Luton, Bedfordshire, United Kingdom, March 10, 2023 (GLOBE NEWSWIRE) --
Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Automotive Aftermarket Market.
Global Automotive Aftermarket Market stands at US$ 387.54 Billion in 2022 and is anticipated to grow at a CAGR of 3.5% over the following Five years to reach US$ 510.31 Billion by 2028.
Automotive Aftermarket Market Growth in upcoming years
The automotive aftermarket is the secondary market of the automotive industry, concerned with the manufacturing, remanufacturing, distribution, retailing, and installation of all vehicle parts, chemicals, equipment, and accessories, after the sale of the automobile by the original equipment manufacturer (OEM) to the consumer. The OEM may or may not make the parts, accessories, etc. that are for sale. "Aftermarket parts are divided into two categories: replacement parts and accessories," states a report from the International Trade Administration of the US Department of Commerce. When original equipment (OE) parts wear out or are damaged, replacement car parts are created or remanufactured to take their place. Accessories are components created for ease, performance, safety, or customization and intended for addition to the motor vehicle after the initial sale.
Digitalization of automotive component delivery service, higher price transparency, and greater diversity of supply for customers to fuel the Automotive Aftermarket Market growth.
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Growth Drivers
- Increased demand for upgraded vehicles and the digitization of distribution networks
- increasing the number of new and used car sales
- outdated car fleet and inadequate road infrastructure
Vehicle Sales Rising: As more vehicles are sold, there is a rising desire for aftermarket goods and services. Replacement components, accessories, and maintenance services are more in demand as there are more vehicles on the road.
Aging Vehicle Fleet: As the typical age of vehicles on the road rises, maintenance and repair services are required more frequently. As vehicles get older, they need repairs and replacement components more frequently, which increases demand for the aftermarket.
Technological Developments: New and inventive aftermarket products, including performance components, electronic systems, and improved safety features, have been created as a result of advancements in automotive technology.
DIY Trends: Car owners are increasingly choosing to perform routine maintenance tasks themselves rather than bringing their vehicles to professional repair shops, which is why the DIY trend is gaining popularity.
Key Trends
Digitalization: To improve customer experience, operations efficiency, and supply chain management, the car aftermarket is increasingly relying on digital technologies. Mobile apps, online marketplaces, and e-commerce platforms are some of the most important digital tools used in this market.
Sustainability: With a focus on minimizing waste and the environmental effect of goods and services, there is an increasing emphasis on sustainability in the car aftermarket. Sustainable manufacturing techniques and recycled and eco-friendly products are becoming more and more common.
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Competitive Insight
Some of the notable market players operating in the global Automotive Aftermarket Market covered in this report are:
- 3M Company
- Continental AG
- Cooper Tire & Rubber Company
- Delphi Automotive PLC
- Denso Corporation
- Federal-Mogul Corporation
- HELLA KGaA Hueck & Co.
- Robert Bosch GmbH
- Valeo Group *The Company List Is Indicative
Recent Developments
- April 2021 – Lippert Components Inc. announced the acquisition of Kaspar Ranch Hand Equipment, LLC. With this acquisition, Lippert Components Inc.’s aimed to expand its presence in the automotive parts aftermarket.
- February 2020 – MotoRad LTD. partnered with the Automotive Aftermarket Suppliers Association (AASA) and Auto Care Association to endorse the “Your Car. Your Data. Your Choice.” Campaign. This campaign was launched to inform vehicle owners about their automobiles' data with vital maintenance and repair information.
Browse the full “Automotive Aftermarket Market by Replacement Parts (Tire, Battery, Brake Parts, Filters, Body Parts, Lighting and Electronic Component, Wheels, Exhaust Component, Turbochargers) Distribution channel (Retailers (OEMs, Repair Shops) Wholesalers and Distributors) Service Channel (DIY, DIFM, OE) Certification (Genuine Parts, Certified Parts, Uncertified Parts) And by Region (North America, Europe, Asia Pacific, South America, Middle East and Africa) Global Trends and Forecast from 2023 To 2028” Report and TOC at https://exactitudeconsultancy.com/reports/12388/automotive-aftermarket-market
Segment Overview
The Automotive Aftermarket market is segmented By Replacement Parts, By Distribution Channel, and by Region.
| By Replacement Parts | By Distribution Channel | By Certification |
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Regional Insights
Asia pacific is expected to hold the largest share of the global automotive aftermarket. Automotive sales in the region are expected to boost by advanced technology in auto part fabrication, a surge in consumer and passenger vehicle production and sales, and the digitalization of automotive component delivery services. Universities and other research and development organizations are increasingly working to improve the cost and operational efficiencies of such critical automotive components, with the goal of lowering their prices and, eventually, the price of the finished product.
Quantitative Analysis
- Market size, estimates, and forecasts from 2023 - 2028
- Market size and revenue estimates for product up to 2028
- Market revenue estimates for application up to 2028
- Market revenue estimates for type up to 2028
- Regional market size and forecast up to 2028
- Company financial
What are the Key Data Covered in this Automotive Aftermarket Market Report?
- CAGR of the market during the forecast period 2023-2028
- Detailed information on factors that will drive Automotive Aftermarket Market growth during the next Six years
- Precise estimation of the Automotive Aftermarket Market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behaviour.
- The growth of the Automotive Aftermarket industry across North America, Europe, APAC, South America, the Middle East, and Africa
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of Automotive Aftermarket Market vendors
To know an additional revised 2023 list of market players, request a sample report: https://exactitudeconsultancy.com/reports/12388/automotive-aftermarket-market/#request-a-sample
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