The Automotive aftermarket is a secondary market of the automotive sector which majorly includes the sale of the automotive components, retailing, re manufacturing, distribution, installation of vehicles and several others when they required the speedy replacement because of the emergency situations. They can also be replaced on their consistent maintenance schedules. These replacements parts are delivered by either authorized providers or independent benefactors. Moreover, the aftermarket includes parts for the replacements, appearance, performance and collision including the electric propulsion. Moreover, the aftermarket serves a huge variety of the parts of fluctuating qualities and prices for nearly all the vehicles makes and models. The key players of this market are playing an effective role by leading the market growth more significantly in the coming years.
The high quality and low cost, OEMs aggressively expanding their aftermarket activities and competing strategies are the major drivers of this market which leading to the market growth more significantly across the globe in the coming years. Despite the drivers there is one major restraint which hinders the market growth more significantly such as the lack of infrastructure and the technology in the emerging regions. According to the report analysis, ‘Global Automotive Aftermarket Research Report – Forecast to 2023’states that some of the major companies which are currently functioning in this market more significantly for dominating the huge market share around the globe by serving more accurately to the potential clients across the globe includes Continental AG (Germany), Robert Bosch GmbH (Germany), Aisin Seiki Co., Ltd. (Japan), Valeo (France), 3M Company (U.S.), Denso Corporation (Japan), Cooper Tire & Rubber Company (U.S.), Magneti Marelli S.p.A. (Italy), Sumitomo Electric Industries Ltd. (Japan), Aptiv PLC (U.K.), Federal-Mogul Corporation (U.S.), MAHLE GmbH (Germany), Schaeffler AG (Germany), ACDelco, Inc. (U.S.) and ZF Friedrichshafen AG (Germany). Moreover, the key players of this region is utilizing the opportunities likewise the growing influence of the (digital) intermediaries in the market more actively for accounting the huge market share which further lead the market growth more enormously around the globe in the coming years.
OEMs expanding their aftermarket activities, which is to be an advantageous trend in the market of automotive aftermarket across the globe On the basis of geography, the market of this is spread around the globe with the effective nature which majorly includes highly reputed regions such as North America, Europe, Asia Pacific region, Middle East and Africa, Latin America and rest of the world. For instance, the market of the automotive aftermarket has been segmented into parts and services where the parts sectors have the larger market size as, a part is an internal component of the vehicle that if crucial, need immediate replacements. However, the passenger vehicle holds the larger share because of the growing demand of the passenger cars among the populace and growing per capita income in emerging regions. Furthermore, it is expected in the coming years that the market of automotive aftermarket will grow more significantly across the globe over the decades.
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Ankur Gupta, Head Marketing & Communications