Automotive Aftermarket Market
The global automotive aftermarket market was valued at US$ 394.4 Bn by the end of 2020 and expected to reach at a value of US$ 519.7 Bn by 2028 with a significant CAGR of 3.5%
Meridian Market Consultants (MMC) has published a new report titled, “Automotive Aftermarket Market: Opportunity Analysis and Future Assessment 2020 2028”
Global Automotive Aftermarket Market, By Replacement Parts (Tire, Battery, Brake parts, Filters, Body parts, Lighting & Electronic components, Wheels, Exhaust components, Turbochargers, and Others), By Distribution Channel (Retailers (OEMs, Repair Shops) and Wholesalers & Distributors), By Service Channel (DIY (Do It Yourself), DIFM (Do It for Me), and OE (Delegating to OEM’s)), By Certification (Genuine Parts, Certified Parts, Uncertified Parts), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global automotive aftermarket market was valued at US$ 394.4 Bn by the end of 2020 and expected to reach at a value of US$ 519.7 Bn by 2028 with a significant CAGR of 3.5%.
Vehicle is one of the most costly expenditures done in most of the households, as well as it is one of the most expensive items in the global markets, which ultimately concludes that there is an immense need of repair and maintenance of the vehicle.
The automotive aftermarket industry is the one which is majorly involved in the manufacturing, refurbishing, retailing, distribution, and installation of replacing parts of the vehicle, service repair, equipment, and automotive accessories.
The automotive aftermarket is basically an after-sale market of the automotive industry. The automotive aftermarket parts are the replacing parts of the vehicle which are not designed by the initial or original equipment manufacturer.
The automotive aftermarket provides replacement parts in exchange for the damaged parts of the vehicle as well as other equipment and accessories. Most of the people, in the present-day world, owning almost one vehicle along with the constant need for repair and maintenance in vehicles, nowadays, is one of the major factors that is driving the growth of the automotive aftermarket.
In addition to that, the increasing average lifespan of vehicles in operation is another major factor that is boosting the demand of automotive aftermarket. In the similar manner, the fleet vehicles in operation are also maturing and aging, in the current times, which is further extensively stimulating the demand of aftermarket parts. Attributing to which, the automotive aftermarket is projected to grow positively in the forthcoming years.
However, the global crisis of COVID-19 has had a severe impact on the automotive industry as well as associated industries, which ultimately also affected the aftermarket industry. Due to the toxic virus, most of the countries, around the world, imposed nationwide lockdown and restricted the entire movement of population, which in turn resulted in the shift of priorities of people to essential purchasing. Such factors are anticipated to hamper the overall growth of the global automotive aftermarket over the coming years.
MMC Study identifies some of the key participating players in the automotive aftermarket market globally are Continental AG, 3M Company, Delphi Automotive PLC, Federal-Mogul Corporation, Denso Corporation, Magneti Marelli S.p.A., Robert Bosch GmbH, among others.
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