Automotive worldwide aftermarket size was worth 335.23 billion dollars in 2016. It is projected to reach 722.8 billion dollars by 2020. The market is mainly driven by car drivers seeking to improve their vehicle performance with regards to sound, speed, exhaust, and appearance.
Major aftermarket industry trends
Several major industry trends have increased the demand for aftermarket truck parts.
A decade ago, lifespan of vehicle was 10.9 years, which got enhanced to 11.6 in 2014. Vehicles lasting longer than before will increase the trend to buy aftermarket spare parts.
Overcrowding has increased collision rates
Increase in road traffic has caused the risk of accidents, which consequently increased demand for structural parts and replacement of bodywork.
The wholesale market of aftermarket parts has been affected from new emerging markets. Demand escalating in new global regions has given opportunities to distribute parts in new locations. Imports of second-hand grey across different countries has amplified, which is the main driver of increase in demand for aftermarket parts.
New technology improvements
Demand for eco-friendly vehicles has increased the demand for parts like electronic chips and catalytic converters to enhance fuel consumption in older vehicles.
Reasons people opt for aftermarket parts
Even high-end car eventually experiences some component break down because of mechanical wear. Original parts are very costly, so this has given rise to aftermarket spare parts industry. The consumers get more affordable replacement parts.
Majority of aftermarket parts are purchased by DIY fan or independent repair facilities. This huge shift from dealer installed OEM parts to aftermarket parts is generally due to people looking to perform repairs at low cost.
Vehicle owners are getting more and more familiar with truck spare parts condition. For example, several trucks are equipped with aftermarket spares even if you buy them from original manufacturer. Items like spark plugs, clutch servos, disc brakes and levelling valves are not manufactured on the brands factory. They are generally outsourced to parts specialists.
The parts specialists sometimes make parts, which are compatible with multiple brands, so as to swap them without any extra modifications. Some truck manufacturers work with parts specialist and customize the parts for their trucks. Today, customers realise that they can buy spare parts straightaway from the specialist, so as to receive same original parts got with their truck.
Technically, these parts are ‘aftermarket’ but simultaneously they are authentic and guaranteed. They are exactly the same spares, which your truck was equipped with when bought from the showroom. It does not matter, if you purchase part from factory floor or aftermarket spare store, you are still getting OEM approval seal.
Aftermarket spare part products
Electronic devices like dashcams and GPS are accessories drivers seek for to retrofit in their car.
Each vehicle part has service life. For example, consumables like tires and brakes will wear and need replacement, while engine parts and transmission will require substitution as the car ages.
Car owners need to keep their coupe looking new, so to protect them from deteriorating they search for waxes, polishes, washes, and protection products.
As car ages electrical components like generators and alternators become less reliable and need to be switched for new.
Oils and fluids
Coolant, engine oil, brake fluid, and transmission oil are needed to be replaced regularly all through the car’s lifecycle.
Due to accidental or collision damage the car’s bumper or structural part may need replacement.