The Global Automotive Aftermarket is Projected to Exceed US$1.0 Trillion by 2022
Growing Global Vehicle Fleet
& Rising Average Age of Vehicles Drive the Automotive Aftermarket,
According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of industry
segments, trends, growth drivers, market share, size, and demand forecasts on
the global Automotive Aftermarket. The global Automotive Aftermarket is projected to exceed
US$1.0 trillion by 2022, driven by the increasing average age of vehicles and the number of
vehicles in operation.
Demand for automotive parts in the aftermarket depends
largely on replacement intervals. More frequent replacements translate into
higher market opportunities for aftermarket parts and components. Replacement
cycles vary widely across geographic regions and for different product
categories. In case of wiper system replacements, Japan, where safety tops the
priority charts with vehicle owners replacing wiper blades every 1.2 years,
presents tremendous opportunities for growth. Europeans, on an average, replace
wiper blades every 1.5 years. Within Europe, differences exist among countries.
Scandinavians, for instance, change the blades more frequently with the average
replacement period being 1.5 years. British, Italian and Spanish motorists, on
the other hand, replace the wipers every 3 years. Vehicle owners in France and
Germany change their blades every 1.5 years. These two countries represent
exclusive markets in Europe with vehicle owners typically buying single
replacement blades. However, motorists in North America replace their wiper
blades every two-and-a-half years and therefore present relatively lesser
opportunities for wiper blades in aftermarket segment than Japan and Europe. Increasing
vehicle population and longer car retention will continue to fuel growth in the
aftermarket. Growth will increasingly shift towards developing countries
supported by the emergence of countries like China and India as large producers
and consumers of automobiles.
Global vehicles in operation have been increasing at a
steady rate. Increasing sales of new vehicles coupled with longer retention of
older vehicles is leading to an increase in vehicles in operation around the
world. Vehicles in operation around the world increased from about 1 billion
vehicles in 2009 to about 1.24 billion vehicles in 2014. China has been the
driving force of the global automotive market for more than a decade. The country’s
rapid pace of growth was the saving grace for the global automotive industry.
Even though growth in the Chinese automotive market has slowed down from the
dizzying heights of the past, the market continues to be the anchor for global
automotive growth. More than a decade of growth has resulted in the number of
vehicles in operation (VIO) increasing in China, arising from high vehicle
sales in the recent past, most of which would still be in operation today.
Chinese vehicles in operation at more than 142 million in 2014 are next only to
that of the U.S., where nearly 258 million vehicles operate.
As stated by the new market research report on Automotive Aftermarket the United States represents the largest
market worldwide. Asia-Pacific, with an increasing number of vehicles on the
road is represents the fastest growing market with a CAGR of 8.3% over the
analysis period. Emerging markets in Asia suffer from less than optimal road
conditions. Vehicles driven on such roads tend to suffer increased wear and
tear. The increased wear and tear leads to frequent repairs of vehicles. For
instance potholes on roads can damage tires, rims, and other mechanical
products associated with the wheel assembly, leading to increased maintenance
costs. Regular driving on pothole ridden roads also leads to loss of steering
alignment. If unchecked, steering misalignment leads to increased wear and tear
of tires, and leads to lower life of tires. Even if maintained well, vehicles
driven on such roads experience higher wear and tear, and subsequently higher
repair and replacement rates compared to vehicles driven in developed markets
such as the U.S. and Europe.
Key players covered in the report include Autoliv Inc.,
3M Company, ACDElco, Akebono Brake Corporation, American Axle &
Manufacturing Inc., ASIMCO Technologies Limited, Bridgestone Corporation,
Compagnie Générale des Etablissements Michelin, Continental AG, Cooper Tire
& Rubber Company, Delphi Automotive PLC, Denso Corporation, Federal-Mogul
Holdings LLC, Gates Corporation, Goodyear Tire & Rubber Company, Grupo Kuo,
S.A.B. de C.V., HELLA KGaA Hueck & Co., Hyundai Mobis Co. Ltd., Johnson
Controls Inc., Kumho Tires Co. Inc., Magneti Marelli S.p.A, Pirelli & C. S.p.A.,
Prestone Products Corporation, Robert Bosch GmbH, Yokohama Rubber Co., Ltd. and
ZF Friedrichshafen AG, 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, drivers, vehicles in
operation in major markets, mergers, acquisitions and other strategic industry
activities. The report provides market estimates and projections for Automotive
Aftermarket 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 &
Africa, and Latin America (Brazil, Mexico and Rest of Latin America). Key
product categories analyzed in the report include Mechanical Products;
Electrical Products; Electronic Products; Exterior & Structural Products;
Motor Oil, Fluids & Additives; and Appearance Chemicals.
Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA,
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