Automotive Aftermarket Industry Size to Hit USD 529.88

Pune, India, March 30, 2022 (GLOBE NEWSWIRE) — The global Automotive Aftermarket Industry size is projected to reach USD 529.88 billion by 2028 and exhibit a CAGR of 3.8% during the forecast period. The market size stood at USD 392.35 billion in 2020. The digitization of automotive component delivery services results in greater supply diversity and higher price transparency for customers. The growing digitization of automotive component delivery services and the expansion of the automotive industry are likely to bolster the growth of the market.

Industry Developments-

November 2020: FullSpeed Automotive from CenterOak Partners was acquired by MidOcean Partners to fulfill the company’s aggressive growth plan by strategic acquisition & merger and universal organic activities.

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Report Scope & Segmentation

Report Coverage Details
Forecast Period 2021-2028
Forecast Period 2021 to 2028 CAGR 3.8%
2028 Value Projection USD 529.88 billion
Base Year 2020
Market Size in 2019 USD 392.35 billion
Historical Data for 2017-2019
No. of Pages 200
Segments covered Battery, Brake Pads, Filters, Gaskets & Seals, Lighting Components, Body Parts, Wheels and Tires, Others
Growth Drivers Expansion of Automotive Industry to Propel Market Growth
Increasing Vehicle Sales to Accumulate Growth in Asia Pacific

COVID-19 Impact-

The automotive industry has significantly suffered from the negative impact inflicted by the global pandemic. A decline in the production levels due to the lockdowns, curfews, and social distancing norms can be witnessed, along with a decline in revenues. Closure of plants and restrictions on exports and imports by several nations potentially hampered the industry growth. Moreover, the pandemic resulted in reduced purchasing power of consumers, which further aggravated the situation. Nonetheless, the vaccines are now available to the masses, and the market is gradually recovering. The market is expected to gain steep momentum post-pandemic.

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Segmentation-

On the basis of replacement part types, the market is segmented into wheels and tires, body parts, lighting components, gaskets & seals, filters, brake pads, and others. On the basis of vehicle type, the market is bifurcated into passenger cars and commercial vehicles. Geographically, the market is categorized into four major regions- Asia Pacific, Europe, North America, and the Rest of the World.

Report Coverage-

  • The report involves data triangulation based on top-down and bottom-up approaches.
  • The report contains details on revenues, growth rate, strategies, etc.
  • The report highlights market and technological trends, new product developments, etc.
  • The report elucidates the data gathered from interviews with reputed stakeholders such as product managers, C-level executives, among others, operating in the market.
  • The report also highlights the impact of COVID-19 and suggests measures and strategies to grow in the approaching years.

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Drivers & Restraints-

Expansion of Automotive Industry to Propel Market Growth

The swift digitization in developed and developing countries has enabled manufacturers and suppliers to provide consumers the desired product through online sales channels. Customers can use

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O’Reilly Automotive: Bet On This Aftermarket Auto Parts Stock (NASDAQ:ORLY)

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Investment Thesis

O’Reilly is growing its business and expanding its market reach. The company has shown consistent sales growth and robust operating profitability. Despite the pandemic, the company’s performance was strong. The company’s effective market strategy, increasing customer reach, strong distribution network, and experienced team makes its stock a buy.

An Overview of the company

Missouri based O’Reilly Automotive, Inc. (ORLY) is one of the nation’s leading specialty retailers of automotive aftermarket parts, tools, supplies, equipment, and accessories, catering to both professional and do-it-yourself customers. The O’Reilly family founded the company in 1957, and as of December 31, 2021, it had 5,784 outlets in 47 states in the U.S. and 25 stores in Mexico.

Product and Distribution

O’Reilly Automotive outlets offer a diverse range of products, including:

• alternators, batteries, brake system components, belts, chassis parts, driveline parts, engine parts, fuel pumps, starters, antifreeze, appearance products, engine additives, filters, fluids, lighting, oil, wiper blades, etc.

• accessories, such as floor mats, seat covers, truck accessories, etc.

The company’s stores offer varieties of upgraded services and programs to the customers, such as battery diagnostic testing, battery, wiper and bulb replacement, check engine light code extraction, custom hydraulic hoses, drum and rotor resurfacing, electrical and module testing, loaner tool program, professional paint shop mixing and used oil, oil filter, and battery recycling.

