Market overview:
The Automotive Aftermarket Market was valued at USD 380.9 billion in 2022 and is expected to grow at a CAGR of 4% from 2023 to 2032, reaching USD 542.139 billion by 2032. The primary factor driving market growth is increasing consumer awareness about maintenance and repair to improve the age of vehicles. Due to an increase in consumer disposable income, the demand for making new vehicles with reduced fuel utilization due to increased government initiatives with more stringent emission norms increases the demand for automotive parts. Vehicles' average lifespan has increased due to advancements in materials and manufacturing techniques used in vehicle production. Vehicles' uncompromising quality has also improved.
The Automotive Aftermarket Market is expanding as a result of a rising need for replacement parts, repairs, and maintenance as vehicles get older. The market won't stagnate because of minor wear and tear of vehicle parts because technology has advanced to the point where equipment is now equipped with sensors. Global sales of electric vehicles are being driven up by increased demand brought on by tighter emission regulations for automobiles. Many automakers are attempting to broaden their selection of electric vehicles. Stringent government rules and regulations regarding vehicle emissions as well as the rising popularity of electric vehicles have increased the demand for fuel-efficient, high-performance, and low-emission vehicles, creating opportunities for the automotive aftermarket market. The automotive aftermarket industry has been significantly impacted by the overall COVID 19 situation.
Recent developments:
- Goodyear purchased Cooper Tire Rubber Company in February 2021. The merger brings together two leading tire companies with complementary product services, portfolios, and capabilities to form a more powerful US-based leader in the global tire industry.
- Chevrolet India announced plans to continue providing after-sales support to customers through 2021. Beyond this network of others, there are service parts and operations distributors in 142 cities in India.
Market segmentation:
The worldwide Automotive Aftermarket Market is segmented based on Distribution channels and Parts.
By distribution channels:
- Wholesale and Distribution
- Retailer
By Parts:
- Filters
- Battery
- Tire
- Body Parts
- Others
Regional analysis:
The Global Automotive Aftermarket Market is divided into North America, Europe, Asia Pacific, and the Rest of the World.
Because of the increasingly advanced technology used in the fabrication of auto parts, a surge in consumer and passenger automobile production and sales, and increasing digitalization of automotive part delivery services, the Asia Pacific region holds many market shares. It is the second largest market in the automotive aftermarket industry, trailing only the country of Europe. The presence of well-established automotive sectors and industry players is driving the increase in market value. Other factors include increased spending on luxury cars and demand for lightweight and fuel-efficient vehicles in European regions.
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