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(Transportation-News.com, March 02, 2021 ) The report "Automotive Aftermarket for Top 10 Components (Tire, Fluid, Filter, Battery, Brake, Collision Body, Lighting, Spark Plug, Telematics, Bearings), Vehicle Type (Passenger Car and Commercial Vehicle), and Region - Global Trends and Forecast to 2021", The 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. The market is driven by factors such as rising average age of vehicles in operation, increasing vehicle sales and parc, and increased miles driven per year.
“Asia-Oceania to be the largest aftermarket for top 10 automotive components”
Asia-Oceania is expected to dominate the aftermarket for the top 10 automotive components, and is projected to grow at the highest CAGR during the forecast period. Asia-Oceania has created promising opportunities for automobile aftermarket manufacturers and product suppliers. Increasing income levels and rapid urbanization is expected to push the aftermarket by leading to growth in vehicle sales. With a wide spread web of aftermarket distribution channels in emerging markets such as India and China, amongst other Asia-Oceanic countries, the automotive component aftermarket has witnessed high growth.
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“Passenger cars to be the largest segment in the aftermarket for top 10 automotive components”
Passenger cars are expected to dominate the aftermarket for the top 10 automotive components, and is projected to grow at the highest CAGR during the forecast period. Passenger cars in use has witnessed a positive growth over the past few years, with the global vehicle parc for passenger cars growing at a rate of 4% from 2013 to 2014, according to OICA. The frontrunner was Asia-Oceania, with a growth in vehicle parc for passenger cars of about 8.6% from 2013 to 2014. With a rise in automotive e-business, automotive supermarkets, and other multi-branded business models, the automotive components aftermarket has seen an increased demand, especially for the passenger cars segment.
“Remote vehicle diagnostics to be the fastest growing segment in the top 10 automotive components aftermarket”
The remote vehicle diagnostics segment is projected to grow at the highest CAGR during the forecast period. The growth of the application of remote vehicle diagnostics is influenced by factors such as the rising demand for technology from passenger as well as commercial fleet operators and increasing stringency in emission and fuel economy regulations. For instance, Euro 6 standards limit CO emissions to 0.50 g/km (which was 0.64 g/km in EURO 3) and NOX to 0.25 g/km (which was 0.50 g/km) for passenger cars. This has led the demand for a number of warning notification lights that provide real-time alerts about fuel consumption and sometimes emission-related defects.
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Key Market Players:
The automotive aftermarket for top 10 components ecosystem consists of component manufacturers such as Bridgestone Group (Japan), Royal Dutch Shell Plc (The Netherlands), and Mahle Group (Germany) and technology providers such as Robert Bosch GmbH (Germany), Continental AG (Germany), and Delphi Automotive PLC (U.K.). The products manufactured by these companies are used by automotive companies such as BMW (Germany), Daimler (Germany), Volvo (Sweden), and Ford Motor Company (U.S.).
Target Audience
• 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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MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
newsletter@marketsandmarkets.com
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