Automotive Aftermarket

The automotive aftermarket for top 10 components is projected to grow at a CAGR of 7.75%, to reach a market size of USD 302.64 Billion by 2021. The market is driven by factors such as the rising average age of vehicles in operation, increasing vehicle sales and parc, and increased miles driven per year. As the aftermarket business holds attractive revenue generating opportunities, the segment is a keen focus of every established as well as new component manufacturer

The automotive tires segment dominates the automotive aftermarket for top 10 components. The automotive aftermarket for tires is led by a few global players, and comprises several regional players. Continental AG (Germany) is a leading player in the market. The company manufactures and distributes tires for passenger cars, SUVs, vans, trucks, and buses, as well as speciality tires. It has a strong global sale and services network which ensures visibility of its aftermarket products.The key strategy followed by the company is expansion. In November 2016, the company announced plans to set up a new plant near Clinton, Mississippi (U.S), for manufacturing commercial vehicle tires. With an investment of USD 1.4 Billion involved, it is expected to start production by the end of 2019. The other key development strategy adopted by the company is new product launches. In May 2013, the company launched the ContiVanContact 100 and ContiVanContact 200 tires to cater to the European market requirements.

The second largest aftermarket for automotive top 10 components is automotive fluids. BP Plc (U.K.) is one of the major players in the automotive fluids aftermarket. The aftermarket products of the company include engine oil, automatic transmission fluid, truck and bus engine oil, manual transmission fluids, and coolant. The company markets its lubricant business in 75 countries through direct sales and/or locally approved distributors. It has adopted the strategies of new product development and agreements to increase its presence in the automotive fluids aftermarket. In July 2016, Castrol, a brand of BP Plc, launched Castrol GTX Eco for diesel cars which produces 10% less CO2 as compared to standard engine oils. Also, in November 2014, BP Egypt, a subsidiary of BP Plc, invested USD 240 million in two new exploration blocks.

Related Reports:

Automotive Aftermarket for Top 10 Components (Tire, Fluid, Filter, Battery, Brake, Collision Body, Lighting, Spark Plug, Telematics, Bearings), Vehicle Type (Passenger Car and Commercial Vehicle), and Region - Global Trends and Forecast to 2021

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