Automotive Aftermarket Research Report:
The Automotive Aftermarket is projected to reach USD 500 billion by 2030, expanding at a 4% CAGR (2022-2030). The assessment of the automotive aftermarket takes into account aspects such as rapidly increasing auto sales, growing consumer demand for foreign brands, rapidly evolving digitization, and rising technological breakthroughs.
The automotive aftermarket is a project to record historical occurrences like increasing auto sales and the rise in demand for OME technology, if you're wondering what it's all about. The growth of the automotive aftermarket industry has been significantly influenced by the expansion of the global economy. The automotive industry is one of the few that can stay in business throughout a downturn. There is generally a big demand for spare parts in the springtime.
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Key factors:
The aftermarket for Automobiles is vastly spread across 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.)
Drivers:
As people postpone buying new cars due to economic concerns, the average vehicle age is anticipated to rise.
Sales of cars are rising quickly, and demand for global brands is rising as well.
Rising technology advancements, increased internet usage, and quick initialization.
Market Segmentation:
Segmentation of the aftermarket for automobiles are based on kind, vehicle age, vehicle type, and leading region, the study analysis of the global automotive aftermarket business is divided into subgroups.
Based on the type:
Based on type, the global market has been segmented into offerings and channels. The offering is further divided into components and services based on the estimated statistics. The channel segment is further divided into independent repair and authorized repair.
Based on the age of the vehicle age:
Based on vehicle age, the global market has been segmented into three groups: 0–4 years, 4–8 years, and over 8 years.
Based on the Type Of Vehicle:
Depending on the kind of vehicle, the global market has been segmented into passenger cars and commercial trucks.
Based on the region:
Based on the following criteria, the global automotive aftermarket industry has been divided into North America Europe Asia Pacific and the rest of the world.
Regional Analysis:
North America continues to be the industry's major market, according to research on the aftermarket auto parts. The widespread presence of all the key industry participants is a factor. The availability of components in auto solution providers also increases market size.
It is the second-largest market in the automotive aftermarket sector, after the continent of Europe. The existence of well-established automotive sectors and industry players are the variables that fuel the rise in market value. Additional considerations include the rise in luxury car spending and the need for lightweight and fuel-efficient vehicles across Europe.
In terms of the automotive aftermarket industry's emerging market, the Asia-Pacific region comes in third. Going along this direction of the Automotive sector in this region, technological advancements are thought to be a significant factor. In the APAC automotive aftermarket, China is in the lead, followed by South Korea and India.
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