The automotive aftermarket is basically a secondary market of automotive industry which mainly involves manufacturing, remanufacturing, distribution, retailing and installation of all types of vehicle parts, chemicals, equipment, and accessories, after the sale of automobiles by its original equipment manufacturer to the consumers.
The industry research report, “Automotive Aftermarket in Germany” offers the top-line qualitative and quantitative summary information which well includes the comprehensive market size (value and volume 2013-17, and forecast to 2022) and segmentation data, textual and graphical analysis of market growth trends as well as significant macroeconomic information. It also highlights the descriptions of the leading players along with the related key financial metrics and analysis of competitive pressures within the market. It proves to be an essential resource for top-line data and analysis covering the Germany automotive aftermarket market.
The Automotive Aftermarket in Germany is greatly fragmented and the key players in this marketplace involve independent companies, original equipment manufacturers-owned dealers, and manufacturer-authorized dealers. The industry has been observed to continue with consolidation as a means of enriching the overall competitiveness in the market. The major vendors which have long dominated this industry in Germany namely include- Auto-Teile-Unger Handels GmbH and Co. KG, ATS Euromaster Ltd., GKN plc, and Kwik-Fit Group Ltd while the other prominent players of this industry include- Federal-Mogul Corp., Affinia Group Inc., Honeywell Transportation Systems, Tenneco Inc., TRW Automotive, Centric Parts, Aisin Seiki Co. Ltd., Robert Bosch LLC, Cardone Industries, and Schaeffler Group USA Inc.
As per investigations, it has been revealed that Germany’s automotive industry is its largest industrial sector and it has managed to be in line with the overall economy. The German automotive aftermarket sector registered total revenues of somewhere around USD 36.3 billion in 2017, thereby showing a decent compound annual growth rate of 2% between 2013 and 2017 wherein the components segment of the aftermarket was the most lucrative bringing in major total revenues of around USD 25.4 billion. Furthermore, combined with the linkages between GDP growth rates, this German sector is anticipated to persist being a home to some of the most technologically enhanced aftermarket companies of the world, which will aid the country to maintain a strong position in the future.
With the rising demand for advanced automotive parts; the aftermarket has already come a long way and it is expected to ameliorate even more in the coming years. The market has lately witnessed the evolving significance of some main electronic parts which will surely engender growth in the revenue of this industry. However, at the same time, the German government has framed policies for eliminating the usage of older vehicles in the country which may pose a threat to the holistic development of this market but anyhow; there are many affirmative demand drivers that can nullify this effect in future.
It has been noticed that the adoption of advanced technologies like electric battery, hybrid, and fuel cell powered vehicles is rapidly growing around the globe, along with ongoing development of alternative fuels like compressed natural gas (CNG) and ethanol. Moreover, the transition of the industry from mechanical to electrical and electronic systems has generated much newer opportunities which have the potential to further drive demands for replacement products and new service technologies in the industry. Consequently, it is projected that the employment scenario in this sector in Germany will grow at around 2.5% year by year.
While the vehicles’ sales over the years have managed to showcase optimistic improvements; the upcoming opportunities for innovation and technological advancements are foreseen to rejuvenate this industry completely by bringing in more efficient and effective equipments and systems which will for sure multiply the revenues and profits of the market with the passage of time.
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Ankur Gupta, Head Marketing & Communications