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Europe Automotive Aftermarket Market Growth
Europe Automotive Aftermarket industry amounted around $ 256 billion in 2021, and with an annual compound annual rate of 3.1%, it reached $ 369.2 billion in 2026.
Digitally focused products and services are setting new trends and will be the main growth engine for market growth in Europe during the forecast period.
Europe Automotive Aftermarket Product Description:
Automotive aftermarket products are used as a replacement for parts or parts that are manufactured or used for automobiles by original equipment manufacturers (OEMs). Increasing consumer preference for replacement products to improve vehicle performance is a crucial factor in determining the size of the secondary car market as the product grows. Auto parts and systems should be replaced after a few months/years depending on the utility. The foremost alternative equipment of the automotive industry includes tires, windshields, oil, and braking parts. Most of these products can be purchased in the auto parts market.
Europe Automotive Aftermarket Market Overview
In 2019, Europe Automotive Aftermarket industry amounted to approximately USD 256 billion and is expected to reach USD 369.2 billion by 2025.
Europe Automotive Aftermarket Recent Developments and Trends
Internet retailers are expected to enjoy the most considerable growth as tire companies lead the migration to online sales. Sales through major online markets such as Amazon.com and eBay and more specialized electronic retailers such as Rakuten and Oscaro will multiply more than four times in the next decade, representing over 10% of the industry's revenue.
Europe Automotive Aftermarket Drivers
The increased demand for vehicles is one of the main drivers of the size of the aftermarket by product. Significant improvements in vehicle engineering, such as customization alternatives, various paint coatings, accessories, and engines, are due to rapid technological advances. This is expected to boost the market during the forecast period. The high flexibility of vehicle design and production is likely to create opportunities in the market. Changes in lifestyle and the increase in disposable income of customers increase production and sales of auto parts. With changing trends and easy customization, customers can use their aftermarket products to replace their original equipment as they are lightweight, robust and versatile in terms of customization.
Europe Automotive Aftermarket Restraints
The high durability and resistance of the original equipment is a significant limitation in the size of the auto parts market by product. The difference in material quality can also interfere with automotive aftermarket products.
Europe Automotive Aftermarket Segmentation
Based on the product, the European Automotive Aftermarket can be broken down as Wear-and-Tear Parts, Crash-Relevant Parts, Accessories, and Diagnostic Products. Among these, the accessories segment accounts for the leading portion and is predicted to continue its lead in the forecast period.
By Distribution Channel:
Based on the distribution channel, the regional market is divided into Offline and Online. Among these, the offline segment accounted for the highest portion in the regional and global market, owing to the rise in the number of traders, automotive dealerships, garage and service stations, commercial logistics and retail outlets. However, online sales are also likely to contribute an outstanding share in the coming years.
Based on the application, the European automotive aftermarket business is studied in commercial vehicles and consumer vehicles. Both the segments are equally contributing to the growth of this industry and will continue the same trend in the foreseen years.
Europe Automotive Aftermarket Regional Analysis
Based on geography, Germany dominated the European aftermarket industry, with approximately 45% share in the revenue. Eastern Europe, on the other hand, is the fastest-growing region in the automotive aftermarket industry, mainly the Russian automotive sector. It is expected to grow at an average annual rate of 7.3% during the forecast period.
Universities and other R&D organizations are increasingly working to increase the cost and operational efficiency of these critical car parts to reduce their prices and the price of their final products. The new design, developed by a research team from the Faculty of Chemical Engineering at Imperial College London, uses up to 80% less rare metals, which significantly reduces the cost of building vehicles and components. The prototype is projected to show better results than conventional products.
Key players in the Europe Automotive Aftermarket market are Akebono Brake Industry Co., Ltd, Denso Corporation, Robert Bosch GmbH, WABCO, Magna International Inc., Continental AG, ACDelco, Cooper Tire & Rubber Company, Mitsubishi Electric Corporation, and Delphi Automotive PLC.
The research done takes place in two phases namely-
Secondary Research The first phase of the research process is extensive secondary research and identification of the related intelligence. Secondary data is compiled from various sources. Extensive secondary research helps in generating hypotheses and identifying critical areas of interest that are investigated through primary research.
Primary Research This entails conducting hundreds of primary interviews with industry participants and commentators in order to validate the data points obtained from secondary research and to fill the data gaps. A primary interview provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook, etc. It also helps in deciding the scope and deliverables of the study in terms of the requirement of the market. Primary research involves e-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment, and sub-segment across geographies.
Porter’s Five Forces are used to analyze the factors responsible for the shaping of the industry as it is a result of a competitive environment
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Automotive Aftermarket Market, By Product
6.1.1 Wear-and-Tear Parts
6.1.2 Crash-Relevant Parts
6.1.4 Diagnostic Products
6.1.5 Market Size Estimations & Forecasts (2021-2026)
6.1.6 Y-o-Y Growth Rate Analysis
6.1.7 Market Attractiveness Index
6.2 Automotive Aftermarket Market, By Distribution Channel
6.2.3 Market Size Estimations & Forecasts (2021-2026)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 Automotive Aftermarket Market, By Application
6.3.1 Commerical Vehicle
6.3.2 Consumer Vehicle
6.3.3 Market Size Estimations & Forecasts (2021-2026)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2021-2026)
7.2.1 By Country
7.2.2 By Product
7.2.3 By Distribution Channel
7.2.4 By Application
7.3.1 By Country
188.8.131.52 Rest of Europe
7.3.2 By Product
7.3.3 By Distribution Channel
7.3.4 By Application
7.4 Asia Pacific
7.4.1 By Country
184.108.40.206 South Korea
220.127.116.11 South East Asia
18.104.22.168 Australia & NZ
22.214.171.124 Rest of Asia-Pacific
7.4.2 By Product
7.4.3 By Distribution Channel
7.4.4 By Application
7.5 Latin America
7.5.1 By Country
126.96.36.199 Rest of Latin America
7.5.2 By Product
7.5.3 By Distribution Channel
7.5.4 By Application
7.6 Middle East and Africa
7.6.1 By Country
188.8.131.52 Middle East
7.6.2 By Product
7.6.3 By Distribution Channel
7.6.4 By Application
8. Key Player Analysis
8.1 Denso Corporation
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Robert Bosch GmbH
8.3 Mitsubishi Electric Corporation
8.4 Delphi Automotive Plc
8.6 Akebono Brake Industry Co., Ltd
8.7 Magna Internation Inc.
8.9 Continental AG
8.10 Cooper Tire & Rubber Company
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures