Market overview:
The Automotive Aftermarket Marketwas valued at USD 383.15 billion in 2020 and is expected to grow at a CAGR of 4% from 2023to 2030, reaching USD 513.86 billion by 2030.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.
As vehicles age, the demand for replacement parts, repair, and maintenance drives the Automotive Aftermarket Market'sgrowth. With the advancement of technology, equipment is now equipped with sensors, and minor wear and tear of vehicle parts will not cause the market to stagnate.
Increased demand for electric vehicles due to stricter emission standards for automobiles boosts electric vehicle sales globally. Many automakers are working on expanding their electric vehicle lineup. The increasing adoption of electric vehicles has increased the demand for fuel-efficient, high-performance, and low-emission vehicles, and stringent government rules and regulations concerning vehicle emissions are opportunities for the Automotive Aftermarket Market. In terms of the COVID 19 situation, the automotive aftermarket industry has been severely impacted by the overall situation. This pandemic has led the automotive industry to reduce output and production facilities. The lockdown proved very severe, prompting several automotive aftermarket suppliers to remain in production, particularly in some areas.
Covid-19 has caused significant long-term disruption. However, the boost occurs in 2021 by increasing personal vehicle sales, and when life returns to normal, there will be an increase in vehicles requiring frequent repairs. It is expected that traffic will return to normal after the lockdown.
Market segmentation:
The worldwide Automotive Aftermarket Marketis segmented based on Distribution channels and Parts.
By distribution channels:
Wholesale and Distribution
Retailer
By Parts:
Filters
Battery
Tire
Body Parts
Others
FAQs:
1.What is Automotive Aftermarket Market?
2.Who are the Top Market manufacturers?
3.Which are the most Business Regions across the globe?
4.How big is the Automotive Aftermarket Market in upcoming Years?
5.What are the Latest developments/industry updates in the Automotive Aftermarket Market?
Regional analysis:
The Global Automotive Aftermarket Marketis 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.
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.
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