization and Rising technological advances, alongside the growing penetration of internet.

If you're wondering what automotive aftermarket is all about it's just a project to record momentous games witnessing rising sales of automobiles and how the demand for OME technologies has increased. The major factor that has contributed to automotive aftermarket industry growth is worldwide economic growth. Also automotive is one of the few businesses that allow it to perform even during the time of recession. The demand for spare parts is always high during the spring season. Not just in the spring season but throughout the year because Western weather is usually cold.

• October 2022- North America's prominent automotive aftermarket parts provider is serving do-it-yourself customers and professional installers. Advance Auto Parts, Inc. will post its outcomes for the third quarter that ended October 8, 2022, after the market closes on Tuesday, November 15, 2022. The company is set to hold a conference call to discuss the results on November 16, 2022. Interested participants can listen to the event through a webcast planned to start at 8:00 a.m. Eastern Time. The webcast will be available through the company's Investor Relations website. To join by phone, please pre-register online for a passcode and dial-in information. Upon registration, participants will get an assurance with a registrant ID and call details. While registering is open via the live call, the organization implies registering a day in advance or at a minimum of 10 minutes before the beginning of the call. A rerun of the conference call will be available on the organization's Investor Relations website for one year.


• October 2022- Jobbers, distributors, suppliers, and shops will have the chance to benefit from a promotion at AAPEX from Epicor that could see them win USD1,000. The company will provide no-obligation, accessible technology consultations for automotive aftermarket suppliers, vehicle service shops, and distribution businesses functions during AAPEX, taking place next week.

COVID 19 Analysis

As for the current time of COVID 19 the automotive aftermarket industry has severely been affected by the overall situation. This pandemic has deceived the force of the automotive sector to reduce the output and their production plants. The lockdown period proved to be very severe prompting various automotive aftermarket suppliers to stay back in the production especially in some areas.

Covid-19 has led to a long-term disruption. But it is expected that the boost will take place in 2021 by increasing personal vehicle sales and when life goes back to normal there will be an increase for vehicles needing frequent repairs. It is expected to be normal with traffic returning to the roads post lockdown.

• October 2022- After facing a significant global health crisis, Nokian Tyres has announced the acquisition of the total share capital of the industrial property at Pirkkalaistie in Nokia, Finland, from a real estate firm Nokian Portti Oy. The complete floor area of the building is nearly 27,000 square meters and is directly linked to Nokian Tyres' headquarters and factory, as per the company statement. Nokian Tyres, post the acquisition, states that it has close to 150,000 square meters of space along Pirkkalaistie.

Automotive aftermarket industry Dynamics

Drivers

The global market is growing tremendously. Various factors influence the growth of the automotive aftermarket industry. These factors include reasons such as rapid growing automobile sales and escalating demands from all over the world such as international brands. Increase in the global industry by rising technological advances along with this there is a growing internet and the browsing world. In addition to all this rapid digitalization has increased the aftermarket auto parts market size. Continuous economic growth worldwide is considered as the major factor contributing to the growth of the aftermarket auto parts.

Opportunities

The global aftermarket auto parts market is growing tremendously. Various factors act as opportunities for further growth. These opportunities include lowering fuel prices and personal vehicles replaced by public transport due to the environmental threat which is outdoing cost and convenience considerations.

Restraints

The global aftermarket auto parts market is growing tremendously. There are hindrances in the part of growth such as reduction in the sales due to increased government incentives. An increase in government incentives better imposed for new vehicle purchases has only resulted in a steep decline in the number of older workers who were required by the aftermarket services.

Value Chain Analysis

At 4% of CAGR of Automotive aftermarket industries are growing up early in the global world by rising technological advances along with this there is a growing internet and the browsing world. Some benefits include repairing older vehicles, developing a bigger network, and adding up to the luxury expenditure.

Automotive aftermarket industry Segmentation

The global automotive aftermarket industry research analysis segments based on type, vehicle age, vehicle type, and region which leads.

Automotive Parts Market Based On The Type

The global market has been divided based on type into offering and channel. According to the estimated data the offering is further classified into parts and services. The channel segment is further classified as authorized repair and independent repair.

Automotive Parts Market Based On The Vehicle Age

The global market has been divided based on vehicle age into 0-4 years, 4 - 8 years, and above 8 years.

