Major players in the passenger car aftermarket market are Denso Corporation, Robert Bosch Gmbh, Continental AG, 3M company and Delphi Automotive PLC. The global passenger cars aftermarket is expected to grow from $230.
New York, Sept. 30, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Passenger Cars After Market Global Market Report 2021: COVID-19 Growth And Change To 2030” – https://www.reportlinker.com/p06151567/?utm_source=GNW
17 billion in 2020 to $247.49 billion in 2021 at a compound annual growth rate (CAGR) of 7.5%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $289.37 billion in 2025 at a CAGR of 4%.
The passenger car aftermarket consists of sales of passenger car aftermarket parts and services.Companies operating in the passenger car aftermarket (parts and services) provide manufacturing, remanufacturing, distribution, retailing, and installation of replacement vehicle parts, equipment, service repair, and automotive accessories.
The market includes the sales of the tires, batteries, brakes parts, filters, lightings, and electronic components.
The passenger cars aftermarket covered in this report is segmented by type into tires, battery, brake parts, filters, body parts, lighting, wheels, exhaust components, turbochargers, others. It is also segmented by distribution channel into retailers (OEM’s, repiar shops), wholesalers & distributors and by certifiations into genuine parts, certified parts, uncertified parts.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Many companies are offering extended warranties to third parties on vehicle parts or services which in turn is hampering the growth of independent service providers.Extended warranties are given on a vehicle part/service to increase the lifetime of a vehicle which leads to free service or discounts towards the consumer.
Since all warranty repairs are performed by the OEM (Original Equipment Manufacturers) only, the aftermarket sales and services market which is generated majorly from dealer service centres suffers a loss. According to Motor & Equipment Manufacturers Association (MEMA), in California for all light-duty vehicle extended warranties did not have an effect on independent repair shops.
The passenger car aftermarket is using 3D printing technology also called as Additive Manufacturing (AM) to make high-quality off-the-shelf car parts using 3D printers that are capable of printing in metals and alloys. 3D printing works by making a virtual 2D object in the software and constructing the 3D framework by using the printer. The use of 3D printing in producing automobile parts increases the efficiency and raises the production standards of the companies. Companies (original equipment manufacturers) such as General Motors, BMW, Ford and Porsche have already started investing in this trend.
In 2018, Tenneco acquired Federal-Mogul for $5.4 Billion from Carl Icahn. The purchase included $800 million cash payment and 29.5 million shares of Tenneco, including non-voting stock. Federal-Mogul Corporation was established in 1899 and is headquarters in Southfield, Michigan, United States. It is a company which develops, manufactures and supplies products for automotive, commercial, aerospace, marine, rail, and off-road vehicles. Federal Mogul has a strong position in manufacturing and supplying of various auto parts all over the globe. The acquisition benefitted Tonneco with an increase in its auto parts portfolio in the global vehicle aftermarket. Through the acquisition, Tonneco plans to provide engineered solutions addressing fuel economy, power output and criteria pollution requirements for diesel, gasoline and electrified vehicles.
Increasing average lifespan of a car is one of the major drivers of the passenger car aftermarket as it leads to an increase in consumer’s regular maintenance and scheduled servicing of the vehicle.The lifespan of the car describes the maximum service life in terms of mileage and time.
Changing of wheels, batteries, spark plugs, air filters plays a significant role in prolonging the life of a vehicle. According to IHS automotive survey in 2019, the typical car on the road in the US is 11.8 years old. Addition to that, based on an article by USA Today, the number of old vehicles on the road that are totalling up to 278 million in 2019.
The industry is regulated by several regulations governed by multiple international and country-specific agencies. One of the examples of such regulatory body is National Highway Traffic Safety Administration (NHTSA) of U.S. The Standard number 108 of section 571 under Title -49 “Transportation” mentioned in Code of Federal Regulations (CFR), states the requirements for original and replacement lamps, reflective devices, and associated lighting equipment for passenger cars as well as other multipurpose passenger vehicles. As defined in CFR, the purpose of section 571 is to set regulatory standards relating to lighting equipment in vehicles to be followed by motor vehicles including passenger cars. The standards also specify points where the equipment such as Headlamp should be mounted in vehicles so as to make it easily visible in public roads both in daylight and in darkness or other conditions of reduced visibility thus reducing traffic accidents and deaths and injuries.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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