The automotive aftermarket is the
secondary market of the automotive industry. It is one of the vigorous, highly
complex, and competitive markets that are generally concerned with retailing,
manufacturing, remanufacturing, and distribution. In addition, the aftersales
sector includes accessories, installation of all vehicle parts, equipment and
chemicals after selling the products by the original equipment manufacturers
(OEMs) to the buyers. The automotive aftermarket is a diverse market that
majorly deals with maintenance, repair, and post-sale services. Automotive
aftermarket comprises the process of replacement of the part damaged due to
accident or crash. There is a wide variety of parts of different quality and
prices for numerous different vehicle models.
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With the need of new and advanced
vehicles, the demand for the automotive parts is increasing. Declining cost of
aftermarket parts is one of the major driving factors for growth of the market.
Moreover, rising population and increasing income will also foster the market
in the near future. The increasing use of light vehicles also impacts the
market in a positive way. Moreover, there is a high demand for accessories and
auto parts, which will further boost the automotive aftermarket the near
future. Technological advancements and standardizing architecture will also
drive the demand of the market in future. Reduced maintenance cost, improved
quality of the product, and rising demand for the branded parts is the biggest
revenue generator for the market. Conversely, the key restraining factor of the
market is the global legal issue. Also, increasing the openness of the
automated market is creating the challenge to the growth of the market.
On the basis of types, the global
automotive aftermarket is segmented as replacement parts and accessories. The
replacement parts segment comprises automotive parts that are manufactured to
replace original equipment (OE) if they are damaged. Accessories are designed
to provide comfort, performance, convenience, and safety. The accessories
segment is the leading segment in the automotive aftermarket. In addition,
Do-It-Yourself (DIY) segment and the Do-It-For-Me (DIFM) segment are also
available to customers through which they can repair their vehicles themselves
or can take the vehicle to a professional repair facility.
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Europe and Asia Pacific are the
emerging markets for the automotive aftermarket. Considerable growth in the
high-quality brand, reducing engineering costs, and modular architecture are
the factors that are anticipated to expand the market globally. Asia Pacific is
anticipated to be the largest market.
Some of the major players dominating
the global automotive aftermarket are Tenneco, Dana, and TRW Automotive. Other
key players influencing the global market include Visteon, Johnson Controls,
and BorgWarner.
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Automotive Aftermarket: Regional
Segment Analysis
·
North America
o U.S.
·
Europe
o UK
o France
o Germany
·
Asia Pacific
o China
o Japan
o India
·
Latin America
o Brazil
·
Middle East and Africa
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