Zion Market Research Global Automotive Aftermarket, 2015–2021 | Page 3

Automotive Aftermarket
With the need of new and advanced vehicles, the demand for the automotive parts is
increasing. Declining cost of aftermarket parts is one of the major driving factors for
growth of the market. Moreover, rising population and increasing income will also foster
the market in the near future. The increasing use of light vehicles also impacts the
market in a positive way. Moreover, there is a high demand for accessories and auto
parts, which will further boost the automotive aftermarket the near future.
Technological advancements and standardizing architecture will also drive the demand
of the market in future. Reduced maintenance cost, improved quality of the product,
and rising demand for the branded parts is the biggest revenue generator for the
market. Conversely, the key restraining factor of the market is the global legal issue.
Also, increasing the openness of the automated market is creating the challenge to the
growth of the market.
On the basis of types, the global automotive aftermarket is segmented as replacement
parts and accessories. The replacement parts segment comprises automotive parts that
are manufactured to replace original equipment (OE) if they are damaged. Accessories
are designed to provide comfort, performance, convenience, and safety. The
accessories segment is the leading segment in the automotive aftermarket. In addition,
Do-It-Yourself (DIY) segment and the Do-It-For-Me (DIFM) segment are also available
to customers through which they can repair their vehicles themselves or can take the
vehicle to a professional repair facility.
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