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Automotive aftermarket products are used as replacement products for parts or components which are manufactured or used for automobiles by original equipment manufacturers (OEMs). Increasing preferences for the replacement products by consumers to improve vehicle performance is a major factor driving the automotive aftermarket size by product growth. Automotive components and systems need to be replaced after several months/ years based on their utility. Major and common replacement components of the automotive industry include tires, windshields, oils, and braking components. Most of these products are available for in the automotive aftermarket.

Increasing demand for vehicles is a key driver of the automotive aftermarket size by product. Significant improvements in the engineering of vehicles such as customization alternatives, diversified paint coatings, accessories, and engines are attributed to rapid technological advancements. This, in turn, is expected to propel the market during the forecast period. High flexibility in vehicle design and production is anticipated to create opportunities in the market. Changing lifestyles and rise in disposable income of customers are expected to increase production and sales of automotive components. Changing trends and easy customizations allow customers to replace original equipment by using products from the aftermarket.

Aftermarket products are lightweight, strong, and available in available in various for customizations. Increasing concern of customers regarding comfort and safety is expected to fuel the adoption or addition of aftermarket products in vehicles. High durability and strength of original equipment is a major restraint for the automotive aftermarket size by product. Difference in quality of the material can also inhibit the automotive aftermarket products.

The global automotive market size by product can be segmented in terms of application, product, material, sales store/outlet, vehicle type, and region. Based on application, market can be bifurcated into interior products and exterior products. In terms of product, the automotive aftermarket size by product can be segregated into tires, engine components, transmissions, belts, hoses, suspensions, harnesses, batteries, oils, interior components, and others. Based on material, the aftermarket can be classified into plastics, composites, metals & alloys, and others.

In terms sales store/outlet, the automotive aftermarket size by product can be categorized into organized stores and un-organized stores. Based on vehicle type, the market can be divided into passenger vehicles, light commercial vehicles, heavy commercial vehicles, and two-wheelers. Increase in production of passenger vehicles across the globe is expected to drive the passenger vehicles segment of the market during the forecast period. Additionally, rise in per capita income, rapid urbanization, and expansion of the automotive industry in developing countries are driving the demand for passenger vehicles.

In terms of region, the global automotive aftermarket size by product can be split into Europe, North America, Latin America, Middle East & Africa, and Asia Pacific. The market in Europe is estimated to expand at a rapid pace, as the region is a major producer of premium passenger vehicles and several top OEMs are based in Europe. Demand for automotive aftermarket size by product is projected to rise considerably in Asia Pacific, as countries such as India and China are among the top producers of automobiles and are major users, exporters, and importers of vehicles in the region.

Key players operating in the global automotive aftermarket size by product include Continental AG, 3M Company, Federal Mogul, Delphi Automotive, Robert Bosch GmbH, ASIMCO Technologies Ltd., Denso Corporation, ALCO Filters. Shandong Zhengnuo Group Co. Ltd., and ACDElco.

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.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

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.

Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.

Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.

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 Size By Product Market

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