The automotive aftermarket
deals in manufacturing, remanufacturing, installation, distribution and
retailing of vehicle parts, equipment, chemicals and accessories, after
the sale of the automobile to the customer by the OEM (original
equipment manufacturer). Automotive aftermarket is responsible for
vehicle diagnostics, automotive spare parts and accessories and service
workshop concept. In this market customers have the option to choose the
offer that best fits their personal criteria and individual
requirement.
The
automotive aftermarket includes all services and parts purchased for
light duty and heavy duty vehicles after the original sale. Automotive
aftermarket volume is growing rapidly and becoming important to
automotive companies due to the higher margins. Furthermore, key players
are providing innovative services such as mobility and telematics
services, which in turn create opportunities to generate revenue and
account for growing share of the automotive aftermarket. There is a huge
potential for automotive aftermarket in countries such as the U.K,
Russia, France, Italy, Spain, China and India. Automobile companies are
expanding their business in these countries, which is expected to drive
the growth of automobile aftermarket over forecast period.
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The
automotive aftermarket report contains the global scenario of this
market discussing detailed overview and market figures. The research
report analyses the industry growth rate, industry capacity, and
industry structure. The report analyses the historical data and
forecasts the automotive aftermarket size along with key factors driving
and restraining the market growth.
The
automotive aftermarket market can be segmented into two major types
into channels and vehicle age. The automotive aftermarket can be
segmented on the basis of its channel into two major categories namely
authorized channels: such as single-brand repair shop & multi-brand
repair shop and independent channels: such as franchise workshops,
automotive centers, and independent repair shops. On the basis of
vehicle age the automotive aftermarket can be segmented into three major
categories namely vehicle age 0-4 years, vehicle age 4-8 years and
vehicle age over 8 years. The market can also be segmented
geographically into North America, Europe, Asia Pacific and Rest of the
World (Latin America, Middle East and Africa).
The
automotive aftermarket across the globe is expected to show a
substantial growth in CAGR, from 2013 to 2019. There is a significant
increase in the automotive aftermarket market because it reduces repair
and maintenance cost per vehicle.
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The
key drivers of this market include emerging market in Europe and Asia
Pacific, cost advantage and increasing demand for high quality brand,
which are biggest revenue generator for the market.The key restraint to
this market is legal issues, which is hindering the growth of automotive
aftermarket.
Some
of the key players in the automotive aftermarket are ABS Friction Inc.,
ADVICS North America Inc., Bosch Brake Components LLC, Honeywell,
Fritec, Link Engineering and Centric Parts among others.
The
automobile industry is working to make sure that end-users can access
reliable, cost-effective maintenance and repair services. These benefits
of automotive aftermarket increase value of service to the customer.
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