Automotive Aftermarket Research Report — Forecast to 2030
The increasing internet penetration and growing online product portfolio of auto parts manufacturers are expected to fuel the growth of electronic retailing (e-tailing) in the global automotive aftermarket. Moreover, the availability of a wide range of products and hassle-free transaction options, with timely delivery, as per the consumer preference, will further result in a shift of consumers from traditional brick-and-mortar stores to e-commerce platforms. Equipment such as headlights and lighting components and dashboard instruments are easily available on online portals. Due to these factors, the global automotive equipment aftermarket is expected to grow from $78.18 billion in 2019 to $145.07 billion by 2030.
Online Distribution Channels are Expected to Register Higher Growth Rate throughout the Forecast Period
On the basis of distribution channel, the online distribution channel category is expected to progress with the higher CAGR, of 8.36%, during the forecast period (2020–2030). Online distribution channels allow consumers to directly buy the components from a seller, over the internet, using a web browser or a smartphone application. Customers can shop online using a range of devices, including desktop computers, laptops, tablet computers, and smartphones. With the rise in the internet penetration, especially in developing countries such as Brazil and India, the automotive aftermarket is expected to witness an increase in the online sale of products during the forecast period.
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Mergers and Acquisitions, Divestures, and Partnerships to Generate Growth Opportunities for Automotive Aftermarket Component Manufacturing Companies
To gain a competitive edge over the other players in the automotive aftermarket and expand their reach, companies are focusing on improving their existing aftermarket products and working in collaboration with other market leaders. From the competitive landscape viewpoint, the key players in the market are looking to boost their market share by seizing the growth opportunities presented by:
· Forming partnerships with tier-1 suppliers for company-owned dealerships
· Strengthening their customer base and relationship
· Introducing more connected equipment and components as well as parts for electric vehicles
· Acquiring companies to expand and enhance their aftermarket product portfolio
· Investing with the objective to expand into the aftermarket, through the omnichannel retail strategy
The significant players operating in the global automotive aftermarket are Robert Bosch GmbH, DENSO CORPORATION, Delphi Technologies PLC, Continental AG, ZF Friedrichshafen AG, Mando Corporation, Dana Inc., Knorr-Bremse AG, Valeo SA, Meritor Inc., Tenneco Inc., BorgWarner Inc., and HELLA GmbH & Co. KGaA.
