Recent trends in the global automotive aftermarket are driven by the launch of e-commerce websites for the purpose of attracting customers and increasing product penetration in the digital era.
Citing an instance, Kuwait-based AUTO1 has recently launched its e-commerce website “auto1.online”, bringing its wide shopping experience completely online by offering an extensive range of products. These comprise trending automotive essentials, car care merchandise, and several other automotive aftermarket parts at amazing prices.
Additionally, the company’s website hosts multiple categories comprising Car Care, Accessories, Hardware & Tires, and Batteries, enabling the online purchase of Spare Parts, and also offering consultation with the aid of its dedicated technical support team. Similar initiatives by key automotive aftermarket companies are set to push industry demand, augmenting revenue expansion over the forthcoming years.
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According to the latest research by Global Market Insights, Inc., the global automotive aftermarket size is anticipated to surpass USD 1.1 billion by 2026.
This growth is prominently attributed to the surging incorporation of safety features and technologies like ADAS on account of the increasing stringency in measures associated with vehicle safety. The rising adoption of ADAS is likely to bring about a reduction in the number of road accidents, propelling industry landscape through the forthcoming years.
Few major trends impelling automotive aftermarket growth comprise:
Increasing preference for automotive parts offered by OEMs
Multiple advantages provided by OEM outlets such as quality assurance and long-term warranty coverage are likely to stimulate automotive aftermarket industry expansion over the assessment span. Additionally, the surging usage of electronics and e-commerce by established OEM providers is also set to boost the demand for various automotive aftermarket products through 2026.
The OEM factory fill segment is estimated to witness an appreciable CAGR of nearly 4 per cent through the projected period. This augmentation is chiefly ascribed to the existing trust and consumer confidence towards the automotive parts provided by OEMs.
Increasing demand for exhaust systems in automobiles
An upsurge in product demand has been instrumental in driving the growth of the exhaust segment in the automotive aftermarket industry through 2026. Primary components of exhaust systems comprise catalytic converter, muffler, engine downpipe, tailpipe, and engine manifold.
The system is also exposed to high temperatures, given the exit of the hot air from combustion engines. Furthermore, the component is subjected to be replaced by enthusiastic and high-end consumers for the enhancement of vehicle outlet acoustics.
Owing to such attributes, the exhaust segment is touted to exhibit a commendable CAGR of nearly 7 per cent through 2026.
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Rising popularity of remote diagnostics
The real-time monitoring of numerous automobile parameters for the evaluation of its performance and quality of operations in line with predetermined benchmarks is instrumental in impelling the popularity of remote diagnostics over the anticipated span.
Additionally, more and more small-scale shop owners and service providers are entering into agreements with largescale fleet operators for the procurement of additional contracts for repair & maintenance, which is set to influence industry expansion through the estimated period.
In a nutshell, an increase in the escalation of the life of vehicles has led to an upsurge in the requirement for maintenance & repair services, positively influencing revenue augmentation over the ensuing years. Prominent automotive aftermarket companies include BASF, ZF Friedrichshafen AG, Continental AG, Federal-Mogul Holdings, 3M, and others.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Market definitions
1.2 Base estimation & workings
1.2.1 North America
1.2.3 Asia Pacific
1.2.4 Latin America
1.2.5 Middle East
1.3 Forecast calculations
1.3.1 COVID-19 impact calculations on industry forecast
1.4 Data sources
188.8.131.52 Paid sources
184.108.40.206 Public sources
Chapter 2 Executive Summary
2.1 Automotive aftermarket industry 3600 synopsis, 2016 – 2026
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Sales outlet trends
2.1.4 Regional trends
Chapter 3 Automotive Aftermarket Industry Insights
3.1 Industry segmentation
3.2 Industry size & forecast, 2016- 2026, (USD Billion)
3.3 COVID-19 impact on industry landscape
3.4 Industry ecosystem analysis
3.4.1 Part manufacturers
3.4.2 Profit margin analysis
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