Global Automotive after Market report delivers future development strategies, key companies, Possibility of competition, major challenges analysis. The reports elaborate the expansion rate of the Automotive after market supported the highest company profile analysis. This report providing an in-depth analysis, market size, and evaluation for the developing segment among the industry. Automotive after Market report will help you take expert decisions, recognize opportunities, plan effective professional tactics, plan new schemes, analyse drivers and restraints and give you a vision on the Automotive after Market forecast.
The Automotive after Market
report discusses the primary industry growth drivers and challenges that the
vendors and the market as a whole face and provides an overview of the key
trends emerging in the market. It also talks about the market size of different
segments and their growth aspects along with key leading countries in Americas,
Asia-Pacific, Europe, the Middle East, and Africa regions.
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The global
automotive after market valuation is expected to cross USD 486.36 billion by
2025. Automotive after market is driven by factors such as rise in buyers’
awareness regarding routine maintenance, convenience, and safety along with
add-on services such as internal and external accessories and exhaust
components. In addition, change in lifestyle and the need for commuting long
distance travels leads in average distance driven per vehicle. The market
witnesses numerous opportunities in form of availability of variants for spare
parts and accessories. Automotive after market, however, encounters negative
setback in form of stringent policies by government, dearth of labor, and
loopholes in record retrieving systems for older vehicles.
Automotive
industry is enormous in Western Europe, Eastern Europe, Russia, China, and
India. The market is witnessing significant changes along with growing
importance not only for brand new cars but also in the after market domain.
Customers’ expectation, technological growth, automotive suppliers, and shifts
in competitive power help in revamping and development of automotive
aftermarket.
Emerging markets
seem to create new needs for after market industry and simultaneously, the
market players may encounter challenges such as rising pace of consolidation,
particularly in European counterparts and U.S. On the other hand, automotive
suppliers operate in a highly stable environment to face a new type of
competitive pressure from other players at alternate stages of after market
value chain. Market trends such as major shifts in after market industry
coupled with technological upgrade at periodic intervals prove to be
game-changing factors for major players to maintain a strong market position.
The automotive
after market segmentation includes product, replacement, distribution channel,
sales outlet and geography. Replacement type comprises tire, battery, brake
parts, filters, lighting, electronic components and body parts. Tire segment is
expected to account for higher growth in the forecast period. Distribution
channel segmentation includes retailers and wholesalers. Retailers segment
would account for dominant position in the forthcoming period.
Geographical
segmentation for automotive after market spans North America, South America,
Europe, Asia-Pacific, Middle East and Africa. North American automotive after
market is driven by factors such as rise in advanced technology for fabrication
of auto parts and upsurge in automobile production leading to rise in sales.
South American market expects to gain a higher CAGR owing to rise in accumulation
of older vehicles resulting in repair and service.
Asia-Pacific’s
automotive after market expected to gain a positive traction owing to rise in
automotive developments and use of digital technology for automotive. In
addition, wide presence of automotive manufacturers coupled with favorable
policies is contributing to the market growth. Rise in disposable income
coupled with increased spending capacity is likely to add to the market growth
in the forthcoming period.
European
automotive after market is expected to witness a substantial growth in the
forthcoming period due to rise in infrastructural development coupled with
stringent policies by government along with rise in foreign investments. Middle
East and African regions are likely to gain a higher growth in the forthcoming
period due to growth in foreign investments, rise in vehicle population along
with favorable policies by government. The key players in the automotive after
market include 3M Company, Delphi Automotive PLC, Denso Corporation,
Continental AG, Federal-Mogul Corporation, Magneti Marelli S.p.A, and Robert
Bosch GmbH.
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