Automotive Parts Market Based On The Vehicle Type

The global market has been divided based on vehicle type into passenger vehicles and commercial vehicles.

Automotive Parts Market Based On The Region

The global automotive aftermarket industry has been divided based on region into North America Europe Asia Pacific and the rest of the world.

• October 2022- NTN Bearing Corporation of America has disclosed several personnel updates in its Automotive Aftermarket business units, such as promotions for three team members and two new hires. Divjot Singh has been endorsed from the applications engineer to the senior product development engineer. Singh has been with NTN since 2011 and has helped the aftermarket product management team add the product to the BCA & Bower product lines by conducting market research, performing technical training, and engineering validation and testing.

Automotive aftermarket industry Regional Analysis

The automatic aftermarket industry in the global market has been divided based on region into North America, Europe, Asia Pacific, and the rest of the world. According to the automotive aftermarket industry analysis North America proves to remain a dominant market for auto aftermarket industry. Factors include the strong presence of all the major market players. The presence of components in auto solution providers also drives the market size even bigger.

Followed by the country of Europe it is the second biggest market in the automotive aftermarket industry. The factors that drive the increase of market value are the presence of well-established automotive sectors and automotive industry players. Other factors include the increase in spending on luxury cars along with the demand for lightweight and fuel-efficient vehicles in the regions of Europe.

The Asia-Pacific region stands third in the emerging market of the automotive aftermarket industry. Heading to the automotive sector is in this region. It is believed that advances in technology are an important factor. China has the lead in the APAC automotive parts which is followed by the countries of India and South Korea.

• October 2022- The decisive moment has been reached: Automechanika Frankfurt's new extensive program and formats were very well received by international automotive professionals. With nearly 78,000 attendees visiting from 175 nations, they joined the industry's central platform in Frankfurt to witness live and in-person services and products from workshops, industry, and retail.

Automotive aftermarket industry Competitive Landscape

The most prominent key players in the automotive aftermarket industry are as follows-

• Continental AG (Germany)


• Aisin Seiki Co. Ltd. (Japan)


• Robert Bosch GmbH (Germany)


• 3M (U.S.)


• Valeo (France)


• Denso Corporation (Japan)


• Magneti Marelli S.p.A. (Italy)


• Cooper Tire & Rubber Company (U.S.)


• Sumitomo Electric Industries Ltd. (Japan)


• Federal-Mogul Corporation (U.S.)


• Aptiv PLC (U.K.)

These most prominent major key players in the global market use various strategies to cater to the increasing need of the customer. They use various policies and strategies like innovation in the existing product, expansion of business,  collaborations, mergers, and acquisitions, and partnerships to increase their customer base in the global potential market.

Recent Developments

• The automotive distribution network partnered with RepairPal which is an auto repair network of certified mechanics and shops. This partnership helped the automotive distribution network to expand even further. This expansion led to a broader customer base and increased repair revenue.


• Other advancements were made in Best Buy which has added Novalex and Candid Auto Parts as full members shareholders. These companies are Novalex INC. Is known as the most established department store owner which serves the automotive aftermarket with various locations in Burlington and Milton Ontario. This for the experience of the customer base in different locations.


• Also, Chevrolet in India announced its plan that it was going to continue to provide after-sales support to customers throughout the year 2021. Also beyond this network of others is the service operations and parts distributors that have been accessed in India in around 142 cities.


• Other companies that partnered with each other are BOLT On technology which is one of the most leading aftermarket auto parts technology solutions suppliers. Dan owns their apartment or the top e electronic payment processing company worldwide. This partnership profited in a way that enabled BOLT On to give access to all the global payments.

Automotive aftermarket industry Outlook

The global aftermarket auto parts industry research report consists of the following elements:

• Market Overview


• COVID 19 Analysis


• Market Dynamics


• Value Chain Analysis


• Market Segmentation


• Regional Analysis


• Competitive Landscape


• Recent Developments

Intended Audience

This global automotive aftermarket industry research report consists of the factors that drive the global automotive parts along with the factors that restrict the global market. This report also contains various growth opportunities in the global market during the forecasted period. The impact of COVID 19 on the market is also estimated. The future growth rate of the global market is mentioned.