Global Automotive Aftermarket to hit $1,430 Bn by 2026

Automotive Aftermarket to grow at 5.5% CAGR till
2026: Global Market Insights Inc.
Automotive Aftermarket Size is expected to reach USD 1,430 billion by 2026. Continuous
upsurge in vehicle parc will induce significant growth potential in the industry landscape.
Increasing average age of automobiles has led to an upsurge in demand for repair &
maintenance services. The deteriorating standard of road infrastructure in emerging
economies is expected to drive the automotive aftermarket size over the study timeframe. It
escalates the wear and tear in vehicle components leading to frequent maintenance
requirements.
Automotive Aftermarket
Some major findings of the automotive aftermarket report include:
‣ Growing adoption of advanced driver assist system in vehicles
‣ Rising inclination of consumers towards e-commerce
‣ Technological advancements to develop vehicle diagnostics tool
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Strategic mergers and acquisition by industry participants to expand regional presence.
Major industry players include 3M, BASF, Continental AG, ZF Friedrichshafen AG and
Federal-Mogul Holdings among others.
Ongoing digitization of service channels and interfaces are providing strong growth
opportunities for the industry expansion. Advanced analytics and big data enable the
industry players to process and store vehicle usage data for optimizing the value chain.
Vehicle data, degree of wear and tear and mileage observations are generating the
precise predictive maintenance schedules. For instance, in February 2019, Autodata
launched service and maintenance data of existing and new models. The data includes
technical information includes wheel alignment data, TPMS information and periodic
repair time intervals.
Remote diagnostics is among the emerging trends in automotive services industry. It
enables real-time monitoring of automotive parameters to evaluate its performance in
line with benchmarks. Additionally, small-scale shops are signing agreements with fleet
operators to procure more contracts for maintenance and is anticipated to support the
industry expansion.
The stringent vehicle safety regulations mandated by several governments across the
globe are pressurizing vehicle manufacturers to incorporate the new safety technologies
including ADAS in vehicles. Adoption of ADAS in vehicles is resulting in decreasing
vehicle collision incidents. The decrease in human control and rising autonomous vehicle
trends will limit the automotive aftermarket industry growth over the study timeframe.
OEM factory fill will foresee steady growth with shifting consumer preferences towards
usage of automotive parts provided by the OEM players. The advantages offered by
these outlets including long warranty coverage and quality assurance will augment the
segment penetration. The development of cost-effective product portfolio and usage of
online platforms by industry participants will enhance the industry size.
Exhaust subsegment will witness a progressive growth over the projected time frame.
The automotive exhaust system is exposed to elevated temperature as the air from
combustion cavity passes through it. The unvarying distribution of high temperature is
required to improve the life of exhaust system components. Major components of the
exhaust include engine manifold, engine downpipe, catalytic converter, muffler, and
tailpipe.
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The average age for on-road vehicles in Europe significantly increased from the last
decade. According to European Automobile Manufacturers Association (ACEA), in 2017,
the average age of passenger vehicles in EU, rose to 11.1 years, with an increase of
5.71% as compared with 2013. This will significantly support automotive aftermarket
market growth in the region.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market
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reports along with growth consulting services. Our business intelligence and industry
research reports offer clients with penetrative insights and actionable market data
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