Global aftermarket is estimated to grow significantly over the forecast period

December 23, 2020 - The global automotive aftermarket size is expected to reach USD 513.8 billion by 2027, registering a CAGR of 4.0% over the forecast period,. Digitalization of automotive repair and component sales, along with advanced technology incorporations in the automobile aftermarket component manufacturing, is expected to boost the market growth. Increasing adoption of semi-autonomous, electric vehicles, and hybrid and autonomous cars is further expected to bolster the market growth.

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Increasing disposable income and improved lifestyle in developing countries such as India and Brazil are leading to increased vehicle penetration, which is expected to drive the market in the region. Growth in the automotive manufacturing sector across various regions, along with stringent emissions norms, are expected to drive the aftermarket component sales over the forecast period. Third party services and technological advancements offer new and profitable revenue streams to leverage these opportunities. In addition, the industry requires investment in product development, supply chain, organizational design, and pricing model to create significant surge in the demand.

Manufacturers in developing countries are adopting various strategies, including mergers, acquisitions, and partnerships to gain a strong foothold in the market. Asia Pacific is expected to be the fastest growing regional market owing to improving living standards and high automobile production. With increasing penetration and acceptance of gas and hybrid electric cars, specialized repair centers, dedicated toward repairing of particular vehicles, are expected to increase.

Further key findings from the report suggest:

• The aftermarket is estimated to grow significantly over the forecast period owing to increasing number of lightweight vehicles along with increasing age of the light vehicle fleet

• Innovative business models and solutions provided by the manufacturers and growing investments in the same, are expected to create sustainable growth opportunities for the market

• North America has a higher technology adoption rate, which is anticipated to result in faster and higher adoption of hybrid electric automobiles in the region as compared to other geographies

• The automotive aftermarket is anticipated to witness a phase change owing to the growing proportion of specialized automotive collision repair centers that are dedicated toward serving specific vehicles such as alternate fuel powered vehicles

• Key industry participants include Magneti Marelli S.p.A., Continental AG, 3M Company, Federal-Mogul Corporation, Delphi Automotive PLC, Robert Bosch GmbH, and Denso Corporation.

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