The aim of this study is to identify the size of the global automotive parts and services aftermarket and its growth opportunities in 2020. The study provides detailed analysis of key trends influencing the aftermarket, market revenues of major part categories, ownership behavior of customers, and also identifying major opportunity areas for different stakeholders.
These analyses are provided for major automotive markets, including North America, Latin America, Europe, China, and India.At the global level, the study discusses how 2019 shaped up for the automotive aftermarket, analyzing both qualitative and quantitative aspects.
It also provides an outlook for the same for the year ahead, thereby, discussing all major trends and key business models expected as an outcome.According to the analysis aftermarket revenues expanded by 4.1% in 2019. This was largely on the back of growth in vehicles in operation by 3.2%, while contraction in global GDP growth stifled consumer expenditure in terms of new vehicle purchase. A slowdown in new vehicle sales also meant heightened focus on the aftermarket from all stakeholders, more so from the OES channel, which grappled for sustaining business at the dealer level by vehicle services. This also translated into the development of newer partnerships and evolution of newer channels to market. In 2020, the analyst expects growth in aftermarket revenues to be 4.0%, with India and China leading the growth, although at a slower pace than last year.
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