O

O’Reilly Automotive

Customers research options before buying a part or a product. Customers’ purchase decisions are influenced by a variety of experiences, whether in-person, over the phone, or through a variety of digital channels. O’Reilly’s omnichannel goal is to provide customers with a better and more seamless research and buying experience across all these channels.

The company provides a regional distribution network which allows it to optimize product availability and inventory levels across its store network. The company’s inventory management and distribution systems connect each of its stores to one or more distribution centers, working for effective inventory control and administration.

Industry Factors

The number of miles driven, the number of registered vehicles, new light vehicle registrations, and average vehicle age, are the major drivers of present and future demand for items offered in the automotive aftermarket.

Number of Miles Driven: The demand for repair and maintenance items offered in the automobile aftermarket is influenced by the total number of miles travelled. Cars in the U.S. are driven over three trillion miles per year, resulting in continuing wear and tear and a corresponding demand for repair and maintenance goods to keep these vehicles running.

Size and age of the vehicle fleet: The demand for items offered in the automotive aftermarket industry is highly influenced by the total number of vehicles (car park) and the average age of the vehicle population. As the average age of vehicles on the road rises, more miles are driven by vehicles that are no longer covered by the manufacturer’s warranty. Older automobiles that are out of warranty produce a lot of demand for automotive aftermarket products since they go through

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Global Automotive Aftermarket Market to Reach $542.1 Billion by 2026

ReportLinker

Abstract: What`s New for 2022? -Global competitiveness and key competitor percentage market shares. -Market presence across multiple geographies – Strong/Active/Niche/Trivial.

New York, Feb. 22, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Automotive Aftermarket Industry” – https://www.reportlinker.com/p04778726/?utm_source=GNW
-Online interactive peer-to-peer collaborative bespoke updates
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Global Automotive Aftermarket Market to Reach $542.1 Billion by 2026

Increasing vehicle population, higher vehicle life expectancy and longer car retention continue to fuel growth in the global automotive aftermarket. Growing percentage of electronic content in automobiles coupled with modern consumers` proclivity to in-car infotainment technologies provides ample opportunities for growth. Automotive electronics such as night-vision devices, global positioning systems (GPS) and reverse and parking-assist systems will become popular targets for market expansion. Increasing customer expectations, technological innovations and growing competition are among the factors driving industry expansion. More and more OEMs can be seen penetrating into the aftermarket. Increasing consumer awareness pertaining to periodic maintenance, safety, installation of new interior and exterior accessories, convenience and add-on services would also fuel business expansion. The online platform for sales of automotive components would also become more popular in the coming years. Online platforms would enable customers to compare prices and product features prior to the purchase decision.

Amid the COVID-19 crisis, the global market for Automotive Aftermarket estimated at US$438.8 Billion in the year 2020, is projected to reach a revised size of US$542.1 Billion by 2026, growing at a CAGR of 3.6% over the analysis period. Mechanical Products, one of the segments analyzed in the report, is projected to grow at a 3.2% CAGR to reach US$228 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Exterior & Structural Products segment is readjusted to a revised 3.1% CAGR for the next 7-year period. This segment currently accounts for a 18.7% share of the global Automotive Aftermarket market. Bad road conditions and rise in automotive accidents generate demand for tires, rims, and other mechanical products associated with the wheel assembly. Vehicle exterior and structural products such as laminated windows and glass are some of the most common products that are enhanced with advanced versions.

The U.S. Market is Estimated at $118.8 Billion in 2021, While China is Forecast to Reach $98.5 Billion by 2026

The Automotive Aftermarket market in the U.S. is estimated at US$118.8 Billion in the year 2021. The country currently accounts for a 26.61% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$98.5 Billion in the year 2026 trailing a CAGR of 6.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.9% and 2.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.9% CAGR while Rest of European market

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Epicor Acquires WMS Service provider JMO Business enterprise Devices, Growing Presence in Automotive Aftermarket and OE Parts Sectors

JMO indago™ WMS is the main decision of growth-minded parts distribution enterprises, complementing Epicor’s concentration on essential corporations that make, go, and offer

AUSTIN, Texas, January 18, 2022–(Organization WIRE)–Epicor, a world wide chief of business-specific company application to market business progress, currently declared it has obtained JMO Small business Programs Ltd., a leading service provider of warehouse management programs (WMS), organization mobility alternatives and similar companies for automotive aftermarket and original tools (OE) areas distributors. Monetary terms ended up not disclosed.

