The Global Automotive Aftermarket Industry is Set to Reach USD 589.01 Billion by 2030 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Automotive Aftermarket Industry Size, Share & Trends Analysis Report By Replacement Part (Tire, Battery, Brake Parts, Filters, And Others), By Distribution Channel, By Service Channel, By Certification, By Region, And Segment Forecasts, 2023 – 2030” report has been added to ResearchAndMarkets.com’s offering.
According to the report, the global automotive aftermarket industry is projected to expand at a Compound Annual Growth Rate (CAGR) of 4.0% from 2023 to 2030, reaching a substantial market size of USD 589.01 billion by 2030.
Key Drivers of Automotive Aftermarket Growth:
The growth of the automotive aftermarket is driven by several factors including:
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Digitalization and Technological Advancements: The integration of advanced technology in automobile aftermarket component manufacturing and the digitalization of automotive repair and component sales are anticipated to boost market growth.
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Surge in Electric and Hybrid Vehicles: The increasing adoption of semi-autonomous, electric vehicles, and hybrid & autonomous cars is expected to drive the demand for new components.
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Vehicle Penetration in Developing Countries: Improvements in lifestyle in developing countries like India and Brazil are driving vehicle penetration and subsequently boosting the demand for aftermarket components and services.
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Stringent Emissions Norms: The stringent emissions and fuel efficiency regulations, along with the increasing adoption of gas and hybrid electric cars, are expected to drive the growth of automotive aftermarket component sales.
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Third-Party Services and Technology: Third-party services and technology are creating new revenue streams in the automotive aftermarket, contributing to market growth.
Regional Outlook:
The Asia-Pacific region is expected to witness significant growth in the automotive aftermarket due to developing living standards, high vehicle production, and increasing acceptance of gas and hybrid electric cars. The region’s growing vehicle penetration and the inclination of owners toward repairing their automobiles are expected to drive the demand for aftermarket components and services.
Challenges and Opportunities:
The automotive aftermarket industry also faces challenges such as counterfeiting of auto components and the growing demand for electric vehicles. However, the industry is poised for growth with opportunities in innovation, business models, and solutions provided by manufacturers, along with the adoption of digital channels and social media influence in automotive aftermarket sales.
Key Topics Covered in the Report:
The report offers insights into various aspects of the automotive aftermarket industry including market segmentation, value chain analysis, market dynamics, industry analysis, distribution channel analysis, replacement part estimates, service channel analysis, certification analysis, regional estimates, and more. It highlights the role of genuine parts, certified parts, and uncertified parts in the industry, along with key trends and growth prospects.
Companies Mentioned
- 3M
- Continental AG
- COOPER TIRE & RUBBER COMPANY
- Delphi Automotive PLC
- Denso Corporation
- Federal-Mogul Corporation
- Magneti Marelli S.p.A.
- Robert Bosch GmbH
- The Goodyear Tire & Rubber Company
- ZF Friedrichshafen AG (ZF TRW)
For more information about this report visit https://www.researchandmarkets.com/r/npmjzz
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