The automotive aftermarket service market comprises a diverse range of firms and services that serve to the maintenance, repair, and customizing needs of automobiles beyond their initial sale. Included are separate service providers, independent repair shops, online retailers, and distributors of parts. In order to keep cars on the road, extend their usable life, and meet the diverse needs of car owners, this industry is crucial. The services offered by the aftermarket industry include routine upkeep, repairs, part replacement, diagnostics, and accessory installation. Vehicle owners benefit from the industry's more competitive pricing, wider availability, and more reasonably priced options as compared to original equipment manufacturer (OEM) services and parts.
Germany Automotive Aftermarket Market Driving Factors and Challenges
Drivers:- Aging vehicles contribute to the industry's growth. The growth of the automotive aftermarket industry is mainly driven by the age of cars. Due to the gradual wear and tear of its components, older cars typically require more frequent maintenance and repairs. As a result, the aftermarket sector sees steady demand for its replacement parts and services. Brakes, tires, and exhaust systems are just a few of the parts of a car that wear down with time and use. The market is driven by older vehicles' need for replacement of various parts.
Challenges:- There are a number of issues facing the German auto aftermarket industry that demand consideration. The growing complexity of modern cars is one major challenge. With their increasingly complex electronic systems and parts, cars are becoming more technologically sophisticated, necessitating specialist knowledge and equipment for maintenance and repairs. Independent garages and aftermarket providers may find it difficult to keep up with the quickly advancing technology and to make the necessary investments in equipment and training due to its complexity.
The growing rivalry from e-commerce platforms and online marketplaces is another difficulty. These platforms threaten smaller aftermarket companies and traditional brick-and-mortar retailers even if they provide convenience and a large assortment of products.
Impact of COVID-19 on Germany Automotive Aftermarket Market
German government officials have responded to the increasing number of coronavirus cases by implementing lockdowns. Government regulations have hurt Germany's auto aftermarket. Many people have put off doing the necessary repairs, and some transportation companies have stopped enforcing deadlines for technical control and inspections. These changes are leading to fewer people visiting repair shops, garages, and service stations. German car dealers reported a 50% decline in business due to the pandemic. Time limits and shuttered workshops have less of an effect now that end customers are attempting to purchase replacement components online. Thus, in the event of a pandemic, it is projected that an increase in online auto part sales will open up new doors for Germany's automotive aftermarket.
Germany 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; Continental AG, Compagnie Generale des Etablissements Michelin SCA, ZF Friedrichshafen AG, Mobivia, Others.
Germany Automotive Aftermarket Market Segmentation:
By Replacement Part: Based on the Replacement Part, Germany Automotive Aftermarket Market is segmented as; Bed Tire, Battery, Brake parts, Filters, Body parts, Lighting & Electronic components, Wheels, Exhaust components, Turbochargers, Others.
By Distribution Channel: Based on the Distribution Channel, Germany Automotive Aftermarket Market is segmented as; Supermarkets and Hypermarkets, Specialty Stores, Online, Others.
By Certification: Based on the Certification, Germany Automotive Aftermarket Market is segmented as; Genuine Parts, Certified Parts, Uncertified Parts.
By Region: This research also includes data for Eastern Region, Western Region, Southern Region, Northern 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.