The JMO acquisition extends Epicor’s marketplace-foremost portfolio of business enterprise development answers to nearly each practical region of the automotive elements and provider field. Epicor gives an array of remedies and expert services for substitution areas manufacturers, plan teams, distributors, retailers, jobbers, OE dealership groups and many varieties of vehicle restore companies such as services chains, fleet upkeep stores, tire dealerships, oil and lube firms, and independent mend amenities.

“Automotive is a main organization for Epicor, and JMO indago™ is the gold normal in WMS know-how for sections enterprises, irrespective of whether they’re serving the aftermarket or OE support channel,” mentioned Epicor CEO Steve Murphy. “This acquisition is a best suit for our Automotive resolution set and for the buyers who rely on Epicor to assistance drive growth, performance and profitability.”

JMO indago WMS boosts users’ stock administration by growing precision, reducing order cycle time, improving get fulfilment, and delivering genuine-time operational details by means of major ERP systems, such as the Epicor Vision, Epicor Eagle and Epicor Best platforms. The answer also aids lessen annual bodily inventory necessities through highly exact inventory handle and genuine-time cycle counting.

“We are thrilled to be a part of a company that has the eyesight, dedication and assets to contribute to the extended-time period achievement of businesses at every single degree of the parts and provider field,” claimed JMO CEO John Oliveira. “JMO indago is a best complement to Epicor’s impressive automotive portfolio, and alongside one another we can present even greater worth to development-concentrated elements distribution companies.”

Founded in 1988 as a computer software consultancy, JMO wrote its initial WMS in 1996 as a custom made project for a substantial automotive pieces distributor. Based on the accomplishment of that product, the corporation designed indago WMS, which rapidly grew to become the predominant choice of aftermarket distributors through the U.S. and Canada. The corporation also provides an array of rugged, lightweight cellular scanners, wearable voice and facts cell computer systems, and cell and desktop printers engineered to boost the productiveness and accuracy of warehouse staff.

About Epicor

Epicor Software Corporation equips challenging-operating enterprises with enterprise alternatives that retain the globe turning. For approximately 50 several years, Epicor shoppers in the manufacturing, distribution, LBM, retail, and automotive industries have reliable Epicor to aid them do enterprise greater. Modern Epicor answer sets are carefully curated to suit buyer needs and designed to react flexibly to their quick-altering truth. With deep field expertise and working experience, Epicor accelerates each individual

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New Forecasts: 79% of all new automobile sales in 2045 will be BEVs automotive aftermarket e-commerce to arrive at $47 billion by 2025 | National Information

BETHESDA, Md., Dec. 13, 2021 /PRNewswire/ — The Automobile Care Association, in partnership with Automotive Aftermarket Suppliers Association (AASA), commissioned the 2021 Joint Electrification Forecast and the 2021 Joint E-commerce Traits and Outlook Forecast to insights desired to navigate these establishing traits. The China industry, with its pronounced guidelines and profits prices of electrical car (EV) vehicles at degrees four periods that of the United States, provides an best seem into the long run of how the worldwide EV industry is possible to evolve. The COVID-19 pandemic’s outcome on retail buying in 2020 resulted in a speedy shift to e-commerce adoption in the vehicle treatment market, with e-commerce sales of aftermarket elements and accessories (excluding marketplaces) projected to increase by 11.7% to much more than $18 billion in 2021. These two recently unveiled reports present the most current information, trends and analysis on how the adoption of these new systems may perhaps effects the automotive aftermarket and provide future opportunities for development.

The 30-web page 2021 Joint Electrification Forecast report features:

  • A entire projection of the expansion of EV of new automobile gross sales and autos in procedure (VIO) by way of the calendar year 2045 underneath three situations: base, very low, and significant EV adoption
  • Projections on full battery-driven electric automobile (BEV) product count by automobile class, demonstrating how the well-liked SUV design and style is driving EV design and style as car or truck makers present a lot more options
  • How EV impacts the progress of aftermarket pieces product sales by means of 2030, 2035, 2040, and 2045 and
  • How outlets can offset projected support options because of to EVs with new alternatives created by EVs.

E-commerce adoption has grown from 6.5% in 2018 to 12.1% in 2021, representing practically a 100% enhance.

By 2045, 79% of all new car revenue are expected to be BEVs or plug-in hybrid electric cars (PHEVs) and will account for 36% of motor vehicles in procedure (VIO). The 2021 Joint Electrification Forecast report also has charts and investigation detailing aspects impacting EV adoption critical advancement contributors to the aftermarket trajectory of EV product availability in North The us forecasted general performance of EV styles relative to other segments projected share of EVs in car or truck parc for 2021-2045 projected market place development via 2045 new expansion chances for classes of service and extra.

“We are on the lookout at evolution, not revolution, mentioned Paul McCarthy, president and CEO, AASA. “Though EV replacement pieces gross sales will double in dimension amongst now and 2025, and again involving 2025 and 2030, EVs even now have a extended highway prior to they account for a huge percentage of aftermarket revenue.”

“Offered we already have a fleet of more than 280 million vehicles, our marketplace will be pushed by the inside combustion engine for the subsequent few of many years,” stated Monthly bill Hanvey, president and CEO, Auto Care Association.

Research and assessment in the 2021 Joint Electrification Forecast report was

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ZF Aftermarket and ASE Current Master Automobile Tech of the Yr

ZF Aftermarket regarded Greg S. Weigart from Kruse’s Vehicle Heart as the ZF/ASE Aftermarket Learn Car Technician of the 12 months Award. This is the fourth ASE Technician Award ZF Aftermarket has sponsored at the ASE Yearly Assembly and Awards Banquet on November 18, 2021. The award acknowledges an expert technician in the industry who represents superior-quality education, automotive expertise, and the relevance of constant schooling.

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“We’re satisfied to congratulate Greg on getting this award mainly because it stands for more than remaining an excellent technician, mentioned Tony Wallerich, national profits, and technical schooling supervisor. “This award is tied to the evolution of the automotive business, and the people who have the grit to adapt. This award honors the fantastic servicing and repairs award winners provide.”

Award-Successful Specialized Abilities

For additional than 30 yrs, Weigart has worked in the automotive business, and has used the earlier 24 years at Kruse’s Car Centre. Foremost up to his profession as a now Grasp Automotive Technician, Greg commenced his education at Missouri Western State University. Together with getting ASE licensed, Greg is a 2019 Gates/ASE Grasp Auto and L1 Technician of the Yr.

Greg’s curiosity in cars started when he was 14 many years outdated with the acquire of a 1968 Firebird that wanted repair service in advance of it was ready for the street. Soon after two several years of doing the job on it with his father, Greg took a Mechanics class in high university to find out extra about automobiles. Outside of perform, he drag races and just lately been given an award for the Fastest Pontiac at Drag Week.

Celebrating an Accomplishment

“ZF Aftermarket encourages the continuation of education and learning in the automotive field in order to adapt to the new systems and issues we confront. Our technological coaching department strives to kind connections with specialists so we can develop a local community throughout the region,” claimed Wallerich.

ASE has been honoring specialists in the field for about 30 several years. ZF Aftermarket states it is proud to join the several other organizations honoring technicians and all they do for the automotive marketplace.

To qualify for the ZF/ASE Aftermarket Learn Auto Technician of the Calendar year, the winner had to be ASE Master Automobile licensed and have taken one particular or much more assessments in the vehicle check collection in any administration in the previous 12 months and must have the greatest typical passing rating on the A2, A4, A5 & A6 assessments taken in the last 5 yrs.

ZF Aftermarket’s objective is that all current market contributors comprehend Up coming Generation technologies as very well as the challenges they bring together with them and can prepare for at an early stage. ZF Aftermarket suggests its manufacturers Lemförder, Sachs, TRW, and WABCO stand for a mixture of innovation and encounter.

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