Automotive Aftermarket Industry Forecast 2030 – Featuring 3M Company, Delphi Automotive PLC, Tenneco Inc., Valeo SA, Hyundai Mobis and more

Many suppliers are already taking steps toward digitization, which are driving the automotive aftermarket trends. For instance, in 2018, Hella KGaA Hueck and Co., the German automotive parts supplier, established a ‘Mobility Solutions’ unit to promote digital business models in the aftermarket domain.

The report further states that the value of this market stood at USD 215.32 billion in 2018. The other highlights of the report include:

• In-depth analysis of the automotive aftermarket industry trends;

• Comprehensive study of the market drivers and constraints;

• Thorough research into the different market segments; and

• Exhaustive evaluation of the regional and competitive dynamics shaping the market.

Get Sample PDF Brochure with Impact of COVID19:

https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/automotive-aftermarket-102613

Market Driver

Strategic Expansion of Aftermarket Operations by OEMs to Fuel Growth

OEMs are aggressively widening their operations in the aftermarket domain intending to enhance the automotive aftermarket value chain and provide high-quality services to customers. Many companies are putting in place various strategies to maintain their lead in this niche space. For example, the French automobile and motorcycle manufacturer Groupe PSA unveiled its ‘Push to Pass’ five-year (2016-2021) strategy with the aim of cementing its position as an aftermarket specialist. The company’s objective is to cater to all customers across the globe, irrespective of their vehicle’s age, brand, or budget. Furthermore, the company has specialized divisions for meeting different aftersales requirements. For instance, PSA’s multi-brand spare parts distribution is handled by Distrigo, the company’s distribution brand. Thus, carmakers are shifting their focus toward elevating the quality of aftersales services, thereby augmenting the automotive aftermarket growth.

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Competitive Landscape

Digital Innovation to be the Key Highlight of Market Competition

According to the automotive aftermarket report, the standout feature of the competition in this market is the adoption of digitalization measures by key players. Innovation in this market, thus, is finding firm footing in the digital platforms that are being established by companies to cater to the high aftermarket demand in the automotive industry.

Regional Analysis

Escalating Sales of Vehicles to Bolster the Market in Asia-Pacific

Asia-Pacific, with a market size of USD 101.52 billion in 2018, is anticipated to dominate the automotive aftermarket share during the forecast period owing to rapidly rising sales of passenger and commercial vehicles in the region. In Europe, the main growth driver is expected to be the high adoption rate of advanced technologies in fabrication of auto parts. This, coupled with increasing digitization of components sales, will ensure Europe retains its runner-up position in this market in the coming years. In North America, on the other hand, strong presence of leading auto manufacturers will be the central factor propelling the growth of the market in the region.

Get your Customized Research Report:

https://www.fortunebusinessinsights.com/enquiry/customization/automotive-aftermarket-102613

Industry Developments:

• January 2020:Continental AG, the German automotive part manufacturer, introduced a specialized web portal to enable swift access to all information related to the automotive aftermarket industry. Available in 7 languages, the portal also features a catalogue containing a substantial bundle of information on spare parts, helping consumers find the right spare parts for their vehicles.

• October 2019:The Canadian automotive parts maker Magna International received its largest order till date for the production of transmission technologies from the German automotive behemoth, the BMW Group. The order is in the form of a multi-year contract that includes manufacturing and delivery of front wheel dual-clutch transmissions for regular as well as hybrid vehicles.

More Reports :

http://markets.financialcontent.com/fatpitch.valueinvestingnews/news/read/39825979

http://business.theantlersamerican.com/theantlersamerican/news/read/39825979/Advanced_Driver_Assistance_System_

http://markets.financialcontent.com/dowtheoryletters/news/read/39825979

http://markets.financialcontent.com/tamarsecurities/news/read/39825979

http://markets.financialcontent.com/dailypennyalerts/news/read/39825979

http://markets.financialcontent.com/franklincredit/news/read/39825979

http://markets.financialcontent.com/gafri/news/read/39825979/Advanced_Driver_Assistance_System_

Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune 411045, Maharashtra, India.

Phone:
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email:[email protected]
Fortune Business Insights™
Linkedin|Twitter|Blogs

Press Release Distributed by The Express Wire

To view the original version on The Express Wire visit Automotive Aftermarket Industry Forecast 2030 – Featuring 3M Company, Delphi Automotive PLC, Tenneco Inc., Valeo SA, Hyundai Mobis and more

COMTEX_371855154/2598/2020-09-25T08:14:03

Is there a problem with this press release? Contact the source provider Comtex at [email protected]. You can also contact MarketWatch Customer Service via our Customer Center.