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Automotive Aftermarket Industry Share, Market Size & Analysis, By Replacement Part Type (Battery, Brake Pads, Filters, Gaskets & Seals, Lighting Components, Body Parts, Wheels, Others), By Vehicle Type (Passenger Cars, Commercial Vehicles), and Regional Forecast, 2019-2026

Region : Global | Format: PDF | Report ID: FBI102613

 

KEY MARKET INSIGHTS

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The global automotive aftermarket industry was valued at USD 215.32 billion in 2018 and is projected to reach USD 288.20 billion by 2026, exhibiting a CAGR of 3.7% during the forecast period.

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The market is the after-sale market of the automobile industry. Sale of vehicle parts, replacement of tires, equipment, service repair, collision repair, and accessories comprise the industry. It includes companies involved in the manufacturing, distribution, retailing, installation, and remanufacturing of all vehicle parts and accessories. The digitalization of automotive repair & components sales has emerged as one of the leading market trends owing to the adoption of technological advancements, which is fueling the growth of this market.


MARKET TRENDS


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E-Commerce, Competitive Pricing, and Greater Diversity of Supply for Customers


Digital channels are gaining increasing influence in customer research and purchase processes in developed as well as in emerging markets. Online channels give customers swift access to information on the price of automotive parts, and end customers use these channels to determine which car parts to buy. Online forums give customers a peer perspective on the quality/value of workshops. Suppliers, OEMs, distributors, and workshop chains are increasing their online participation, and some key players have already set up their online channels, for example,  Hella GmbH & Co. KGaA. Also, a digital sales model enables a shorter, leaner value chain that benefits suppliers. Elimination of intermediaries and streamlining the distributor layer allows for more significant margins and savings for the suppliers that can be passed on to the customers.


MARKET DRIVERS


OEMs Aggressively Expanding Their Aftermarket Activities


Original Equipment Manufacturers (OEMs) have steadily increased their level of activity and focus within the automotive aftermarket industry value chain by, for example, creating their networks of non-car brand-specific repair shops. Key players aiming to keep up with the vehicle-age driven market have introduced second service formats and second brands (for example,  VW Direkt Express) or remanufactured parts to compete with independent players and keep customers in their networks longer. OEMs are also investing in customer experience optimization efforts and introducing differentiated service offerings by, for example, leveraging vehicle connectivity to retain customers and automate decision making related to service and repair. For example, French carmaker PSA has made the independent significant part of its ‘Push to Pass’ five-year growth strategy. Coupled with a series of acquisitions, PSA has launched several of its brands along the entire value chain. PSA has stakes in the distribution network Distrigo and Mister Auto, and with Aramisauto and Autobutler; it is also active in the aftermarket intermediaries space. Via this approach, PSA aims to target all consumers, regardless of their vehicle brand, age, or distribution channel. Other OEMs, both volume and premium players, have started to follow PSA’s example, hence driving the growth in this market over the forecast period.


Increasing Replacement of Components to Fuel the Growth


Growing consumer awareness regarding proper maintenance and repair of vehicles to maintain their performance and efficiency are factors expected to support the growth of the market. The growing demand for long-distance travel and crossover vehicles further increases the need for periodic repairs and replacement of vehicle parts. Increasing flexibility in vehicle design and production allows for greater customization by end consumers, which is expected to drive the automotive aftermarket demand.


MARKET RESTRAINT


Adoption of Vehicle Safety Technologies and Rising Electric Vehicle Sales to Hamper Growth


The use of sensors in vehicles, which leads to optimum driving behavior, enables lesser wear and tear of cars, particularly brakes and tires, which are subjected to harsh driving conditions daily. This factor reduces the replacement requirements that may restrain the automotive aftermarket industry growth. Additionally, ongoing R&D for new raw materials to decrease the deterioration of vehicle parts also limits product penetration. For example, in March 2019, UBC Okanagan, the Sharif University of Technology in Iran, and the University of Toronto, developed self-lubricant brakes for cars. The carbon fiber-infused polymer-based brakes are expected to lead to smaller brake pads that are more efficient and cost-effective as the small pads can withstand higher friction and temperatures.


SEGMENTATION


By Replacement Parts Type Analysis


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Automotive Body Parts to Dominate the Global Market


Based on replacement parts type, the automotive aftermarket industry is segmented into the battery, brake pads, filters, gaskets & seals, lighting components, body parts, wheels, and others. The body parts segment is expected to hold the largest market share owing to an increased focus on the safety of vehicle occupants coupled with R&D by key players to reduce the overall weight of a vehicle by introducing cost-effective, lightweight solutions. The filters segment is projected to show significant growth in this industry, owing to increasing market penetration of and consumer awareness regarding the existence and replacement of cabin air filters and the purchase of higher value filter products in developed regions. The wheels segment is also expected to show steady growth in this market, owing to the low replacement cycle of tires as compared to other parts. The lighting components segment is anticipated to show good growth in this market as a result of high demand in regions with poor road infrastructure to avert accidents and adoption of innovative lighting solutions, particularly in highway vehicles.


