Strategic Insights into the Automotive Aftermarket: Unraveling Market Fragmentation with Industry Giants Aptiv PLC, BorgWarner Inc., and Bridgestone Corp.
NEW YORK, NY, December 05, 2023 /24-7PressRelease/ — The automotive aftermarket market is estimated to grow by USD 164.58 billion from 2022 to 2027, growing at a CAGR of 6.26%. The automotive aftermarket market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer automotive aftermarket market are 3M Co., Aisin Corp., Akebono Brake Corp., ALCO Filters Ltd., Aptiv PLC, BASF SE, BorgWarner Inc., Bridgestone Corp, Continental AG, DENSO Corp., Faurecia, HELLA GmbH and Co. KGaA, JK Tyre, and Industries Ltd., LCI Industries, MAP MotoRad Automotive Parts Ltd., NGK SPARK PLUG Co. Ltd., Pioneer Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Tenneco Inc., The Goodyear Tire and Rubber Co., Valeo SA, and ZF Friedrichshafen AG.
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Company Offering:
• Aptiv PLC: The company offers automotive aftermarkets such as Delphi technologies max start batteries.
• BorgWarner Inc.: The company offers automotive aftermarkets such as Delphi technologies max start batteries.
• Bridgestone Corp: The company offers automotive aftermarkets such as passenger tires.
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Based on Geography, the market is classified as APAC, Europe, North America, South America, and Middle East and Africa.
• APAC is estimated to contribute 39% to the growth of the global automotive aftermarket industry during the forecast period. APAC has a high rate of automobile adoption and a presence in countries such as China and Japan, where there is an increasing number of vehicles on the road. In addition, the excessive wear and tear of vehicle parts can be blamed on poor road conditions and insufficient infrastructure in developing economies. As a consequence, there is increased demand for auto parts.
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• Impactful driver- High adoption of vehicle parts
• Key Trend – Aftermarket e-retailing gaining popularity in the automotive aftermarket
• Major Challenges – High price sensitivity leading to margin pressure on e-retailers
Market Segmentation
• Based on Vehicle Type, the market is classified into passenger cars and commercial vehicles. The market share growth by the passenger cars segment will be significant during the forecast period. There is strong demand worldwide for passenger cars such as hatchbacks, sedans, and estates. These vehicles are subject to regular service and maintenance, in which the components that were previously worn out will be repaired with new ones.
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The automotive brake components aftermarket market is estimated to grow at a CAGR of 3.2% between 2022 and 2027. The size of the market is forecast to increase by USD 14.07 billion.
TOC:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Vehicle Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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