The global Automotive Aftermarket is projected to exceed US$560.5 billion by 2024, driven by increasing average age of vehicles and expanding vehicle parc. The always present threat of road accidents coupled with the availability of lucrative insurance deals is poised to spur demand for aftermarket crash parts. Other remunerative product markets include tires, windshield wiper blades, engine parts, and spark plugs, among others. Few of the major growth driving forces include increase in demand for pre-owned cars and auto leasing; rapid technology updates and the ensuing increase in frequency of replacements of infotainment systems in the aftermarket; increase in vehicle miles travelled and the parallel need for frequent oil and lube change; emphasis on proactive maintenance and increased opportunities for mechanical parts and component replacements; rise in aftermarket TPMS fitments as a result of stringent safety regulations; desire to retain resale value and the resulting aftermarket investments in vehicle appearance maintenance; robust development of aftermarket vehicle service networks; growing customer preference for remanufactured automobile parts from a financial and environmental perspective; rise of the Do-it-Yourself customers and increased demand for easy-to-use aftermarket automotive appearance products. Europe represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 6.9% over the analysis period led by factors such as stable economic growth; rising standard of living; growing per capita ownership of cars as a result of aspirational lifestyle goals of the expanding base of middle class population; growing awareness over the importance of preventive maintenance; establishment of several new aftermarket service facilities; inadequate and deteriorating road conditions that exacerbate vehicle wear and tear and the ensuing higher frequency of part and component replacements.

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Company and Industry News & Stories
  • AISIN and DENSO to Form a New Company – BluE Nexus in a Move to Develop and Sell Driving Modules Used for Electric Vehicles
  • Icahn Automotive to Acquire RPM Automotive in a Move to Accelerate its Growth in the Market
  • Cooper Tire to Form a Joint Venture with Sailun Vietnam in a Bid to Build a Manufacturing Plant with a Capacity to Produce Over 2 Million Truck and Bus Radial (TBR) Tires per Annum
  • Continental Collaborates with Turo to Offer New Application – Turo Go in the Aftermarket
  • Uni-Select Acquires Autochoice in a Move to Expand its Footprint in the Provinces of New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland

Outlook in Key Market Segments
  • Through 2024, Mechanical Products will remain the largest market, followed by Exterior & Structural Products.
  • Electronic Products are projected to witness the fastest growth driven by increasing electronic content per car and growing demand for high-end, luxury in-car electronics.

Product Definition & Scope
  • Automotive aftermarket products are defined as products (including replacement) consumed after the sale of the vehicle. The scope includes parts/components installed in the car after the first time it was assembled in the factory. In other words, the aftermarket is the secondary market available after the sales of the original equipment. The scope of the report covers the aftermarket for only light vehicles defined as being inclusive of “cars & light commercial vehicles”. Excluded from scope are heavy commercial vehicles. Scope of market estimates and projections in this report covers service parts, mechanical parts, wear & tear parts, tires, exterior and structural products, electrical/electronic products, crash repair, and consumables.

Timeline for Analysis
  • Market Estimates and Forecasts for 2016-2024
  • Historic Review 2011-2015

Geographic Markets Analyzed
  • 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)

Market Segmentation & Classification
  • Product Segments:
    • Mechanical Products, Electrical Products, Electronic Products, Exterior & Structural Products, Motor Oil, Fluids & Additives, and Appearance Chemicals

Major Players
  • 3M Company
  • ACDElco
  • American Axle & Manufacturing, Inc.
  • Bridgestone Corporation
  • Continental AG
  • Denso Corporation
  • Grupo Kuo, S.A.B. de C.V.
  • Robert Bosch GmbH

How Can You Benefit?
This research project broadly covers analysis of all market trends, drivers, challenges and other macro market scenarios you need to know to improve your strategic planning and remain informed and competitive. The study also provides reliable ready facts and exclusive statistical data insights in addition to expert and highly accurate market size forecasts and projections to help you identify new markets and opportunities for revenue growth and sustainability. The extensive reportage of industry, company and product news and stories together with coverage of all major and niche players provided in the report helps you build a 360 degree perspective on your markets and gain unsurpassed insights needed to devise plans and strategies to maximize business growth.