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Automotive Aftermarket Size is expected to reach USD 1,430 billion by 2026. Continuous upsurge in vehicle parc will induce significant growth potential in the industry landscape.

Some major findings of the automotive aftermarket report include:

Ø Growing adoption of advanced driver assist system in vehicles

Ø Rising inclination of consumers towards e-commerce

Ø Technological advancements to develop vehicle diagnostics tool

Ø Strategic mergers and acquisition by industry participants to expand regional presence. Major industry players include 3M, BASF, Continental AG, ZF Friedrichshafen AG and Federal-Mogul Holdings among others.

Increasing average age of automobiles has led to an upsurge in demand for repair & maintenance services. The deteriorating standard of road infrastructure in emerging economies is expected to drive the automotive aftermarket size over the study timeframe. It escalates the wear and tear in vehicle components leading to frequent maintenance requirements.

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Ongoing digitization of service channels and interfaces are providing strong growth opportunities for the industry expansion. Advanced analytics and big data enable the industry players to process and store vehicle usage data for optimizing the value chain. Vehicle data, degree of wear and tear and mileage observations are generating the precise predictive maintenance schedules. For instance, in February 2019, Autodata launched service and maintenance data of existing and new models. The data includes technical information includes wheel alignment data, TPMS information and periodic repair time intervals.

Remote diagnostics is among the emerging trends in automotive services industry. It enables real-time monitoring of automotive parameters to evaluate its performance in line with benchmarks. Additionally, small-scale shops are signing agreements with fleet operators to procure more contracts for maintenance and is anticipated to support the industry expansion.

The stringent vehicle safety regulations mandated by several governments across the globe are pressurizing vehicle manufacturers to incorporate the new safety technologies including ADAS in vehicles. Adoption of ADAS in vehicles is resulting in decreasing vehicle collision incidents. The decrease in human control and rising autonomous vehicle trends will limit the automotive aftermarket industry growth over the study timeframe.

OEM factory fill will foresee steady growth with shifting consumer preferences towards usage of automotive parts provided by the OEM players. The advantages offered by these outlets including long warranty coverage and quality assurance will augment the segment penetration. The development of cost-effective product portfolio and usage of online platforms by industry participants will enhance the industry size.

Exhaust subsegment will witness a progressive growth over the projected time frame. The automotive exhaust system is exposed to elevated temperature as the air from combustion cavity passes through it. The unvarying distribution of high temperature is required to improve the life of exhaust system components. Major components of the exhaust include engine manifold, engine downpipe, catalytic converter, muffler, and tailpipe.

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The average age for on-road vehicles in Europe significantly increased from the last decade. According to European Automobile Manufacturers Association (ACEA), in 2017, the average age of passenger vehicles in EU, rose to 11.1 years, with an increase of 5.71% as compared with 2013. This will significantly support automotive aftermarket market growth in the region.

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