The Global Automotive Aftermarket is Projected to Reach US$722.8 Billion by 2020

Growing Emphasis On Preventive Maintenance & Scheduled Servicing Drives the Global Automotive Aftermarket, According to a New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Automotive Aftermarket. The global Automotive Aftermarket is projected to reach US$722.8 billion by 2020, driven by the growing consumer awareness over the importance of preventive maintenance and scheduled servicing and their role in maximizing vehicle availability.

Defined as the secondary market of the automotive industry, the automotive aftermarket is witnessing stable growth supported by the expanding global vehicle fleet and the rapid rise in the average age of vehicles on road. Demand for replacement parts and accessories in the aftermarket are hugely reliant on vehicle wear and tear trends. The increase in vehicle miles travelled drives the need for replacement of mechanical parts such as brakes, clutch systems, engine parts, and axles, among others. The rise in the number of automobile accidents, especially collisions, is benefiting demand for replacement external structural components like bumpers. The increase in electronic content per car and the resulting electronic failures in keyless vehicle entry systems and entertainment systems are also spurring opportunities for growth in the aftermarket.   

The legislation of strict fuel-efficiency and vehicle emission laws worldwide is forecast to benefit demand for performance components and specialty aftermarket equipment and accessories. The growing focus on environmental health will spur adoption of eco-friendly, recycled auto parts and components. Automotive aftermarket in North America is expected to witness increased sales of accessories for comfort and appearance such as custom seats, mats, hands-free phone kits, bluetooth car kits, and auto-repair tools. In Europe, on the other hand, product solutions that enhance the performance and agility features of vehicles, such as, steel-belted radial tires will witness the highest adoption. In the appearance chemicals aftermarket, growth will be supported by the increasing popularity of pre-owned cars and leased automobiles. Popularity of pre-owned vehicles is increasing in the United States and Europe guided by the tough economic climate and the ensuing consumer preference for cheaper options such as purchasing used cars. The growing market for pre-owned cars is resulting in consumers investing both time and money in protecting the re-sale value of cars, thus resulting in increased sales of vehicle detailing and appearance products in the aftermarket.  

As stated by the new market research report on Automotive Aftermarket, the United States represents the largest market worldwide. Asia-Pacific is forecast to emerge as the fastest growing market with a CAGR of 6.5% over the analysis period. Growth in the region is driven by growing vehicle ownership rates, expanding Do-It-For-Me market, and rising cost of owning and operating vehicles.

Key players covered in the report include 3M Company, ACDElco, Affinia Group Inc., Akebono Brake Corporation, American Axle & Manufacturing Inc., ASIMCO Technologies Limited, Bridgestone Corp., Continental AG, Cooper Tire & Rubber Company, Delphi Automotive PLC, Denso Corporation, Federal-Mogul Corporation, Gates Corporation, Goodyear Tire & Rubber Company, Grupo Kuo, S.A.B. de C.V., Honeywell International, Inc., Johnson Controls, Kumho Tires Co. Inc., Lear Corp., Meritor Inc., Magneti Marelli S.p.A, Michelin, Pirelli & C. S.p.A., Prestone Products Corporation, Robert Bosch GmbH, Shell, TRW Automotive, Visteon Corp., and Yokohama Rubber Co., Ltd., among others.

The research report titled “Automotive Aftermarket: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, and strategic industry activities of major companies worldwide. The report provides market estimates and projections for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (Australia, China, India, and Rest of Asia-Pacific), Middle East, and Latin America (Brazil, Mexico, and Rest of Latin America). Product segments analysed include Mechanical Products, Electrical Products, Electronic Products, Exterior & Structural Products, Motor Oil, Fluids & Additives, and Appearance Chemicals.

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