Key Stats to Know About the Automotive Aftermarket

Published on: 12 March 2019 Last Updated on: 30 March 2024
Automotive Aftermarket

Riding on the back of the booming Italian and US auto markets and the development of autonomous vehicles, the global automotive aftermarket industry is progressing

After over 10 consecutive years of growth following the global economic depression of 2008, the global automotive aftermarket reveals interesting data from the automotive industry. Let’s see together what the state of the global automotive aftermarket is and the various future projections.

The automotive aftermarket: 2018 in review:

The year 2018 for the global aftermarket ended positively. According to data processed by the ANFIA Components Group, the turnover of the spare parts increased by 0.8% last year compared to 2017.

Looking at the performance of individual product families in Italy, 4 out of 5 have a positive trend. The body and interior components had significant increase while in 2017, they had remained substantially stable. This was followed by increases in electrical and electronic components which recorded the greatest contraction in the previous year.

The only parts with a negative sign in 2018 is that of engine components (-7.9%), which worsens its performance compared to 2017, when it had closed at -0.2%.

Analysts point out that the two-figure increase recorded by the family of body and interior components. In this case, one can link to the fact that the renewal of the Italian fleet, which has now reached a median age of almost 11 years for passenger cars, proceeds slowly. According to them, this helps to ensure some continuity in maintenance work for older vehicles.

 

You Must Know about the Aftermarket review in 2018:

On the family of electrical and electronic components, researchers must say that, the increasingly central electronics and telematics had great roles to play here. While on the one hand, they have contributed to reducing the margin of human error in maintenance and repair operations. The electronics and telematics aftermarket offer products that are more reliable and safe. This market has also increased the sale of spare parts of this type and the maintenance and repair interventions on increasingly complex components.

On the other hand, the decrease in the turnover of the engine components can be attributed in general terms. According to ANFIA, to the fact that the increasingly high level of quality of the components of the car, guarantees an extension of the average life. This, for complex systems such as the engine system, means that no replacement or repair work is necessary without major failures.

Aside from the above information, there are hundreds of other trends and statistics to consider when it comes to the automotive market. Let’s take a look at them, shall we?

Trends and statistics in the global automotive aftermarket:

1. In the last decade, the average usage of the vehicle fleet in the US has increased by about 17%

2. The length of use of new and already used vehicles over the last decade has increased by 60%

3. While 25% of the auto spare parts repair is handled by dealerships, 75% is done by independent repair shops.

4. 56% of automotive decision-makers predict a 30 to 50% decrease in the number of physical outlets by 2025, according to KPMG. As is with virtually all merchandise around the world, the automotive aftermarket industry is going electronic (online) and its marketplace is evolving. Parts and even repair services are being sold and offered online.

 

Additional trends and statistics in the global automotive aftermarket:

5. The irruption of the autonomous vehicle into the public space would offer more flexibility and profitability for all stakeholders. For example, 43% of respondents in a study conducted by KPMG say that current vehicle owners no longer plan to own the traditional car by 2025.

6. One can’t expect the demand for diesel engine replacement to thaw out quickly. Although diesel has become politically and socially unacceptable in many countries, the use of this fuel remains technologically and economically relevant for 50% of decision-makers worldwide. This figure even increased by 3 points in 2017 and illustrates the uncertainties that manufacturers face in this transition period.

7. As the world continues to anticipate the mass production of autonomous vehicles, the market is bracing up for an increase in demand of auto cooling systems such as the small AC compressor offered by Rigid for electric vehicles and car cabins. According to a report by Transparency Market Research, the automotive cooling system market will exceed $64b by 2026. During the period of forecast, the CAGR is expected to expand over 4%.

Read Also:

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

Car Insurance

Car Insurance: What You Need To Know Before Taking The One!

