The automotive aftermarket is referred to as secondary market of the automotive industry. It caters to a comprehensive range of solutions pertaining to automobile restoration such as collision repairs, paint preparation systems and masking solutions. Automotive aftermarket involves manufacturing, remanufacturing, retailing, distribution and installation of all vehicle parts, equipment chemicals, tools and automobile accessories.
An increasing number of on-road vehicles, a rapid rise in the average age of vehicles, growing customer awareness regarding importance of vehicular maintenance and aggressive expansion of independent and foreign auto players are some of the major factors fuelling the growth of automotive aftermarket. Demand for replacement of mechanical parts such as clutch systems, brakes, axles, engine parts and other accessories is majorly driven by total travelled miles and vehicle wear and tear trends. In addition, rising incidents of automobile accidents, especially collisions is driving the demand for replacement of external structural components such as bumpers.
The rise in environmental awareness among customers is expected to influence adoption of eco-friendly, recycled auto parts and components. In addition, strict regulations around fuel efficiency and vehicular emissions are also projected to drive the demand for performance and specialty aftermarket equipment and accessories.
Growing customer inclination towards installation of high-end electronic accessories and gadgets in their vehicles is proving to be another growth driver for the industry. Sales of accessories for comfort and appearance such as custom seats, hands-free phone kits, Bluetooth car kits mats and auto-repair tools is expected to rise in North America. On the other hand, Europe is expected to witness increasing adoption of product solutions that enhance the agility and performance of vehicles, such as steel-belted radial tires.
E-commerce participation in automotive aftermarket has increased in emerging markets, owing to unstructured distribution system and rising preference for less expensive spare parts. Rising number of online platforms selling automotive spare parts will challenge the growth of traditional distribution channels.
ASDReport.com has a good collection of reports on automotive aftermarket. The collection of reports cover several topics such as automotive parts and accessories, appearance chemicals, brake friction parts and much more.