(MENAFN- GlobeNewsWire - Nasdaq) Pune, India, Nov. 22, 2021 (GLOBE NEWSWIRE) -- The global automotive aftermarket size is projected to reach USD 529.8 billion by 2028 and exhibit a CAGR of 3.8% during the forecast period. The digitization of automotive component delivery services results in greater supply diversity and higher price transparency for customers. The growing digitization of automotive component delivery services and the expansion of the automotive industry are likely to bolster the growth of the market. Fortune Business Insights™ has presented this information in its report titled,“Automotive Aftermarket, 2021-2028”. The market size stood at USD 392.35 billion in 2020.
OEM's investments in customer experience optimization have risen in recent years. The introduction of differentiated aftermarket service offerings helps OEMs retain customers and enhance their decision-making regarding service repair. The surging expansion of aftermarket activities by OEMs is likely to stimulate market growth in the coming years.
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COVID-19 Impact-
The automotive industry has significantly suffered from the negative impact inflicted by the global pandemic. A decline in the production levels due to the lockdowns, curfews, and social distancing norms can be witnessed, along with a decline in revenues. Closure of plants and restrictions on exports and imports by several nations potentially hampered the industry growth.
Moreover, the pandemic resulted in reduced purchasing power of consumers, which further aggravated the situation. Nonetheless, the vaccines are now available to the masses, and the market is gradually recovering. The market is expected to gain steep momentum post-pandemic.
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Expansion of Automotive Industry to Propel Market Growth
The swift digitization in developed and developing countries has enabled manufacturers and suppliers to provide consumers the desired product through online sales channels. Customers can use these channels to gather information about parts' price and use these channels to determine the vehicle's parts to buy. The digitization of automotive component delivery services results in greater supply diversity and higher price transparency for customers. The growing digitization of automotive component delivery services is likely to bolster the global automotive aftermarket growth.
The original equipment manufacturers (OEMs) are improving and expanding their aftermarket activities within the automotive aftermarket parts value chain. The introduction of differentiated aftermarket service offerings helps OEMs enhance their decision-making regarding service repair and retain customers. The surging expansion of aftermarket activities by OEMs is likely to stimulate market growth in the coming years.
Lastly, the expansion of the automotive industry due to increasing demand and production of passenger cars and commercial vehicles is anticipated to boost the market growth in the upcoming years.
However, the increasing sales of electric vehicles and the rising adoption of vehicle safety technologies may hinder market growth.
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Key Players Adopt Inorganic Strategies to Garner Growth in the Market
The market is fragmented and highly competitive. The market includes Valeo SA, Continental AG, Robert Bosch GmbH, Lear Corp., and others as the major players. The key players focus on extensive R&D activities to provide a comprehensive range of products for the market.
The key players focus on the development of new products, patents, technological advancements, collaborations, acquisitions, mergers, and others to generate greater revenues and improve their market presence. For instance, in October 2020, BorgWarner Inc. acquired Delphi Technologies, a leading powertrain, and aftermarket company. The acquisition is aimed to empower BorgWarner's scale and capabilities, electronics & power products, and create a global pioneer in electrified propulsion systems.
Industry Developments-
- November 2020: FullSpeed Automotive from CenterOak Partners was acquired by MidOcean Partners to fulfill the company's aggressive growth plan by strategic acquisition & merger and universal organic activities.
Key Players in the Global Automotive Aftermarket are:
- Robert Bosch GmbH (Gerlingen, Germany)
- Denso Corporation (Aichi, Japan)
- Magna International Inc. (Aurora, Canada)
- Continental AG (Hanover, Germany)
- ZF Friedrichshafen AG (Friedrichshafen, Germany)
- Aisin Seiki Co. (Aichi, Japan)
- Lear Corp. (Michigan, U.S.)
- Valeo SA (Paris, France)
- Bridgestone Corporation (Tokyo, Japan)
- Faurecia (Nanterre, France)
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