The market for automotive aftermarket services is made up of a wide range of businesses and services that cater to cars' ongoing maintenance, customization, and repair needs. Online retailers, independent service providers, independent repair shops, and distributors of parts are all included. The needs of car owners are met by this industry, which also helps to keep cars on the road and extend their useful life. Installation of accessories, diagnostics, replacement parts, and routine maintenance are all provided by the aftermarket industry. When it comes to original equipment manufacturer (OEM) services and components, the industry provides car customers with a greater choice of options at more competitive pricing, more availability, and more affordable costs.
United Kingdom Automotive Aftermarket Market Driving Factors and Challenges
Drivers: The expansion of post-sale services for cars, stringent government laws requiring the replacement or upgrading of vehicle components, and the growing trend of vehicle customization coupled with an increase in disposable income are some of the reasons contributing to the forecast period's faster-than-average growth of the automotive aftermarket. However, it is anticipated that increased shared mobility needs and volatile raw material prices may hinder the global automobile aftermarket sector's growth throughout the projected timeframe. In the near future, the growth of automotive e-commerce and the surge in demand for technologically advanced features are also expected to boost the automotive aftermarket.
Challenges: One of the main challenges to the industry's growth is the complexity and technical advancements in automobiles. An increasing number of complex systems and high-tech equipment are installed in modern autos. While this enhances the effectiveness and functionality of automobiles, it poses challenges for the aftermarket industry. Modern technology often requires specialized knowledge and tools for diagnosis, maintenance, and replacements. In order to keep up with the rapidly evolving technology, independent repair shops, distributors of automotive aftermarket products, and do-it-yourself enthusiasts may find it difficult to keep up. As a result, they may be forced to rely on authorized dealerships or original equipment manufacturer (OEM) services.
Impact of COVID-19 on United Kingdom Automotive Aftermarket Market
The UK vehicle aftermarket industry was significantly impacted by the COVID-19 pandemic, causing disruptions in multiple market segments. Due to travel restrictions and erratic economic conditions, consumer spending on auto repair and maintenance services decreased. Global plant closures that produced auto parts upset the supply chain, driving up prices and creating shortages of necessary parts. Lockdown procedures also reduced the number of automobiles on the road, which in turn reduced the need for replacement parts like tires, batteries, and lubricants.
United Kingdom Automotive Aftermarket Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Euro Car Parts Ltd, Kwik-Fit (GB) Limited, National Tyres and Autocare Ltd, Compagnie Generale des Etablissements Michelin SCA.
United Kingdom Automotive Aftermarket Market Segmentation:
By Replacement Parts: Based on the Perfume Type, United Kingdom Automotive Aftermarket Market is segmented as; Battery, Body Parts, Brake Parts, Exhaust Components, Filters, Lighting and Electronic Components, Tire, Turbochargers, Wheels.
By Vehicle Type: Based on the Vehicle Type, United Kingdom Automotive Aftermarket Market is segmented as; Commercial Vehicles, Passenger Cars.
By Certification: Based on the Vehicle Type, United Kingdom Automotive Aftermarket Market is segmented as; Certified Parts, Genuine Parts, Uncertified Parts.
By Distribution Channel: Based on the Distribution Channel, United Kingdom Automotive Aftermarket Market is segmented as; Retailers, Wholesalers and Distributors.
By Service: Based on the Service, United Kingdom Automotive Aftermarket Market is segmented as; Delegation to OEM’s, Do it for me, Do it Yourself.
By Region: This research also includes data for Eastern Region, Western Region, Northern Region, Southern Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.