Accidents happen, so it's very important to reassure that you have financial coverage and driving safely on the road. While having a car coverage is a legal requirement to stay protected financially at the time of the accident, people often overlook it. They consider insurance as another expense in the event. However, the best insurance coverage will offer cover for the injuries to other drivers, passengers, and their property. If you are going to take the one for your new or vintage car, keep these tips in mind: The Amount Of Coverage You Need: Before deciding upon the type of insurance, think of the total amount you need to invest in the car coverage. If you have a new car, a comprehensive policy would be helpful; else you can go for the liability policy. Liability coverage: This insurance cover damage is done to other insured vehicles that you are legally obligated to pay. However, it doesn’t cover damages done to your own vehicles. For instance, your vehicle accidentally damaged another car, and you are faulty, the liability insurance comes in. However, the best part of this insurance is that it is not deductible. This means, if you are using this coverage, you don’t need to shell money out your pocket. Comprehensive coverage: This type of insurance goes beyond liability coverage, as it covers damages that are done to other vehicles as well to your own vehicles. Also, the coverage includes damages made not only from the natural sources but also in the storm. Additionally, when you make a claim for this coverage, you have to pay something from your pocket. Furthermore, the coverage also depends on the assets incorporated the case as well as the age of the car. Check coverage, the price for the insurance, and the renewal period to pick the best policy that suits your needs. How You Can Buy! Policy provider, dealer, broker, web aggregators, there are many people to whom you can connect to get the best very cheap car insurance policy. Keep a background check of the insurer; make sure they have a valid registration number, which proves their authenticity. IDV And Why It Is Important? Insured Declared Value, is the current market value of the vehicle, which refers to the highest amount payable by the insurance provider for the vehicle insurance policy. You can call it the maximum amount you can easily claim for the total loss of your vehicle. It is also helpful in case your vehicle gets stolen or damaged and can’t be repaired. Insurance Claim Settlement Practice It’s a formal request made by the policyholder to the insurance company to offer a complete compensation for the loss. It offers coverage for medical claims and other death benefits on behalf of an insured person. Also, every company has its own rules and procedure, so look for the one that suits your budget and get you faster claim. The Insurer: Having a reliable, authentic and trustworthy insurance provider is a must to get the best insurance policy. Knowing the financial standing of the company will also help you shortlist the best policy at prices that suits your budget. Do check your insurer's overall statistics, the fiscal consistency, claim rejection ration and more. Additional Covers: To get the optimum protection for your car, do look for the add-ons for car insurance. For instance, if you drive long distance and late nights, you can have a road assistance insurance add-on. This will help you get the best assistance at the oddest times and whenever needed. Overlooking Personal Insurance: Having personal insurance will ensure that not only your vehicle but you will also stay safe. With personal insurance, you will get protection against physical loss and other disabilities. You can avail this insurance for some or all passengers that are travelling in your vehicle. Intermediates In The Policy: Due to lack of time, people often look intermediates; however, intermediates only promote products they get a commission for. So, don’t trust them completely; instead, compare quotes and then decide. To get the best car insurance policy, make sure to check claim related rules of the company, cost, and the company’s reputation. Do check them and get a safe deal! Read Also: 7 Reasons Why Teenagers Pay Extra For Car Insurance Car Insurance For Electric Vehicles Explained Why You Need Classic Car Insurance?

READ MOREDetails
Visit Cab

Some of the Top Attractions in Pune You Should Visit by Cab

Pune is one of the most thriving metropolis and second-largest city in Maharashtra. It is presently an academic and business hub for the modern generation. Situated on a hilly geographical terrain of the Sahyadri hills, Pune has a pleasant climate and a cosmopolitan culture that make it an attractive tourist destination. The road trip along the Mumbai Pune expressway is very thrilling as you cross magnificent forts and enchanting waterfalls. Pune has been the cultural capital of Maharashtra with an emphasis on theatre, art, music, and education. The presence of museums, parks gardens, multiplexes, malls and pubs along with forts, palaces and museums portray the multiethnic personality of the city. One may make an online cab booking in Pune and take the guidance of local guides to get around the famous tourist attractions of the city. Main Attractions in Pune : Several interesting places in Pune can be visited by travelers. One can make an online taxi booking in Pune to visit the landmark Shanivar Vada that was built by Peshwa Baji Rao. This palace has fortified gateways, majestic walls, and ramparts of wooden pillars. A light and sound show is held in the evening in the Marathi language. The Aga Khan Palace is an impressive building that must be visited by history buffs. Photos and paintings of Mahatma Gandhi are exhibited in this Mahatma National Memorial. Prominent nationalist leaders were imprisoned here during the British rule. The Osho Ashram in Koregaon Park is a peaceful haven for meditation. Massages, workshops, theatres, and events are held for its visitors who can interact with international members of the ashram. The Singhabad Fort situated atop the Bhuleswar hill which is a trekkers delight. Raja Dinkar Kelkar Museum has a good collection of 17th-century miniatures, pottery items and other antiques from Mughal and Maratha times that might interest history lovers. You get a classic glimpse of the Hindu culture during the Ganesh Chaturthi festival celebrated with great pomp and show at the Daduseth Halwai Ganpati temple. The Chaturshringi Temple is dedicated to Goddess Chatursinghi that is quite popular among the locals. The Parvati Hill is visited for its temple bearing a private shrine of the Peshwa rulers. Don’t forget the Parvati Museum that has an ancient manuscript collection. History lovers will take great enthusiasm in the 8th-century rock-cut cave temple of Pataleshwar dedicated to Lord Shiva. One can marvel at the Anglo Rajasthani architectural style of the memorial of Mahadji Shinde at Shinde Chhatri. Photography of the sunset can be best captured at the Saras Bag where one can spend lazy evenings. Migratory birds are found aplenty at the Bund Garden, and a boat ride in the Katraj Lake of Rajiv Gandhi Zoological Garden can be very relaxing. An online taxi booking in Pune for a self-drive car gives one the freedom to go shopping for baked goods on MG Road, click pictures of Pune from the Shivaji Bridge, and enjoy an authentic Maharashtrian breakfast at the famous joints. Exploring the city By Cab : Various self-drive cab services are available along with online taxi booking in Pune that makes sightseeing an unforgettable experience for travelers who want to explore the city from close quarters. A self- drive cab service scores over conventional taxis as it offers privacy, safety, freedom and much more at very competitive prices. Read Also : Moving To Another Country Alone: How It Can Change Your Life

