Automotive AfterMarket Industry Size to Value at $828.2 Billion, by 2031 with 6.2% CAGR: States Allied Market Research
The global automotive aftermarket market size is expanding rapidly due to trend of vehicle customization, strict norms by government for upgrading or replacing vehicle components, and surge in automotive post sale activities.
Wilmington, Delaware, Nov. 06, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Automotive AfterMarket Industry by Application (Infotainment and Multimedia, Engine Component, Tires and Wheels, Electrical Products, Seat and Steering Covers, Others), by Distribution (OEM, Third Party Vendors), by Vehicle Type (Two Wheeler, Passenger Car, Commercial Vehicle), by Position (External Accessories, Internal Accessories): Global Opportunity Analysis and Industry Forecast, 2021-2031.” As per the report, the market is estimated to garner $828.2 billion by 2031, having experienced a value of $438.7 billion in 2021, with a notable CAGR of 6.2% during the forecast period of 2022 to 2031.
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Top Automotive Aftermarket Companies:
- Auto Zone
- The Yokohama Rubber Co. Ltd.
- The Goodyear Tire & Rubber Company
- Robert Bosch GmbH
- Pioneer Corporation
- Panasonic Corporation
- Osram Licht AG
- Hyundai Mobis
- Hella KGaA Hueck & Co.
- HARMAN International
- Ford Motor Company
- DENSO Corporation
- Bridgestone Corporation
- Alpine Electronics
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Factors influencing the growth of the automotive aftermarket:
Increase in trend of vehicle customization, stringent government norms for upgrade or replacement of vehicle parts, and surge in automotive post sale services accelerate the growth of the global automotive aftermarket. Moreover, increased demand for shared mobility solutions and volatile prices of raw materials hinders the growth of the market to some extent. Nevertheless, robust demand for advanced technological features and expansion of the e-commerce industry are expected to provide remunerative growth opportunities for the market in the upcoming years.
The electrical products segment to retain its dominance by 2031
In terms of application, the electrical products segment contributed to the largest share in 2021 accounting for nearly one-fourth of the total market revenue and is estimated to lead the trail during the forecast period. The same segment would display the fastest CAGR of 7.6% throughout the forecast timeframe. The growth is attributed to the consumer shift toward the latest electronic accessories, convenience features, and safety. The report also discusses engine component, seat and steering covers, infotainment and media, and others segment.
The third-party vendors segment to witness fastest growth with highest share by 2031
On the basis of distribution, the third-party vendors segment grabbed the highest share in 2021, contributing to nearly three-fourths of the total market revenue and is estimated to retain its dominance throughout the forecast timeframe of 2022 to 2031. Also, the same segment would display the fastest CAGR of 6.6% during the forecast period. The consumer shift towards e-commerce platform for comfortable buying experience and fast delivery. The report also studies the OEM segment.
The passenger car segment to rule the roost during the forecast period
By vehicle type, the passenger car segment grabbed the largest share in 2021, accounting for more than two-fifths of the global automotive aftermarket and is estimated to rule the roost throughout the forecast timeframe. The same segment would exhibit the fastest growth with 7.0% CAGR throughout the forecast timeframe. The growth is attributed to the surge in adoption of the latest technologies in passenger cars. The report also studies commercial vehicle and two-wheeler segments.
The external accessories segment held the major share in 2021
By position, the external accessories segment grabbed the largest share in 2021, contributing to more than half of the global automotive aftermarket. The internal accessories segment, however, is anticipated to manifest the highest share in terms of revenue with 7.4% CAGR by 2031. This is due to the surge in demand for aesthetic appearance in vehicles.
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Asia-Pacific grabbed the largest share in 2021
The regional analysis in the report indicates that the market across the Asia-Pacific region was largest in 2021, accounting for more than one-third of the total market revenue and is anticipated to continue its supremacy with 6.9% CAGR from 2022 to 2031. The factors influencing the growth of the market in the region involve the increase in involvement of OEMs and presence of large passenger car fleet across the region. The report also discusses regions involving LAMEA, Europe, and North America.
Similar Reports We Have on Aftermarket Industry:
Passenger Car Accessories AfterMarket Research Report 2023-2032
Aftermarket Electric Vacuum Pump Market Research Report 2023-2032
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