In a recent published report, Kenneth Research has updated the market report for Automotive After 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 After Market products.
Automotive aftermarket is a secondary market of the automotive sector, which involves the sale of automotive components when they need immediate replacement due to emergency situations. They can also be replaced on their regular maintenance schedules. These replacement parts are provided by either authorized providers or independent providers.
The change in customer expectations have led the automotive aftermarket players to undertake technological innovation to improve their product specifications and lower the component costs.
Such initiatives drive the market. Service providers need to focus on continuous interactions with individual customers and traders of mobility solutions in order to continue adding up in the automotive aftermarket business. Customer satisfaction in aftermarket requires the identification of the problem areas to elevate the experience of the user mobility solutions. Furthermore, vertical and horizontal integration of new technology concepts are important to improve the efficiency and quality of the engine parts. The market could be restrained by the lack of infrastructure and technology in emerging countries.
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For this study, global automotive aftermarket has been segmented based on offering, channel, vehicle age, vehicle type, and region. On the basis of offering, the market has been segmented into parts and services. Parts segment has the larger market size as, a part is an internal element of the vehicle that if crucial, needs immediate replacement. On the basis of channel, the market is segmented into authorized repair and independent repair. Among these, independent repair has the larger market size as they offer attractive prices, improved service quality and speedy delivery along with diagnostics specialists.
On the basis of vehicle age, the market is segmented into 0-4 years, 4-8 years and above 8 years. Above 8 years segment holds the largest share as the owner opts for cheaper alternatives for parts and services during this age of the vehicle. On the basis of vehicle type, the market is segmented into passenger and commercial vehicle. Passenger vehicle holds the larger share due to the rising demand of passenger cars among the population and increasing per capita income in emerging countries. On the basis of regions, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the world.
Table of Contents:
1 Executive Summary
2 Market Introduction
2.1 Definition
2.2 Scope of the Study
2.3 List of Assumptions
2.4 Market Structure
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
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3.5 Forecast Model
3.6 Key Market Insights
4 Key Findings
5 Recommendations
5.1 Consolidation Among Parts Distributors
5.2 Digitization of channels and interfaces
5.3 Access to car-generated data
5.3.1 Deeper customer insights
5.3.2 Operational excellence.
5.3.3 Response recommendations and readiness
5.3.4 Predictive maintenance and remote on-board diagnostics.
5.3.5 New digital services.
5.4 Higher price transparency and greater diversity of supply for customers
5.4.1 Price transparency
5.4.2 Online sales
6 Market Dynamics
6.1 Drivers
6.1.1 High Quality and Low Cost
6.1.2 OEMs aggressively expanding their Aftermarket Activities
6.1.3 Competing Strategies
6.2 Restraint
6.2.1 Lack on Infrastructure and technology in the Emerging Regions
6.3 Trends
6.3.1 OEMs expanding their aftermarket activities
6.4 Opportunities
6.4.1 Increasing influence of (digital) intermediaries
7 Market Factor Analysis
7.1 Porter’s Five Forces Analysis
7.1.1 Threat of New Entrants
7.1.2 Bargaining Power of Suppliers
7.1.3 Threat of Substitutes
7.1.4 Bargaining Power of Buyers
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