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Automotive Aftermarket Industry Expected To Cross $700 Billion Mark

20 Mar 2017
Global Automotive Aftermarket Forecast

The automotive industry is one of the most thriving and established industries in the world, with an escalating revenue generation. The automotive aftermarket is a subsidiary of automotive market and just as thriving. Companies are competing neck and neck to get funding and make a mark in the market. In a similar approach, an Essex-based supplier to the automotive aftermarket had secured a €1.95 million combined invoice finance and asset-based lending (ABL) lines. Insider Media Limited reported that “The funding provided by Independent Growth Finance (IGF) will help to consolidate and grow Pearl Automotive’s existing business, and allow the company to invest in new machinery at its headquarters in Benfleet. Pearl Automotive has more than 40 years of expertise in supplying the automotive aftermarket with more than 7,500 lines, including wipers, mirror glasses and fuel caps.”

The automotive aftermarket comes into play after sales of automobiles by the original equipment manufacturers (OEM). Companies are competing neck and neck in the aftermarket and implementing different strategies to overcome the hurdles and to meet market needs. Gates Corp. announced the release of its “221 new part numbers across several categories of its OE-quality automotive aftermarket products.” Aftermarket News reported the highlights of the announcement to be New Electric Heater Control Valves, Expansion to the Power Steering Assemblies line, Expansion to the Emission Ventilation Hose and Pressure Regulator program and Thirty-eight New Coolant Hoses.

Presently, the global automotive aftermarket is quite competitive and companies are coming up with different strategies such as collaborations and partnerships. Acknowledging the changing trends in the global automotive aftermarket, BIS Research has analysed the market thoroughly and compiled a report on ‘Global Automotive Aftermarket’, which includes a forecast of the market from 2016 to 2022. The market has been divided by type and geography in the report, with a detailed competitive insights and market dynamics.

The report emphasises on the revenue generation by type and by geography, along with a detailed account of the factors which are shaping the market. According to the analyst at BIS Research, “The global automotive aftermarket is forecast to grow at a healthy CAGR of 8% as improved global economic conditions prompt consumers to buy new vehicles and replace older vehicles with new fuel-efficient models are growing in the market.” The report has included SWOT analysis of some of the key players of the automotive aftermarket along with their financial positions, key strategies, & developmental activities of recent years.

According to the analyst at BIS Research, “The demand for these products are fulfilled by many major players, some of them being Continental AG, Federal Mogul, ZF-TRW, WABCO, Infineon AG, Hitachi, Bosch, Denso Corporation, Delphi, Continental AG, Magna International, NSK Ltd., Akebono Brake, and Brembo S.p.A., which have been profiled in detail. All of these companies deal in one or multiple of the products of the aftermarket. These companies are driving the industry with continuous business expansions, mergers and acquisitions, partnerships and products.”

The report has included a separate section on aftermarket size in terms of revenue generation. According to the report, European Union generated the maximum revenue in the year 2015 followed by North America and Asia. Asia is expected to grow at the fastest by 2022, followed by EU and North America. The automotive aftermarket industry is expected to cross $700 billion in its market value by the end of forecast period.

 

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