In a recent published report, Kenneth Research has updated the market report for Automotive Aftermarket Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Automotive Aftermarket Market products.
According to a new research published by Polaris Market Research the worldwide Automotive Aftermarket market is anticipated to reach USD 519.2 billion by 2026. In 2017, the tire segment dominated the global market, in terms of revenue. In 2017, North America accounted for the majority share in the global market.
The expanding global automotive industry, along with increasing average age of vehicles majorly drives the market growth. Consumers are increasingly becoming aware of proper maintenance and repair of vehicles, which supports market growth. Other factors driving market growth include greater need for long distance travel, technological advancements in telematics technologies, and changing lifestyles. New emerging markets, emerging consumer demographics, and sale through online channels would provide growth opportunities for automotive aftermarket market in the coming years.
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The automotive aftermarket market is highly competitive. Vendors offer products and services required for repair and maintenance for wide range of cars, trucks, vans, and buses. Consumers consider factors such as quality, price, convenience, and vehicle age before making informed decisions about repair and maintenance offered by market players.
Established industries, technological advancements, and high investment in R&D are factors expected to drive the market growth in the region. Asia-pacific is expected to grow at the highest CAGR during the forecast period. This is due to economic growth in countries such as China and India, leading to rising living standards and high disposable income. Expansion of global players into these countries to tap market potential boosts the market growth. Favorable regulations for production of automotive aftermarket components, and poor road infrastructure in developing countries such as India, and Pakistan are expected to augment market growth during the forecast period.
The various types of automotive aftermarket products include tire, wheels, battery, lighting, exhaust components, body parts, accessories, telematics, and others. The tire segment is expected to lead the market during the forecast period. Tires are easily damaged by external factors and need to be replaced periodically. There has been an increasing demand of radial tires owing to low rolling resistance, higher durability, and enhanced service.
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The well-known companies profiled in the report include Royal Dutch Shell PLC, Denso Corporation, Johnsons Controls Inc., Exide Technologies, Inc., 3M Company, Delphi Automotive PLC, Magneti Marelli S.p.A, Goodyear Tire & Rubber Company, Robert Bosch GmbH, Cooper Tire & Rubber Company among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers
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