Automotive Aftermarket Market was valued at USD 721.4 Bn in 2021 and predicted to surpass USD 1167.12 Bn by 2030, poised to grow at a noteworthy CAGR of 5.53%
NEW YORK CITY, NEW YORK, UNITED STATES, February 1, 2023 /EINPresswire.com/ — 𝐆𝐥𝐨𝐛𝐚𝐥 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐀𝐟𝐭𝐞𝐫𝐦𝐚𝐫𝐤𝐞𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐰𝐚𝐬 𝐯𝐚𝐥𝐮𝐞𝐝 𝐚𝐭 𝐔𝐒𝐃 𝟕𝟐𝟏.𝟒 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟏 𝐚𝐧𝐝 𝐩𝐫𝐞𝐝𝐢𝐜𝐭𝐞𝐝 𝐭𝐨 𝐬𝐮𝐫𝐩𝐚𝐬𝐬 𝐔𝐒𝐃 𝟏𝟏𝟔𝟕.𝟏𝟐 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 𝟐𝟎𝟑𝟎, 𝐩𝐨𝐢𝐬𝐞𝐝 𝐭𝐨 𝐠𝐫𝐨𝐰 𝐚𝐭 𝐚 𝐧𝐨𝐭𝐞𝐰𝐨𝐫𝐭𝐡𝐲 𝐂𝐀𝐆𝐑 𝐨𝐟 𝟓.𝟓𝟑% 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝 𝟐𝟎𝟐𝟐 𝐭𝐨 𝟐𝟎𝟑𝟎.
𝐆𝐥𝐨𝐛𝐚𝐥 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐀𝐟𝐭𝐞𝐫𝐦𝐚𝐫𝐤𝐞𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐞𝐟𝐢𝐧𝐢𝐭𝐢𝐨𝐧
After the sale of original parts and components, the automotive aftermarket provides a secondary market. It can also be called a non-OEM, generic, or competitive replacement part. Aftermarket parts may be more economical than OEM parts. Two types of accessories and replacement parts are common in the aftermarket. These are the actual parts that the manufacturer does not make. Aftermarket parts can be used for the replacement of broken parts in vehicles and other equipment. However, they may have an impact on insurance coverage.
The Certified Automobile Parts Association oversees policies regarding aftermarket parts. This organization is the standard in aftermarket parts safety due to its high-quality standards and testing. To ensure comfort, safety, and performance, accessories are created and sold after the vehicle has been purchased. If damaged parts are found in the original, the OEM and other manufacturers will remanufacture replacement parts.
𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝 𝐡𝐨𝐰 𝐭𝐡𝐞 𝐩𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 𝐜𝐚𝐧 𝐡𝐚𝐯𝐞 𝐚 𝐝𝐢𝐫𝐞𝐜𝐭 𝐢𝐦𝐩𝐚𝐜𝐭 𝐨𝐧 𝐲𝐨𝐮𝐫 𝐫𝐞𝐯𝐞𝐧𝐮𝐞: https://market.us/report/automotive-aftermarket-market/request-sample/
𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 𝐚𝐝𝐯𝐚𝐧𝐜𝐞𝐬 𝐚𝐫𝐞 𝐨𝐧 𝐭𝐡𝐞 𝐫𝐢𝐬𝐞
There has been an increase in demand for electronic chips and catalytic convertors as more people look for eco-friendly vehicles. This is a key driver for the growth of the automotive aftermarket. This is why owners are particularly interested in updating their vehicles with new features.
𝐌𝐚𝐫𝐤𝐞𝐭 𝐠𝐫𝐨𝐰𝐭𝐡 𝐢𝐬 𝐬𝐮𝐩𝐩𝐨𝐫𝐭𝐞𝐝 𝐛𝐲 𝐠𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐫𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧𝐬
Many countries have imposed strict emission regulations on automobiles. This has put pressure on manufacturers to make environmentally friendly and high-efficiency parts for domestic and international markets. It is expected that this will increase the demand for automotive aftermarkets, which will continue to grow at an increasing rate over the next few years.
𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐜𝐨𝐦𝐟𝐨𝐫𝐭 𝐢𝐬 𝐨𝐧 𝐭𝐡𝐞 𝐫𝐢𝐬𝐞
OEMs offer additional accessories for vehicles to satisfy consumer needs. This allows them to increase their market share and helps with the development of the automotive aftermarket.
𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐞 𝐢𝐧 𝐝𝐢𝐬𝐩𝐨𝐬𝐚𝐛𝐥𝐞 𝐢𝐧𝐜𝐨𝐦𝐞
Aftermarket demand is growing due to changing lifestyles and rising disposable income. Luxury vehicles are becoming more desirable due to the increase in disposable income. Due to increased demand for aftermarket automotive products, there is a growing number of millionaires around the globe who design and remodel their vehicles.
𝐆𝐥𝐨𝐛𝐚𝐥𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐎𝐫𝐢𝐠𝐢𝐧𝐚𝐥 𝐄𝐪𝐮𝐢𝐩𝐦𝐞𝐧𝐭 𝐌𝐚𝐧𝐮𝐟𝐚𝐜𝐭𝐮𝐫𝐞𝐫𝐬
Due to the rapid growth of global vehicle registrations, OEMs have been under pressure to use global platforms and modular architectures more frequently. This will lead to a rapid increase in vehicle production, which will result in a greater demand for parts and other services. This creates more opportunities for automotive aftermarket businesses.
𝐄𝐧𝐬𝐮𝐫𝐞 𝐞𝐯𝐞𝐫𝐲𝐭𝐡𝐢𝐧𝐠 𝐢𝐬 𝐢𝐧 𝐥𝐢𝐧𝐞 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮𝐫 𝐬𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬 𝐡𝐞𝐫𝐞: https://market.us/report/automotive-aftermarket-market/#inquiry
𝐑𝐚𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐯𝐞𝐡𝐢𝐜𝐥𝐞 𝐬𝐚𝐟𝐞𝐭𝐲 𝐭𝐞𝐜𝐡𝐨𝐥𝐨𝐠𝐢𝐞𝐬
The vehicles have sensors that enable them to drive with great driving habits and reduce wear on brakes. This hinders the replacement process and slows down the growth of the automotive aftermarket.
𝐇𝐢𝐠𝐡 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐂𝐨𝐬𝐭𝐬
Most people cannot afford to modify their vehicles. Parts of vehicles are only available to the wealthy who can afford them. If this is more common, however, the price will have to drop so that everyone can afford it. It hinders the expansion of the automotive aftermarket.
Some countries have vehicles that are built with eco-friendly parts to help protect the environment and preserve the atmosphere. Consumers cannot choose to modify parts that emit more carbon and cause harm to the environment. This is what restricts the automotive aftermarket.
Digitalization of Automotive Component Delivery Services, Greater Price Transparency and Greater Supply Diversity for Customers to Fuel Growth Social media channels like Facebook gain increasing influence over customer research and purchasing decisions in emerging and developed markets. Customers can quickly access information about the cost of parts online. End customers also use these channels to decide which car parts they want to purchase. Customers can get a peer view on workshop quality and value through online forums. Online participation is increasing among suppliers, OEMs and distributors. Some key players, such as Hella GmbH & Co. KGaA, have already established their online channels. A digital sales model allows for a shorter and more efficient value chain, which is a benefit to suppliers. The supplier layer can be streamlined and intermediaries eliminated, which allows them to make substantial margins and save money that can then be passed on the end-users.
𝐅𝐫𝐞𝐪𝐮𝐞𝐧𝐭𝐥𝐲 𝐀𝐬𝐤𝐞𝐝 𝐐𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 𝐚𝐛𝐨𝐮𝐭 𝐭𝐡𝐞 𝐆𝐥𝐨𝐛𝐚𝐥 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐀𝐟𝐭𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭
What is the size of the aftermarket automotive parts market in 2021?
What is the projected CAGR at which the aftermarket automotive parts market is expected to grow at?
List the segments encompassed in this report on the aftermarket automotive parts market?
List the key industry players of the aftermarket automotive parts market?
Which region is more appealing for vendors employed in the aftermarket automotive parts market?
Name the key areas of business for the aftermarket automotive parts Market.
Which segment accounts for the greatest market share in the aftermarket automotive parts industry?
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