READ MOREDetails
truck-

Why Times Are Tough For Truckers and Why It Concerns You

It wasn't all that long ago that truck drivers were paid competitive wages and offered benefits for doing their jobs. But in recent decades, a job that once provided stability and a comfortable paycheck has become much more trying for truckers.  When the trucking industry was deregulated in the 1980s, there was a rise in the number of trucking companies, leading to an increased demand for drivers. That need for more drivers has been a pox upon the trucking industry virtually ever since, and it shows no signs of letting up anytime soon. The American Trucking Associations says that the industry is currently short about 48,000 drivers. By 2025, that number will rise to approximately 890,000 drivers.  Ask a commercial driver who has been working a big rig for a long period of time and they will tell you how much times have changed. In many ways, drivers feel as though they are under siege, either through regulation or by the companies that find more and more ways to save the money they pay some of their hardest workers.  The changes in the trucking industry are important to everyone who shares the road with tractor-trailers. The fact that the industry is in limbo is a big concern for all of us. Truck Driver Pay Isn't Keeping the Pace The trucking industry has been struggling to retain the number of drivers that they need in order to meet shipping demands. While the industry refers to this as a shortage of drivers, many labor experts also believe that it is really a shortage of truck driver pay. Workers that used to gravitate toward the role of a truck driver are finding other sectors that offer more pay, or at least similar pay for more optimal working conditions. Truck drivers spend long stretches of time away from their homes and families. Unless adequate pay entices those workers to get behind the wheel of an 18-wheeler, they will find other sources of income. This means that the current workforce is stretched thin. Truck drivers are increasingly being hired as independent contractors, which means they lack the benefits that they used to enjoy and end up footing the bill for downtime. Self-driving Trucks are on the Horizon Though not an immediate threat to those who choose truck driving as a profession, the possibility of self-driving trucks is an ever-present entity in the trucking industry. While many believe that the automated trucks of tomorrow will have a human being in the vehicle to oversee and intervene in case of an emergency, the possibility of self-driving trucks raises a number of questions that remain unanswered. Now that companies are throwing their hat into the automated truck ring, the recent fatal crash involving the Tesla Autopilot system has also raised major concerns about the effectiveness and safety of a human operator taking over from an automated system. Until this technology is truly road-ready, it will remain a big question mark in terms of its impact on road safety and trucking labor. Many Regulations Currently loom Over the Trucking Industry A number of regulations have been hanging over the trucking industry in recent years. Electronic logging devices are slated to be mandatory on all trucks. Speed limiters are expected soon. These devices are promoted as being a boost to road safety by slowing trucks down and holding drivers and companies more accountable for hours spent on the road and for traveling too fast. However, many in the industry, including drivers, are concerned that these devices could cause more problems than they fix. Some drivers feel as though logging devices are a way to shift blame for violations onto them, and there have been many concerns (and lawsuits) over how the information from these devices is used to harass and intimidate drivers behind the wheel. Likewise, many drivers are concerned about the implementation of speed-limiting devices, which inhibit the ability of a truck to exceed a predetermined speed. Some safety advocates say these devices will improve road safety, but others are concerned that speed limiters will limit the ability of a driver to be as flexible and adaptable as they need to be in order to avoid causing traffic congestion. Yet another concern with speed limiters is that they create large speed differentials with other vehicles on the road, which increases the likelihood of collisions. Trucker Health and Sleep Apnea One of the biggest challenges for truck drivers is maintaining a healthy lifestyle. Driving a truck means being sedentary for long periods of time. Eating healthy while on the road is difficult. It's easy to see why truck drivers, when compared to the average worker in the United States, have twice the rate of obesity and diabetes. Sadly, they are also twice as likely as all other workers to not be covered by an insurance plan. These less-than-optimal conditions set the stage for the high rate of sleep apnea among truck drivers. The FMCSA says that close to one-third of commercial truck drivers have obstructive sleep apnea, a condition that affects the quality of sleep and diminishes daytime alertness, among other health concerns. One report found that truck drivers with sleep apnea are five times more likely to be involved in vehicle crashes. These issues represent some of the greatest obstacles in the path of the trucking industry. As long as there is a demand for shipping, these companies will no doubt find a way to meet it, but the price is being paid by those who are behind the wheel. The fact that we all share the road with them means that we, too, have a vested interest in these struggles. There will be many changes to come for the trucking industry in the years ahead. Unless those in charge find a way to keep these drivers healthy, happy and better-taken care of, many of the problems mentioned above will only get worse. Read More: Important Things To Transport During A Relocation Finding The Right Moving Company How To Get A Loan On A Day With Bad Credit?

READ MOREDetails