Automotive Aftermarket Industry Clear Understanding of The Competitive Landscape and Key Product Segments
Market overview
The automotive aftermarket is the secondary market available after-sales the components and original parts or components. The accessories are sold after the originally sold sale of the vehicle for convenience, comfort, performance and safety. The OEM manufactures the replacement parts to replace the original parts after being damaged. This records and witnesses rising sales of automobiles and how the demand for OME technologies has improved. In COVID 19, almost all industries get affected; likewise, the pandemic has impacted the automotive segment. Due to the pandemic, the output and production plants reduced of the automotive industry. Pandemic affected business, but the market will soon grip its usual growth rate and register a high growth rate. The aftermarket is classified into accessories and replacement parts.
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Rapid growth in automobile sales and demand for automobiles worldwide acts as a driver for the market. The riding technological advancement and growing and internet and browsing boost the Automotive Aftermarket Industry. Continuous economic growth and urbanization are also propelling the market. The sudden shift to public transport from the private and fewer fuel prices creates ample opportunities for the market to grow further. The government initiatives and reduction in sales hinder the growth of the market. The government incentives for new vehicle purchase results in the decline of the market. The increasing long-distance travelling and change in the lifestyle are forming demand for the replacement and repairs of vehicle parts. Awareness among people replacement and repair of the parts creates many growth opportunities for the market. The high production cost for the raw materials is restraining the market.
Market segmentation
The Automotive Aftermarket Industry is fragmented on type, vehicle age and vehicle type. Based on the type, the market is classified into offering and channel. The offering segment is again divided into services and parts, and the channel is fragmented into authorized repair and independent repair. The Automotive Aftermarket Industry is classified into 0-4 years, 4-8 years, and above 8 years based on the vehicle age. The vehicle type is bifurcated into commercial vehicles and passenger vehicles. The passenger segment is expected to grow significantly. Consumer awareness regarding alternative fuel mobility and the impact of conventional vehicles on global warming leads to the rising popularity of electric eco- vehicles, which led to the passenger segment holding more growth.
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Regional analysis
The Automotive Aftermarket Industry is studied in Europe, North America, Asia Pacific and parts of the world. North America will register the largest market share due to the prominent presence of market players and components in auto solution providers pushing the market towards growth. Europe is leading the market, and it is the second-largest country to dominate the market due to the presence of established companies, improved spending on luxury cars and increasing demand for fuel-efficient and lightweight vehicles in the region. Asia pacific is also increasing steadily and remains in the third position in the growth due to the advanced technology and developing urbanization.
Key Players:
- 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.)
Industry news
In Q4 2021, O’Reilly’s sales increased by 16% to $3.29 billion, and net profit increased by 32% to $519 million, which was better than the previous year.
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