Automobiles have always been the cash cows of the vehicle-based industries. Now, it has achieved another level of maturity in the product life cycle. Now, the automotive aftermarket suppliers are also trending due to the rising demand for components like cameras, sensors, and software.
Aftermarket basically means the market where the individuals can get spare parts, accessories, and components for their vehicles. It is slowly making progress but has managed to signal towards a high revenue generating business in the future. Many established automobile manufacturers are coming up with in-house products. In addition to this, these big league members are joining hands with the third parties for becoming a part of the automotive aftermarket suppliers.
Aftermarkets are trending due to the fact that millennials are looking for replacements to the majority of the original parts. These new parts, by automotive aftermarket suppliers, are a part of customized options. The customizable parts are more in number as compared to the original parts.
Valuation of the major automotive part suppliers
According to the Global Automotive Aftermarket Suppliers’ Market Report, made by the market analysts of Verified Market Research, this market was valued at USD 356.8 billion in 2018.
As the demand is continuously growing, the market indicators projected its valuation to reach USD 477.7 billion by 2026. This rise is equivalent to a CAGR of 3.85% from 2019 to 2026. Automotive aftermarket a.k.a. a car’s post-retail shops are the new market segments that are dealing with the upkeep and replacement of unique parts or segments. It is a new market still in its nascent stage.
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World’s top 10 automotive aftermarket suppliers
Robert Bosch works as a segment of the Bosch brand. The company’s strategic objective is to create connected solutions for a connected life. Its innovative products and services are considered to be the most reliable among the chief automotive aftermarket suppliers.
Denso is the largest manufacturer among the major automotive aftermarket suppliers. It is known for its best in-class technology and components that are appointed by the top automobile companies in the world.
Magna International is a Canadian mobility technology company that has been operating for more than five decades now. It is the forefront of innovation since its inception and this has helped in getting a spot among the top automotive aftermarket suppliers’ list.
Continental is dedicated to building products and services for sustainable and connected mobility. It has stuck to its promise of offering safe, efficient, intelligent, and affordable solutions. It is the biggest name in the listicle of automotive aftermarket suppliers.
ZF Friedrichshafen is the fastest growing global technology company in the catalogue of automotive aftermarket suppliers. Its portfolio includes systems for passenger cars, commercial vehicles and industrial technology. The company’s products enable the next generation of mobility at the global stage.
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Aisin Seiki is an American organization that manufacturers world-class products for the automotive aftermarket. Its cutting edge technology is added in all of its brilliant products. The organization’s R&D division is the most advanced in the field of automotive aftermarket suppliers.
Hyundai Mobis operates under its parent organization – Hyundai. It is the most awarded company for its high safety standards and inclusive services.
Lear Corporation empowers predominant in-vehicle encounters for customers around the globe. Its highly skilled representatives in 39 nations are driven by a promise to develop and deliver operational greatness, and sustainability. It is a proud member of the Fortune 500 list and is one of the most prominent enterprises among the leading automotive aftermarket suppliers.
Valeo is a leading partner of all the major automakers. The business association has pledged to reduce the carbon footprint at global level . For this, the company regularly proposes new products and systems that contribute to this eco-friendly cause. It is the first company, among automotive aftermarket suppliers, to take the charge for reducing carbon emissions.
Faurecia is inspired by the new challenges overcoming in the automotive sector. Faurecia is making plans to create value for tomorrow’s cleaner and smarter mobility. This far sighted approach has been applauded by many industry experts from the automotive aftermarket suppliers’ markets.
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