Australia
Automotive Aftermarket:
Australia’s
automotive aftermarket is set for steady growth as the country embraces
advanced vehicle technologies, with demand for spare parts, accessories, and
repair services increasing. The growing number of older vehicles on the road
and expanding online retail channels are also playing a pivotal role in market
development.
Rapid growth in automobile
sales and demand for automobiles worldwide acts as a driver for the market. The
riding technological advancement and growing and internet and browsing boost
the Automotive AfterMarket.
Continuous economic growth and urbanization are also propelling the market. The
sudden shift to public transport from the private and fewer fuel prices creates
ample opportunities for the market to grow further. The government initiatives
and reduction in sales hinder the growth of the market. The government
incentives for new vehicle purchase results in the decline of the market. The
increasing long-distance travelling and change in the lifestyle are forming
demand for the replacement and repairs of vehicle parts. Awareness among people
replacement and repair of the parts creates many growth opportunities for the
market. The high production cost for the raw materials is restraining the
market.
The Automotive AfterMarket is the secondary market available after-sales the
components and original parts or components. The accessories are sold after the
originally sold sale of the vehicle for convenience, comfort, performance and
safety. The OEM manufactures the replacement parts to replace the original
parts after being damaged. This records and witnesses rising sales of
automobiles and how the demand for OME technologies has improved. In COVID 19,
almost all industries get affected; likewise, the pandemic has impacted the
automotive segment. Due to the pandemic, the output and production plants
reduced of the automotive industry. Pandemic affected business, but the market
will soon grip its usual growth rate and register a high growth rate. The
aftermarket is classified into accessories and replacement parts.
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Key Players:
·
Continental
AG (Germany)
·
Aisin
Seiki Co. Ltd. (Japan)
·
Robert
Bosch GmbH (Germany)
·
3M
(U.S.)
·
Valeo
(France)
·
Denso
Corporation (Japan)
·
Magneti
Marelli S.p.A. (Italy)
·
Cooper
Tire & Rubber Company (U.S.)
·
Sumitomo
Electric Industries Ltd. (Japan)
·
Federal-Mogul
Corporation (U.S.)
·
Aptiv
PLC (U.K.)
Industry news
In Q4 2021, O’Reilly’s
sales increased by 16% to $3.29 billion, and net profit increased by 32% to
$519 million, which was better than the previous year.
Market segmentation
The Automotive AfterMarket is fragmented on type, vehicle age and
vehicle type. Based on the type, the market is classified into offering and
channel. The offering segment is again divided into services and parts, and the
channel is fragmented into authorized repair and independent repair. The Automotive AfterMarket is classified
into 0-4 years, 4-8 years, and above 8 years based on the vehicle age. The
vehicle type is bifurcated into commercial vehicles and passenger vehicles. The
passenger segment is expected to grow significantly. Consumer awareness
regarding alternative fuel mobility and the impact of conventional vehicles on
global warming leads to the rising popularity of electric eco- vehicles, which
led to the passenger segment holding more growth.
The automotive aftermarket in the United States is a vital and growing
segment of the automotive industry, encompassing the manufacturing,
distribution, retailing, and installation of all vehicle parts, equipment, and
accessories after the sale of the automobile. Driven by the rising average age
of vehicles on the road and consumers' growing preference for keeping their
cars longer, demand for replacement parts, repairs, and maintenance services
remains strong. The sector includes everything from basic replacement parts
like brakes, tires, and batteries to advanced automotive technology systems and
accessories that enhance vehicle performance and aesthetics.
The U.S. automotive aftermarket is also seeing a surge in e-commerce, with
consumers increasingly turning to online platforms to purchase parts and
accessories. This shift is reshaping traditional brick-and-mortar stores as
they adapt to provide both in-person and online sales. Additionally, the growing
number of electric vehicles (EVs) on U.S. roads is creating new opportunities
for specialized aftermarket services, such as EV-specific repairs and charging
infrastructure installation. With technological advancements and evolving
consumer preferences, the U.S. automotive aftermarket is poised for sustained
growth in the coming years.
Regional analysis
The Automotive AfterMarket is studied in Europe, North America, Asia
Pacific and parts of the world. North America will register the largest market
share due to the prominent presence of market players and components in auto
solution providers pushing the market towards growth. Europe is leading the
market, and it is the second-largest country to dominate the market due to the
presence of established companies, improved spending on luxury cars and
increasing demand for fuel-efficient and lightweight vehicles in the region.
Asia pacific is also increasing steadily and remains in the third position in
the growth due to the advanced technology and developing urbanization.
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