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Aftermarket is a part of the automotive industry, which provides various services and components for different class of vehicles. The automotive aftermarket business is witnessing dramatic change owing to continuous innovation in technology in the automotive sector, increase in customer expectations, and competitiveness among aftermarket suppliers. Certain parts of the vehicle, such as tire, brake pads, suspension, filters, engine parts, electrical and electronics, and steering components, need to be replace periodically in order to maintain the vehicle in a good condition. Consequently, demand for aftermarket components is likely to increase during the forecast period.

Increase in purchasing power is likely to spur the demand for passenger as well commercial vehicles across the globe during the forecast period, which in turn is likely to boost the demand for aftermarket components during the forecast period. Increase in wear and tear of the parts, diagnostic products, services, and other parts is expected to drive the aftermarket component market during the forecast period. Major OEMs are expanding their business in automotive aftermarket components due to the significant opportunity offered by automotive aftermarket components. Therefore, the automotive aftermarket component market is likely to expand during the forecast period.

Based on component, the global automotive aftermarket component market can be divided into tires, engine components, brake and suspension components, steering components, electric and electrical components, and others. The tire segment is likely to dominate the automotive aftermarket component market. Tires are replaced after it clocks specified kilometers, thus the replacement of tires plays an important role in the segment holding a higher share of the market, in terms of revenue, as compare to other segments. The brake and suspension segment is expanding as the different parts of the brake system such as brake liner, brake pads are likely to need replacement after they wear out. Therefore, the demand for brake and suspension related parts is likely to boost the automotive aftermarket component market during the forecast period.

Based on vehicle type, the automotive aftermarket component market can be segmented into passenger vehicle, commercial vehicle, and electric vehicle. The passenger vehicle segment is anticipated to drive the automotive aftermarket component market during the forecast period owing the rise in production of passenger vehicles across the globe.

Based on region, the automotive aftermarket component market can be segmented into North America, Europe, Asia Pacific, and Middle East & Africa. The market in Asia Pacific is expanding at a rapid pace owing to the considerably large customer base from different industries, such as automotive and agriculture, in the region. Significant expansion witnessed by the automotive industry in China, India, and South Korea is estimated to fuel the market in the region during the forecast period. The booming economy in China and considerable increase in car ownership are likely to boost the automotive aftermarket component market in the country in the near future. The market in Europe and North America is likely to remain constant owing to sluggish expansion of vehicle production and increase in average age of vehicles in these regions.

Key players operating in the global automotive aftermarket component market include Continental AG, ZF Friedrichshafen AG, Denso Corporation, Aisin Seiki Co. Ltd., Delphi products and service solutions, Valeo, MAHALE aftermarket Inc., Schaeffler, Federal Mogul LLC, American Axel Manufacturing, Johnson Controls, and Dana Incorporated.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

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Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Automotive Aftermarket Component Market

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