One of the major aspects which developments in the automotive industry focus upon is increasing the average of vehicles. Since buying a vehicle still remains a heavy investments for most people, they want vehicles that can provide them with good driving experience and services for a long time. Owing to technological advancements, manufacturers have been able to increase the average age of vehicles and improve their quality; take for instance the average age of vehicles in China, which is expected to increase from 4 years in 2010 to 6 years by the end of 2020.
This being said, automotive parts of vehicles may not function properly for such a long time, which is why they often need to be changed. As per a report by P&S Intelligence, the global automotive aftermarket is predicted to progress at a 5.07% CAGR during the forecast period (2020–2030).
The various automotive aftermarket components are drive transmission & steering parts, engine parts, suspension & braking parts, electrical parts, and equipment. Among all these, the demand for engine parts was the highest in the past, which can be ascribed to the strict government regulations regarding emissions from vehicles and increasing number of vehicles in operation. Different engine parts are powertrain components & others, pistons & piston rings, fuel injection systems & carburetors, and engine valves & parts, out of which, the demand for powertrain components & other parts is projected to increase substantially in the near future.
Apart from this, the demand for aftermarket components is also expected to increase from online distribution channels in the near future, owing to benefits such as heavy discounts, door-step delivery of heavy parts, and easy payment options. Geographically, Asia-Pacific has emerged as the largest automotive aftermarket in the past, which is owing to the swift rise in VOI, primarily in China and India. In addition to this, the price sensitivity of customers in the region is high, due to which, they opt for less-costly private-label brands.
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Hence, the demand for automotive aftermarket products is rising due to the increasing average age of vehicles and technological advancements in the automotive industry.