The automotive parts aftermarket is expected to generate $548 billion in revenue by 2022, according to Persistence Market Research. With the top 5 market players controlling a sizable portion of the automotive parts aftermarket in 2022, the demand for automotive parts will increase. The entire Automotive Parts Aftermarket is anticipated to increase at a CAGR of 5.5% from 2023 to 2033, reaching US$ 984 Billion.
The report published on Automotive Parts Aftermarket is a comprehensive analysis that includes the key parameters and indicators critical in understanding the market. The data from the years 2023 to 2033 has been used to present the market status and size. The study also covers the overall market valuation along with the CAGR for the forecast period. The introductory chapter presents an overview of Automotive Parts Aftermarket Market along with the product definition and market scope. The report also analyzes consumer trends regarding the products along with the industry development trends.
Automotive Parts Aftermarket growth in the current scenario as well as in the coming years and the factors affecting it has been discussed in detail. The interplay of demand and supply forces in this market along with the external factors have been studied. The effect on the market in terms of growth has been studied to aid the market forecast. The pricing policies used in various regions of Automotive Parts Aftermarket Market and the effect they have on the consumption behavior have been studied.
Demand for automotive parts in the aftermarket is being aided by increased maintenance and repair activities carried out by vehicle owners because stock vehicle parts suffer wear and tear over a period of time. Air filters, fuel filters, and spark plugs, as well as brake pads, are more likely to be replaced at regular intervals.
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Governments all over the world have enacted strict car emission standards that require product manufacturers to provide ecologically sustainable and high-performing parts for both, local and international markets, which is expected to drive demand of automotive parts. The automobile parts industry has seen significant expansion in recent years, with rising economies such as China, India, and Brazil expected to drive worldwide market growth.
Market players are rapidly innovating and bring in new, advanced parts into the aftermarket:
In June 2021, Michelin introduced new winter tires for trucks, named “Michelin X Multi Grip”. These tires deliver better performance and ensure maximum safety in extreme weather conditions such as snow- and slush-covered roads as well as wet roads.
In Feb 2021, Gabriel India Limited developed the first adjustable electronic hydraulic shock absorber for a leading SUV vehicle in the aftermarket sector.
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Key Takeaways from Market Study
At a CAGR of 6.7%, electrical parts is projected to be the fastest-growing product segment through 2031.
Tires are expected to have the highest share in the product segment, with nearly 42% market share by 2031.
By vehicle, passenger cars are projected to be the segment leader with a market share of more than 64%.
By Region, Europe is projected to have the highest share in the global market accounting to more than 34%. Germany is expected to hold nearly 29% of the European market share by 2031.
The market in the Middle East & Africa region is projected to expand at the fastest CAGR of 6.2%
The U.S. is projected to register the highest absolute $ opportunity of more than US$ 44 Bn from 2021 to 2031.
By sales channel, authorized dealers are anticipated to lead with more than 45% share of the market.
Market Landscape Identified to Be Fairly Competitive
On a regional, national, and global basis, the worldwide Automotive Parts Aftermarket By Products is highly competitive and fragmented.
Some of the key players included in the report are Robert Bosch GmbH, ZF Friedrichshafen AG, Hella KGaA Hueck & Co., NGK Spark Plug, Exide Technologies, Gabriel India Limited, Hitachi Astemo, Ltd., KYB Corporation, Tenneco, Inc., Denso Corporation, Magna International, Continental AG, Valeo SA, Bridgestone, Michelin, Goodyear, Pirelli, Mahle GmbH, BorgWarner, OSRAM Licht AG, Knorr-Bremse, and Aisin Corporation.
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Key Questions Answered in This Report.
How much is the global automotive parts aftermarket valued at currently?
What is main factor driving demand for automotive parts in the aftermarket?
At what CAGR did demand for automotive parts in the aftermarket increase over the past 5 years?
What will be the demand outlook for automotive parts through 2031?
What are the key trends being witnessed in this marketplace?
What is the market share of the top 5 manufacturers of automotive parts in the aftermarket?
At what rate is the market in Germany registering growth in Europe?
Which are the top 5 countries driving most demand for automotive parts in the aftermarket?
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Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductors and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients’ business needs.
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