Automotive Aftermarket Market size is valued at US$ 480 Bn in 2017 and expected to grow at a CAGR of 5% in the forecasting period. Strong automotive outlook coupled with surge in manufacturing of auto components will drive the automotive aftermarket industry demand by 2026. This can be attributed to increasing buyer’s awareness about periodic maintenance, safety, convenience and add-on services like installation of exterior & interior accessories, exhaust components, extended warranty covers, and 24/7 breakdown assistance that will fuel the market growth of automotive aftermarket. The industry offers a wide range of parts and accessories at varied prices and qualities for vehicles. Additionally, changing lifestyle and need for traveling long distance has led to increased average distance driven per vehicle. This has resulted in an increase in maintenance and replacement of automotive parts driving the automotive aftermarket industry growth. Automotive aftermarket market is majorly segmented by the vehicle part, sales outlet and region wise. Based on vehicle part, the market is segmented as replacement parts and accessories. Under this, replacement parts are expected to dominate the global automotive aftermarket market in 2017. These parts are used as replacement to original auto parts after damage, wear & tear and reduction in performance of vehicle. Based on sales outlet, the market is segmented as professional, DIY and OEM. Geographically, the market is segmented as North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Europe held the highest market in 2017. Europe, led by Germany, UK and Russia. Large customer base coupled with presence of OE manufactures are key factors driving regional market demand. Increasing number of authorized service providers along with rise in industry participants will result increased competition in this region. Key player across the Automotive Aftermarket industry are Continental AG, 3M Company, Akebone Brake corporation, Delphi, Federal-Mogul and Denso. Global automotive aftermarket industry market share is moderately fragmented owing to the presence of numerous regional industry participants. To maintain productivity, players should consider additional methods for improving the quality of product, including growing service networks, creating branded parts, forward integration, and building scale.
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