(MENAFN- EIN Presswire)
automotive aftermarket industry
By vehicle type, the passenger car segment is projected to lead the global automotive aftermarket growth during the forecast period.
Increase in automotive post sale activities, stringent regulations by governments for replacing or upgrading vehicle components, trend of vehicle customization drive the automotive aftermarket growth.” - Allied
market ResearchWILMINGTON, NEW CASTLE, DE, UNITED STATES, October 3, 2024 /EINPresswire / -- Rise in automotive post sale services, strict
government regulations for replacement or upgrade of vehicle components, and surge in trend of vehicle customization drive the growth of the global Automotive After Market . However, surged demand for shared mobility solutions and fluctuations in prices of raw materials restrain the market growth. On the other hand, rise of the e-commerce industry and surge in demand technologically-advanced features present new opportunities in the coming years.
Request Sample Pages Now:
The global automotive aftermarket was valued at $438.7 billion in 2021, and is projected to reach $828.2 billion by 2031, growing at a CAGR of 6.2% from 2022 to 2031.
There are prominent key factors that drive the growth of the automotive aftermarket , such as growth of automotive post sale services, stringent government regulations to replace or upgrade the vehicle components, and rise in trend of vehicle customization coupled with increase in disposable income. Moreover, the developing nations of Asia-Pacific and Africa offer numerous growth opportunities for the automotive industry. There is a considerable demand for passenger vehicles in this region and is anticipated to increase during the forecast period. This has facilitated many automotive vehicle manufacturers to set up manufacturing plants in Africa and Asia-Pacific to cater to the local demand and leverage low manufacturing costs for exporting vehicles and parts, which expects to provide an opportunity for automotive aftermarket vendors.
The key players profiled in this report include
The Yokohama Rubber Co. Ltd., Osram Licht AG, Robert Bosch GmbH, HARMAN International, Bridgestone Corporation, Auto zone, Continental, Ford Motor Company, Hyundai Mobis, Visteon, Alpine Electronics, Panasonic Corporation, Pioneer Corporation, Hella KGaA Hueck & Co., DENSO Corporation, The Goodyear Tire & Rubber Company, Michelin
Buy Now the Exclusive Report:
The automotive aftermarket industry is segmented on the basis of application, distribution, vehicle type, position and region. By application, it is divided into infotainment and multimedia, engine component, tires and wheels, electrical products, seat and steering covers, and others. By distribution, it is divided into OEM and third party vendors. By vehicle type, it is segmented into two wheeler, passenger cars, and commercial vehicles. By position, it is divided into external accessories, and internal accessories. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Based on vehicle type, the passenger car segment held the highest market share in 2021, contributing to more than two-fifths of the global automotive aftermarket, and is expected to continue its dominance during the forecast period. In addition, this segment is projected to register the largest CAGR of 7.0% during the forecast period. This is due to rise in adoption of the smart technologies in passenger cars. The report also discusses segments including two wheeler and commercial vehicle.
Get Customized Reports with you're Requirements:
Asia-Pacific region is dominating the market in terms of revenue, followed by Europe, North America, and LAMEA. China dominated the automotive aftermarket in 2021, whereas India is expected to grow at a significant rate during the forecast period. The rapid growth of the automobile sector across all segments along with growing customer inclination toward advancements of the electronic accessories, such as infotainment units, music system, and others, fuels the growth of the automotive aftermarket.
Based on position, the external accessories segment held the highest market share in 2021, accounting for more than half of the global automotive aftersales market. However, the internal accessories segment is projected to register the highest market share in terms of revenue by 2031. In addition, this segment is projected to register the largest CAGR of 7.4% from 2022 to 2031, owing to increase in demand for aesthetic appearance in vehicles.
Interested to Procure the Research Report? Inquire Before Buying:
Based on region, Asia-Pacific contributed to the highest market share in 2021, holding more than one-third of the global automotive aftermarket, and is expected to maintain its lead status by 2031. Moreover, this region is projected to grow at the fastest CAGR of 6.9% from 2022 to 2031. This is due to the presence of large passenger car fleet across the region and rise in involvement of original equipment manufacturers. The research also analyzes regions including North America, Europe, and LAMEA.
Check out more related studies published by AMR Research:
Automotive Intelligent Lighting System Market -
Automotive Trailer Market -
Automotive Wheel Market -
Automotive Diagnostics Market -
David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
Facebook
X
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability
for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this
article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
MENAFN03102024003118003196ID1108742756
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.