Automotive Aftermarket Market Overview

Automotive aftermarket Industry is expected to reach USD USD~500 Billion by 2027, registering a 4% CAGR during the assessment period (2020-2027).

Consumers are exhibiting greater interest in aftermarket automotive components due to the transparent nature of the aftermarket industry. Aftermarket industry offers repairs and replacements at reduced parts along with the liberty to choose services as per their requirements at a much more affordable price which has resulted in higher consumer affinity towards aftermarket components. Motivated by increased consumer inclination towards aftermarket, automotive OEMs are aggressively expanding their aftermarket activities to secure core business and strengthen their position in the market which has been a major driver for the growth of the global automotive aftermarket industry. Additionally, the rise in a number of aged vehicles has initiated demand within the global automotive aftermarket industry. Vehicle more than the age of 8 years induce heightened demand for the service segment.

Automotive Aftermarket market demonstrates a high growth potential which is likely to attract many entrants to the market resultantly, intensifying the competition further. Manufacturers strive to develop innovative materials, and best practices. Incorporating acquisition, collaboration, partnership, and expansion the well-established players gain the competitive advantage to maintain their market position. Also, they make substantial investments in manufacturing & expansion program. Expansions help in reducing logistic cost and increase production capacities and potential to fetch larger turnovers.

Request for free Sample Pages (PDF): https://www.marketresearchfuture.com/sample_request/6251

Globally Major key Players accelerates the Automotive Aftermarket Market are, Continental AG (Germany), Aisin Seiki Co. Ltd. (Japan), Robert Bosch GmbH (Germany), 3M (U.S.), Valeo (France), Denso Corporation (Japan), Magneti Marelli S.p.A. (Italy), Cooper Tire & Rubber Company (U.S.), Sumitomo Electric Industries Ltd. (Japan), Federal-Mogul Corporation (U.S.), Aptiv PLC (U.K.)

Growth Drivers:

• Average vehicle age is likely to increase as economic pressures force consumers to postpone new-car purchases
• Rapidly increasing automobile sales and escalating demand for international brands increases
• Rising technological advances
• alongside the growing penetration of internet and rapid digitalization

Most important Segments of Automotive Aftermarket market covered in this report are,

The global automotive aftermarket industry has been segmented based on offering, channel type, vehicle age, and vehicle type.

By offering, the automotive aftermarket industry has been segmented into parts and services. The parts segment accounts for more than 50% share of the global market and is likely to exhibit the highest CAGR over the forecast period. Automotive parts such as battery, body, brake parts and others experience high demand as they are required to ensure optimal functionality.

By channel type, the global automotive aftermarket industry has been segmented into authorized and independent repair. The independent repair segment accounts for the largest share of almost 60% of the global market. The independent repair segment is expected to be the fastest growing segment over the forecast period.

By vehicle age, the global automotive aftermarket industry has been segmented into 0-4 years, 4-8 years, and above 8 years. The above 8 years segment is the largest segment and is expected to garner the highest CAGR over the forecast period. Vehicles above the age of 8 years are highly reliant on aftermarket to maintain optimal performance. The above 8 years segment is expected to attain a valuation of USD 610.4 Bn by the end of the forecast period.

By vehicle type, the global automotive aftermarket industry has been segmented into passenger vehicle and commercial vehicle. The passenger vehicle segment is the largest segment and is likely to witness the highest CAGR over the forecast period. Rise in disposable income on a global scale has increased the sales of passenger cars.

Avail an Amazing Discount: https://www.marketresearchfuture.com/check-discount/6251

Automotive Aftermarket Industry Influence of the global market report:

• Comprehensive assessment of all opportunities and risks in the Automotive Aftermarket Market.
• Automotive Aftermarket Market recent innovations and major events.
• A detailed study of business strategies for the growth of the Automotive Aftermarket Market market-leading players.
• Conclusive study about the growth plot of Automotive Aftermarket Market for forthcoming years.
• In-depth understanding of Automotive Aftermarket Market, market-particular drivers, constraints, and major micro markets.
• Favorable impression inside vital technological and market latest trends striking the Automotive Aftermarket Market.

The Automotive Aftermarket market trends is growing pervasively, witnessing an exponential growth backed by the increasing investments, competitive activities, global developments, opportunity, and business trends during forecast period 2022 to 2030.

The global Automotive Aftermarket market during the period has been split into several segments and subsegments, which have then been verified through primary research by conducting extensive interviews with key experts such as CEOs VPs, directors, and executives. Finally, the global market breakdown and data triangulation procedures have been employed to complete the overall market engineering processes and functions and hence, arrive at the exact statistics for all segments and subsegments.

Automotive Aftermarket Market Regional Analysis

By region, the global automotive aftermarket industry has been segmented into North America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).

North America, led by the US, currently accounts for the foremost share of the global automotive aftermarket industry. High sales of passenger, as well as commercial cars in the region, present significant opportunities for the growth of the automotive aftermarket industry. The US is marked by the presence of various automotive aftermarket manufacturers which positions the US as a major automotive aftermarket hub. Canada too is a significant destination for market players.

Europe follows North America closely driven by surging demand for automotive aftermarket products and the growing trend of reuse. Moreover, Europe is home to some of the prominent automotive aftermarket manufacturers which support the growth of the market.

Ask to Expert: https://www.marketresearchfuture.com/ask_for_schedule_call/6251

About Market Research Future® (Part of WantStats Research and Media Pvt. Ltd.) has specialized research analysts in the areas of Aerospace & Defense, Automotive, C&M, Energy & Power, F&B, Healthcare & Pharmaceutical, ICT, Industrial Equipment, Packaging Construction & Mining and Semiconductor.

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.

Tags: Automotive Aftermarket Market trends, Automotive Aftermarket Market, Automotive Aftermarket Market forecast, Automotive Aftermarket Market  Analysis, Automotive Aftermarket Market Companies