Automotive aftermarket industry trends ukThe automotive aftermarket is the secondary industry of the automotive market that provides autos with components, systems, and solutions. The global automotive aftermarket is anticipated to witness a CAGR of four.40% during the forecast period of 2017 to 2023. This projects constant development for the market. Valued at USD 824.82 Bn in 2017 and is expected to develop to attain an approximate value of USD 1,023.four Bn by the finish of 2023. With this shifting landscape in the international markets, automotive OEM’s will develop even larger and stronger worldwide with further opportunities in trade and commodities with globe nations. So, even even though the U.S. market place could remain steady, or perhaps experience really slight declines, the automotive industry will continue to develop.
The UK automotive aftermarket is thriving, ranking fourth in Europe and ninth in the globe in terms of size, and turning more than an annual £21.1 billion. The sector supports 345,600 jobs and contributes £12.two billion each and every year to the economy. And it is growing: in line with the UK’s escalating car parc, the sector’s value is set to rise to £28 billion by 2022. The UK also enjoys robust trade with other European countries, with Germany its largest market, followed by France and Spain.
The value chain comprises two primary segments: automotive replacement components suppliers and service enablers, with prime business segments exchanging value by way of these sectors at numerous intermittent stages. Key market participants in the marketplace consist of 3M Organization, Continental AG, Delphi Automotive PLC, Denso Corporation, Federal-Mogul Corporation, Magneti Marelli S.p.A., and Robert Bosch GmbH. Technological proliferation and growing investments in R&D activities by manufacturers and associations are anticipated to drive market growth.