The global automotive aftermarket industry is growing continually. The market growth attributes to the rising sales of automobiles and the demand for OEM technologies. Besides, the burgeoning automotive sector worldwide and rising economic growth drives the growth of the market. Moreover, increasing costs of vehicle maintenance & repairing costs escalate the market growth, offering an attractive prospect for new car sales and aftermarket business.
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According to Market Research Future (MRFR), the global automotive aftermarket industry is expected to reach a valuation of USD 1,000 BN by 2023, growing at an impressive CAGR throughout the estimated period (2017 – 2023). Technological advances, the emergence of many aftermarket parts, and the spurting growth in the automotive sector are significant driving forces. The market has been garnering tremendous traction worldwide, heading with global economic growth.
Additionally, increasing OEMs and the trend of outsourcing MRO services drive the growth of the market. Also, rise in the most diverse warehouse distributors and stores in the automotive aftermarket substantiate the growth of the market. Increasing numbers of automotive part manufacturers increase market sales. Rising consumption automotive parts in MROs across the automotive industry is a key growth propeller of the market. Moreover, the growing demand for lightweight automotive parts influences the market growth.
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Global Automotive Aftermarket Industry - Segments
The report is segmented into five dynamics;
By Offering : Parts and services.
By Channel Type : Authorized repair and Independent repair.
By Vehicle Age : 0-4 years, 4-8 years, and Above 8 years.
By Vehicle Type : Passenger vehicle and Commercial vehicle.
By Regions : Americas, Asia Pacific, Europe, and the Rest-of-the-World.
Global Automotive Aftermarket Industry -Regional Analysis
North America dominates the global automotive aftermarket industry. The largest market share is attributed to the strong presence of major automotive players, components, and auto-solutions companies in the region. Moreover, the increasing demand for innovative IT solutions and emphasis on minimizing the skyrocketing maintenance & repair costs drive the regional market growth. Besides, the high growth potential, increasing production capacities, and well-developed economies in the region foster market growth. The North America automotive aftermarket industry is predicted to garner tremendous gains over the forecast period. And more...
Global Automotive Aftermarket Industry - Competitive Analysis
Highly competitive, the global automotive aftermarket industry appears fragmented due to the presence of many well-established players. The fragmentation in the market results in intense competition and a fall in profit margin. Resultantly, players incorporate strategies such as mergers & acquisitions, collaborations, expansion, and product/ technology launch to gain a larger competitive share.
The market is commoditized and little room for differentiation strategies. Manufacturers of automotive parts stay focused on product development invest substantially to drive R&D and regulatory approvals. Another approach adopted by manufacturers is to develop close relationships with MRO and service providers. They employ a variety of distributions channels to generate significant product sales. Companies focus on emerging regions, especially India, experiencing a sharp growth in the market demand.
Major Players:
Players leading the global automotive aftermarket industry include Continental AG (Germany), Aisin Seiki Co., Ltd. (Japan), Robert Bosch GmbH (Germany), 3M (US), Valeo (France), Denso Corporation (Japan), Magneti Marelli S.p.A. (Italy), Cooper Tire & Rubber Company (US), Sumitomo Electric Industries Ltd. (Japan), Federal-Mogul Corporation (US), and Aptiv PLC (UK), among others.
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Market Overview Market Research Future (MRFR) reveals that the automotive acoustic engineering services market 2020 could possibly progress at a rate of 6.5% between 2018 and 2023 (evaluation period).
The short-term impact and long-term impact of COVID-19 on the automotive sector has resulted in the closing off of assembly plants in the United States (US) along with manufacturing interruptions across Europe as well as ceased export of Chinese components.
Novel Coronavirus has severely impacted the supply chain as well as the product demand across the automotive industry.
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The surge in the sales of electric and hybrid vehicles combined with accelerated demand for premium and sports vehicles has also had a profound effect on the worldwide market.
This helps promote the deployment of acoustic engineering services in the automotive industry.
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It is also used as a complementary diet ingredient in aquaculture & poultry feeds owing to the presence of high protein & vitamin content.According to the report, growth in health consciousness among people and the rising demand for dietary supplements are major factors driving the spirulina market growth.
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Powder segment is expected to account for the major market share & dominate the market growth over the forecast period.North America dominates the spirulina market in terms of market size over the forecast period, owing to rising health consciousness among people.
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Cell harvesters are used extensively for the cell harvesting process and are compatible with a wide range of assays.The Cell Harvesting Market is expected to grow at a CAGR of 8.7% during the forecast period to reach USD 324.5 Million.Growth Boosting Factors:Rising Investments in Regenerative Medicine and Cell-Based ResearchGrowth of the Biotechnology and Biopharmaceutical IndustryIncreasing Incidence of Chronic and Infectious DiseasesGrowth Opportunities in Emerging EconomiesBrowse 67 market data Tables and 27 Figures spread through 101 Pages and in-depth TOC – Request Research Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=209513544Market Segmentation in Depth:On the basis of type, the market is segmented into manual and automated cell harvesters.
In 2017, the manual cell harvesters segment accounted for the largest share of this market.
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The biotechnology & biopharmaceutical companies segment accounted for the largest share of the cell harvesters market.
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