According to the research report titled ‘Automotive Aftermarket Market [By Product; By Sales Channel; By Vehicle Type; By Region]: Market size & Forecast, 2017 – 2026’, available with Market Study Report, global automotive aftermarket market is predicted to expand with a CAGR of 4% during 2017-2026, subsequently accounting for USD 519 billion by the end of the forecast period.
 

Increasing wear & tear of vehicles has impelled the demand for replaceable accessories such as engine components, axles, and clutch systems, which in turn is a major factor driving the growth of global automotive aftermarket market.
 

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Rising number of road accidents and escalating investments towards R&D activities are also augmenting the industry remuneration. Focus among major players towards offering various products and services needed for maintaining and repairing buses, cars, trucks, and vans has resulted in large degree of competition in this business vertical, further stimulating global automotive aftermarket industry outlook.
 

Based on product landscape, the tire segment accounted for majority share in worldwide automotive aftermarket market in the year 2017 and is expected to display similar growth trends in the forthcoming years. Improving average age of vehicles, flourishing automotive sector, and increasing awareness pertaining to repair and maintenance of vehicles are fueling the segmental growth.
 

Tires require regular replacement since they are highly prone to damage from external forces. Additional parameters such as advancements in technology, inclination towards long distance travel, and evolving lifestyle are also favoring the expansion of global automotive aftermarket industry from the tire segment.
 

Moving on to vehicle type, global automotive aftermarket market share from passenger vehicles is slated to record considerable growth during the forecast period, primarily due to rising adoption of these automobiles, especially in Brazil, China, and India.
 

Alternatively, the report states that commercial vehicles segment is poised to amass notable gains in the ensuing years. Since commercial vehicles are widely adopted in logistics, construction, mining, and industrial applications, they require regular maintenance and repairing, which in turn is favoring the overall market scenario.
 

From the regional point of view, North America dominated the global automotive aftermarket market in the year 2017 and is predicted to witness continuous growth during the study period. Rising per capita income and growing demand for replaceable automotive components are facilitating the business scenario in North America.
 

Parallelly, Asia-Pacific automotive aftermarket industry is expected to grow significantly in the upcoming years, with India and China being the major revenue contributors. Improving standards of living, surging disposable income, favorable production regulations, and poor road infrastructure, especially in Pakistan and India, are positively swaying the business dynamics in Asia-Pacific.
 

Delphi Automotive plc, Robert Bosch GmbH, Magneti Marelli S.p.A, 3M Co., Exide Technologies Inc., Johnsons Controls Inc., Denso Corporation, Goodyear Tire & Rubber Company, and Royal Dutch Shell plc are the major companies in global automotive aftermarket market sphere.