The brake pads segment is also expected to show good growth in this industry, primarily owing to the periodic product replacement to ensure vehicle safety. Disc brakes provide better security by reducing the stopping distance of vehicles, which in turn is expected to fuel the growth in this segment. The battery segment is projected to show steady growth in this market chiefly driven by stringent government regulations and emission norms governing the auto industry. For example,  the US American Recovery & Reinvestment Act grants funds to public & private entities to develop Hybrid Electric vehicles (HEVs). The gaskets & seals segment is also projected to show considerable growth in this market primarily attributed to routine maintenance as they are replaced each time the gases and fluids are changed in the system.


By Vehicle Type Analysis


Commercial Vehicles  to Lead Growth in this Market


Based on vehicle type, the market is segmented into passenger cars and commercial vehicles. The passenger car segment is anticipated to show slow growth in this market over the forecast period. Greater consumer awareness regarding alternative fuel mobility and the effect of conventional vehicles on global warming has led to the increased popularity of electric vehicles, which in turn is projected to impact growth in the passenger car segment. The commercial vehicle segment is expected to show steady growth in this market owing to upcoming emission norms for commercial vehicles, which are likely to impact the repair side via increased adoption of engine electronics. The rise in remanufacturing also provides truck operators service life, warranty support, and performance without the cost associated with a new part. These factors are anticipated to impact the commercial vehicles segment.


REGIONAL ANALYSIS


Asia-Pacific Automotive Aftermarket Size, 2018

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The market in Asia-Pacific is characterized by increasing vehicular sales in terms of both passenger cars and commercial vehicles in emerging economies such as China and India. Also, there has been increasing diversification among component distributors along with the implication of new tax reforms, which are responsible for replacing the current supply chains. These factors are anticipated to lead to the dominance of APAC in the automotive aftermarket industry share.  


Europe is expected to hold the second-largest market share. Advanced technology usage in the fabrication of auto parts and digitization of automotive component delivery sales are fueling the market growth in this region. North America is also anticipated to show steady growth in this market with the US accounting for the foremost share.  The presence of key manufacturers has positioned this region as a significant manufacturing hub. The market in Latin America is expected to show good growth in the market owing to increased fabrication and customization works in Mexico, while the Middle East is currently in the nascent stage.


KEY INDUSTRY PLAYERS


Diverse Portfolio and Core Focus of Robert Bosch GmbH is Expected to Help Retain Its Leading Position


Robert Bosch GmbH continues to lead the global automotive aftermarket industry sales. A sizeable automotive aftermarket division with the most comprehensive product range finding extensive application in two and three-wheelers, LCVs and HCVs, Off-highway applications, Utility Vehicles, Buses among others. Also, the constant R&D efforts by component manufacturers leading to technological advancements, are some of the prominent factors responsible for the dominance of the company.


However, Magna International, Brick and Mortar, Denso Corporation, and ZF Friedrichshafen AG have also retained their positions in the competitive landscape with Magna International mostly dominating the North American region.  This is projected to certainly influence the global market as these companies are anticipated to drive market innovation during the forecast period.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • October 2018 – Tenneco Inc. completed its acquisition of Federal-Mogul LLC, a leading global supplier to OEMs and the aftermarket. The purchase enables the creation of a new independent Aftermarket and Ride Performance Company. This company is expected to be one of the largest global multi-line, multi-brand aftermarket companies.

  • October 2019 – Magna International Inc. received the largest contract for transmission technologies from BMW AG. The multi-year agreement includes all FWD dual-clutch transmissions, including hybrid transmission variants. The new hybrid solution by Magna, which has no impact on the overall package size of the transmission, provides manufacturing flexibility to BMW.


REPORT COVERAGE


The automotive aftermarket industry report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product.


An Infographic Representation of Automotive Aftermarket

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Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the growth of the market over recent years.


 Report Scope & Segmentation








































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD billion) & Volume ( Million Units)



Segmentation



By Replacement Parts Type



  • Battery

  • Brake Pads

  • Filters

  • Gaskets & Seals

  • Lighting Components

  • Body Parts

  • Wheels

  • Others



By Vehicle Type



  • Passenger Cars

  • Commercial Vehicles



By Geography



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, and Rest of Europe)

  • Asia-Pacific (Japan, China, India, South Korea, and Rest of Asia- Pacific)

  • Latin America (Brazil, Mexico, Venezuela, Argentina)

  • Middle East (UAE, Saudi Arabia, Bahrain, Kuwait, Oman)

  • Rest of the World



Frequently Asked Questions

Fortune Business Insights says that the automotive aftermarket industry worth USD 215.32 billion in 2018 and is projected to reach USD 288.20 billion by 2026.

The automotive aftermarket is the after-sale market of the automobile industry. Sale of vehicle parts, replacement of tires, equipment, service repair, collision repair, and accessories comprise the industry.

The aftermarket is projected to grow at a CAGR of 3.7% and will exhibit steady growth in the forecast period (2019-2026).

The body parts segment is expected to be one of the leading segments in this market during the forecast period.

OEMs are aggressively expanding their aftermarket activities, which is a key factor driving the market.

Robert Bosch GmbH is the leading player in the global market.

Asia-Pacific dominated the market share in 2018.

The growing automotive production and rising implementation of strategies by dealers to sell their products to cost-conscious customers are expected to drive the adoption of parts.

In 2018, the market value stood at USD 215.32 million.

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Automotive Aftermarket Size, Share and Global Industry Trend Forecast till 2026
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