Global Aftermarket Outlook, 2021

Global Aftermarket Outlook, 2021

Key Trends and Opportunities that will Shape the Growth Pipeline of the Aftersales Business in 2021 and Beyond

RELEASE DATE
19-May-2021
REGION
Global
Research Code: K61B-01-00-00-00
SKU: AU02164-GL-MO_25446

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Description

This study identifies the size of the global automotive parts and services aftermarket and its growth opportunities in 2021, based on how the market performed in 2020 during the COVID-19 pandemic. The study provides detailed analysis of key trends influencing the aftermarket, market revenues of major part categories, ownership behavior of customers, and identifies major opportunity areas for various stakeholders. These analyses are provided for major automotive markets: North America, Latin America, Europe, China, and India. At the global level, the study discusses how 2020 shaped up for the automotive aftermarket, analyzing both qualitative and quantitative aspects. It also provides an outlook for the year ahead, thereby, discussing all major trends and key business models expected as an outcome.

According to Frost and Sullivan’s analysis, aftermarket replacement revenue from parts and accessories sales dipped by 8.8% in 2020. The serious contraction in demand was primarily due to the restraints imposed by the COVID-19 pandemic which crippled the mobility demand. Work from home, higher adoption of the online channel for retail purchases, and large-scale unemployment meant vehicles were used less frequently for personal mobility across segments. Recessionary scenarios pertaining to the economy added to the woes of market participants. On the flip side, the situation pushed market participants to innovate and invest in increasing the effectiveness of their solutions. As a result, in 2021, Frost and Sullivan expects growth of aftermarket revenue to be 7.1%, making up for some of the revenues that were eroded in the previous year.

Author: Anuj Monga

RESEARCH: INFOGRAPHIC

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Table of Contents

Why is it Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top Three Strategic Imperatives on the Automotive Aftermarket

Growth Opportunities Fuel the Growth Pipeline Engine™

2020 Global Automotive Aftermarket—Actuals vs. Forecast

Global Automotive Aftermarket Replacement Revenue Forecast for Parts and Accessories, 2019–2025

2020 in Numbers

2020 in Trends

2021 in Numbers

2021 in Trends

Challenges Faced by the Global Aftermarket Industry ue to COVID-19 in 2020

COVID-19 Impact on World GDP Growth

Global Growth Scenario Analysis—Assumptions

World GDP Growth Under Differing Scenarios

COVID-19 Impact on Key Regions

Global Light VIO

Global Aftermarket Revenue Market Size Potential

Growth Opportunity by Region

Trend 1—eRetailing

Trend 2—EV Sales

Trend 3—Digitization

Trend 4—Pandemic-induced Products and Services

Trend 5—Uptake of Sub-compact and Compact SUVs

Average Vehicle Age

Impact on Distance Travelled

Average Annual Miles Driven, 2019–2021

Long-term Trends

Long-term Opportunity

OEM Activity in 2020

eCommerce Activity in 2020

OEM/Supplier Activity in 2020

M&As, MoUs, and Partnerships in 2020

Policy and Regulation Changes in 2020

Regional Outlook—United States

Regional Outlook—Canada

North America Aftermarket

Aftermarket Outlook—Revenue by Parts Type

VIO Ownership Pattern

VIO Model Mix—North America

Automotive Aftermarket Opportunity Areas

Regional Outlook—Europe

Europe Aftermarket Dashboard

Aftermarket Outlook—Revenue by Parts Type

VIO Model Mix—Europe

VIO Ownership Pattern

Automotive Aftermarket Opportunity Areas

Regional Outlook—China

China Aftermarket Dashboard

Aftermarket Outlook—Revenue by Parts Type

VIO Ownership Pattern

VIO Model Mix—China

Automotive Aftermarket Opportunity Areas

Regional Outlook—India

India Aftermarket Dashboard

Aftermarket Outlook—Revenue by Parts Type

VIO Ownership Pattern

VIO Model Mix—India

Automotive Aftermarket Opportunity Areas

Regional Outlook—Latin America

Latin America Aftermarket Dashboard

Aftermarket Outlook—Revenue by Parts Type

VIO Ownership Pattern

VIO Model Mix—Latin America

Automotive Aftermarket Opportunity Areas

Growth Opportunity 1: Online Sales of Replacement Parts and Accessories in 2021

Growth Opportunity 1: Online Sales of Replacement Parts and Accessories in 2021 (continued)

Growth Opportunity 2: ADAS Sensor Recalibration Services

Growth Opportunity 2: ADAS Sensor Recalibration Services (continued)

Growth Opportunity 3: New Product Categories Offer Additional Revenues

Growth Opportunity 3: New Product Categories Offer Additional Revenues (continued)

Key Conclusions and Future Outlook

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

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Related Research
This study identifies the size of the global automotive parts and services aftermarket and its growth opportunities in 2021, based on how the market performed in 2020 during the COVID-19 pandemic. The study provides detailed analysis of key trends influencing the aftermarket, market revenues of major part categories, ownership behavior of customers, and identifies major opportunity areas for various stakeholders. These analyses are provided for major automotive markets: North America, Latin America, Europe, China, and India. At the global level, the study discusses how 2020 shaped up for the automotive aftermarket, analyzing both qualitative and quantitative aspects. It also provides an outlook for the year ahead, thereby, discussing all major trends and key business models expected as an outcome. According to Frost and Sullivan’s analysis, aftermarket replacement revenue from parts and accessories sales dipped by 8.8% in 2020. The serious contraction in demand was primarily due to the restraints imposed by the COVID-19 pandemic which crippled the mobility demand. Work from home, higher adoption of the online channel for retail purchases, and large-scale unemployment meant vehicles were used less frequently for personal mobility across segments. Recessionary scenarios pertaining to the economy added to the woes of market participants. On the flip side, the situation pushed market participants to innovate and invest in increasing the effectiveness of their solutions. As a result, in 2021, Frost and Sullivan expects growth of aftermarket revenue to be 7.1%, making up for some of the revenues that were eroded in the previous year. Author: Anuj Monga
More Information
No Index No
Podcast No
Author Anuj Monga
Industries Automotive
WIP Number K61B-01-00-00-00
Is Prebook No
GPS Codes 9800-A6,9801-A6