The global automotive aftermarket is expected to grow primarily due to increasing consumer awareness regarding importance of vehicle maintenance and repair. Electrical products sub-segment is expected to flourish immensely. The North America region is predicted to grow at a high CAGR by 2031
NEW YORK, April 24, 2023 /PRNewswire/ — Global Automotive Aftermarket Forecast Analysis:
As per the report published by Research Dive, the global automotive aftermarket is expected to register a revenue of $837.0 million by 2031 at a CAGR of 6.5% during the forecast period 2022-2031.
Segments of the Automotive Aftermarket
The report has divided the market into the following segments:
- Product Type: electrical products, batteries, wear & tear parts, filters, collision body, starters & alternators, lighting, exhaust components, tyres, and others
- Electrical Products– Fastest growth rate by 2031
Growing awareness regarding improved vehicle safety has led to an increase in use of automotive electrical products which is expected to push the growth of this sub-segment further. - Distribution Channel: OEM and third party
- OEM – Highest CAGR by 2031
OEMs’ rapid development of aftermarket activity is expected to augment the growth rate of the market in the 2022-2031 timeframe. - Vehicle Type: two-wheeler, passenger vehicle, and commercial vehicle
- Passenger Vehicle– Most profitable in 2021
The increasing frequency of customers to change passenger vehicle components is expected to propel the sub-segment forward. - Region: North America, Europe, Asia-Pacific, and LAMEA
- North America – Most lucrative by 2031
A general rise in the manufacturing and sales of passenger vehicles in this region is predicted to propel the market in the forecast period.
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Dynamics of the Global Market
In the recent years, there has been a general rise in awareness regarding the importance of maintenance and repair of passenger vehicles to improve their age. This growth in awareness is expected to make the automotive aftermarket a highly profitable one in the forecast period. Additionally, growing demand for OEM (Original Equipment Manufacturers) of aftermarket activities is predicted to propel the market forward. However, according to market analysts, rise in applications of numerous motor vehicle safety systems over the automotive aftermarket might become a restraint in the growth of the market.
Increasing use of e-commerce and components complexity is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, surge in digitization of automotive component delivery services is expected to propel the market growth in the coming period.
COVID-19 Impact on the Global Automotive Aftermarket
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The automotive aftermarket, too, was negatively impacted due to the pandemic. The lockdowns brought down the automotive manufacturing industry to a virtual halt which reduced the demand for automotive components, thus bringing down the growth rate of the market during the pandemic.
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Key Players of the Global Automotive Aftermarket
The major players of the market include
- Alpine Electronics Inc.
- Denso Corporation
- Hella KGaA Hueck & Co.
- Auto Zone Inc.
- Ford Motor Company
- Hyundai Mobis
- Bridgestone Corporation
- Harman International (SAMSUNG ELECTRONICS)
- Michelin
- Continental AG
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in April 2022, Allied Automotive Group, a leading distributor of automotive parts, announced the acquisition of Lausan Group, a major player of the automotive aftermarket. This acquisition is predicted to boost the market share of Allied Automotive Group, especially in the Europe region, in the coming period.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter’s five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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