Increase in purchasing power is likely to spur the demand for passenger as well commercial vehicles across the globe during the forecast period, which in turn is likely to boost the demand for aftermarket components during the forecast period. Increase in wear and tear of the parts, diagnostic products, services, and other parts is expected to drive the aftermarket component market during the forecast period. Major OEMs are expanding their business in automotive aftermarket components due to the significant opportunity offered by automotive aftermarket components. Therefore, the automotive aftermarket component market is likely to expand during the forecast period.
Based on component, the global automotive aftermarket component market can be divided into tires, engine components, brake and suspension components, steering components, electric and electrical components, and others. The tire segment is likely to dominate the automotive aftermarket component market. Tires are replaced after it clocks specified kilometers, thus the replacement of tires plays an important role in the segment holding a higher share of the market, in terms of revenue, as compare to other segments. The brake and suspension segment is expanding as the different parts of the brake system such as brake liner, brake pads are likely to need replacement after they wear out. Therefore, the demand for brake and suspension related parts is likely to boost the automotive aftermarket component market during the forecast period.
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Based on vehicle type, the automotive aftermarket component market can be segmented into passenger vehicle, commercial vehicle, and electric vehicle. The passenger vehicle segment is anticipated to drive the automotive aftermarket component market during the forecast period owing the rise in production of passenger vehicles across the globe.
Based on region, the automotive aftermarket component market can be segmented into North America, Europe, Asia Pacific, and Middle East & Africa. The market in Asia Pacific is expanding at a rapid pace owing to the considerably large customer base from different industries, such as automotive and agriculture, in the region. Significant expansion witnessed by the automotive industry in China, India, and South Korea is estimated to fuel the market in the region during the forecast period. The booming economy in China and considerable increase in car ownership are likely to boost the automotive aftermarket component market in the country in the near future. The market in Europe and North America is likely to remain constant owing to sluggish expansion of vehicle production and increase in average age of vehicles in these regions.
Key players operating in the global automotive aftermarket component market include Continental AG, ZF Friedrichshafen AG, Denso Corporation, Aisin Seiki Co. Ltd., Delphi products and service solutions, Valeo, MAHALE aftermarket Inc., Schaeffler, Federal Mogul LLC, American Axel Manufacturing, Johnson Controls, and Dana Incorporated.
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