automotive aftermarket for top 10 components is projected to grow at a CAGR of 7.75%, to reach a market size of USD 302.64 billion by 2021.
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Asia-Oceania is estimated to dominate the automotive aftermarket, and is projected to grow at the highest CAGR during the forecast period. This growth can be credited to the improving socio-economic conditions in emerging economies such as China, India, Indonesia, and Thailand. The sizeable populations in countries such as China and India have resulted in increased vehicle parc, which has led to a growing demand for automotive aftermarket components. The Asia-Oceania aftermarket for top 10 automotive components is growing at a CAGR of 9.29% during the forecast period.
- Manufacturers of automotive components
- Raw material suppliers for automotive components
- Experts from the automotive industry
- Dealers and distributors of automotive components
- Automotive OEMs
- The automobile industry and related end-user industries
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The market is driven by key factors such as growing vehicle sales and parc, increase in average life of vehicle, rising miles driven per year, and emergence of new distribution channels. The growing popularity of e-commerce platforms as a distribution channel is also boosting automotive aftermarket sales. According MarketsandMarkets analysis, the global automotive E-tailing market is projected to reach USD 49.07 billion by 2021. Some of these aftermarket components are long lasting, increasing the time span between consecutive services, leading to a decline in the aftermarket activities. Many of these automotive components also face the threat of counterfeiting. According to Motor and Equipment Manufacturers Association (U.S.), majority of the counterfeit auto parts are produced in China, accounting for around 80% of the total automotive counterfeit goods.
The passenger car segment is expected to dominate the automotive aftermarket for top 10 components. Rising vehicle sales and parc of the passenger car segment has contributed to the growing aftermarket demand for automotive components, in this segment. According to the OICA, global passenger car sales have increased to 33.9 million in 2016, at an annual growth rate of 2%. Global parc of passenger car has grown to 907.0 thousand in 2014,at an annual growth rate of 4%.
The report provides a picture on automotive aftermarket for top 10 components across different verticals and regions. It aims at estimating the market size and future growth potential of top 10 automotive components across different segments such as vehicle type, and regions for the aftermarket. Furthermore, the report also includes an in-depth competitive analysis of the key players in the aftermarket along with their company profiles, MnM view, recent developments, and key market strategies.
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