Global Automotive Aftermarket to hit $1,430 Bn by 2026
More Information @ http://bit.ly/2KytyCZ 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.
More Information @ http://bit.ly/2KytyCZ
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.
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Strategic mergers and acquisition <strong>by</strong> industry participants <strong>to</strong> expand regional presence.<br />
Major industry players include 3M, BASF, Continental AG, ZF Friedrichshafen AG and<br />
Federal-Mogul Holdings among others.<br />
Ongoing digitization of service channels and interfaces are providing strong growth<br />
opportunities for the industry expansion. Advanced analytics and big data enable the<br />
industry players <strong>to</strong> process and s<strong>to</strong>re vehicle usage data for optimizing the value chain.<br />
Vehicle data, degree of wear and tear and mileage observations are generating the<br />
precise predictive maintenance schedules. For instance, in February 2019, Au<strong>to</strong>data<br />
launched service and maintenance data of existing and new models. The data includes<br />
technical information includes wheel alignment data, TPMS information and periodic<br />
repair time intervals.<br />
Remote diagnostics is among the emerging trends in au<strong>to</strong>motive services industry. It<br />
enables real-time moni<strong>to</strong>ring of au<strong>to</strong>motive parameters <strong>to</strong> evaluate its performance in<br />
line with benchmarks. Additionally, small-scale shops are signing agreements with fleet<br />
opera<strong>to</strong>rs <strong>to</strong> procure more contracts for maintenance and is anticipated <strong>to</strong> support the<br />
industry expansion.<br />
The stringent vehicle safety regulations mandated <strong>by</strong> several governments across the<br />
globe are pressurizing vehicle manufacturers <strong>to</strong> incorporate the new safety technologies<br />
including ADAS in vehicles. Adoption of ADAS in vehicles is resulting in decreasing<br />
vehicle collision incidents. The decrease in human control and rising au<strong>to</strong>nomous vehicle<br />
trends will limit the au<strong>to</strong>motive aftermarket industry growth over the study timeframe.<br />
OEM fac<strong>to</strong>ry fill will foresee steady growth with shifting consumer preferences <strong>to</strong>wards<br />
usage of au<strong>to</strong>motive parts provided <strong>by</strong> the OEM players. The advantages offered <strong>by</strong><br />
these outlets including long warranty coverage and quality assurance will augment the<br />
segment penetration. The development of cost-effective product portfolio and usage of<br />
online platforms <strong>by</strong> industry participants will enhance the industry size.<br />
Exhaust subsegment will witness a progressive growth over the projected time frame.<br />
The au<strong>to</strong>motive exhaust system is exposed <strong>to</strong> elevated temperature as the air from<br />
combustion cavity passes through it. The unvarying distribution of high temperature is<br />
required <strong>to</strong> improve the life of exhaust system components. Major components of the<br />
exhaust include engine manifold, engine downpipe, catalytic converter, muffler, and<br />
tailpipe.<br />
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