Automotive After Market: Segmented: By Vehicle Type, By Replacement Part, And Region – Global Analysis of Market Size, Share & Trends For 2019–2020 And Forecasts To 2031 – Yahoo Finance
Automotive After Market to surpass USD 922 billion by 2031 from USD 566. 1 billion in 2021 at a CAGR of 5% in the coming years, i. e. , 2021-31. . Product Overview The aftermarket for automotive parts refers to auto parts and components installed after the vehicle has left the factory.
New York, July 06, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Automotive After Market: Segmented: By Vehicle Type, By Replacement Part, And Region – Global Analysis of Market Size, Share & Trends For 2019–2020 And Forecasts To 2031” – https://www.reportlinker.com/p06288789/?utm_source=GNW
This industry includes car components, replacement tires, equipment, service repairs, auto repair, and accessories sold just after the vehicle’s original sale. It covers businesses that manufacture, distribute, retail, install, and remanufacture all types of automobile parts and accessories. Due to technology improvements, the digitalization of vehicle repair and component sales has emerged, which has aided the automotive aftermarket industry’s progress.
Global Automotive After-market is expected to project a notable CAGR of 5% in 2031.
The market is primarily driven by car owners’ desire to improve their vehicle’s overall performance of exhaust noise, speed, and cosmetic factors, among other things.
Global Automotive After Segments
Wheels and Tires segment to grow with the highest CAGR during 2021-31
The market is divided into batteries, brake pads, filters, gaskets and seals, lighting components, wheels and tires, and others based on the type of replacement parts. In 2020, the global market’s wheels and tires sector will account for the majority of revenue. Due to an increased focus on the safety of vehicle occupants, as well as research & development by major aftermarket players to lower the total weight of a vehicle by implementing lightweight and cost-effective solutions, the wheels and tires segment is expected to witness one of the largest market shares.
Passenger cars segment to grow with the highest CAGR during 2021-31
The market is divided into Passenger cars and commercial vehicles based on vehicle type. Due to forthcoming emission standards for commercial vehicles, which are likely to affect the maintenance side via higher usage of engine electronics, the commercial vehicles segment is anticipated to see stable growth in this market. The rise in remanufacturing also provides vehicle warranty coverage, extended service life, and improved performance without the high expense of new parts. The commercial vehicle segment is expected to be impacted by these primary variables.
Price transparency and supply diversity are both improving
In both developed and emerging economies, digital platforms such as social media are increasingly influential in customer research & purchasing processes. Online sales channels provide customers with quick access to pricing information for parts, and end-users use these methods to decide which car parts to purchase. Customers can get a peer opinion on the quality and usefulness of seminars by participating in online forums. Suppliers, OEMs, dealers, and workshop chains are developing their online presence, and some major firms, such as Hella GmbH & Co. KGaA, have already established online platforms. A digital sales approach also allows for a leaner, shorter value chain, which helps suppliers.
OEM Expansion into Aftermarket Activities to Drive Market Growth
The original equipment manufacturer has increased exponentially their participation and attention in the automobile parts aftermarket value chain, for example, by establishing networks of non-car brand-specific repair shops. To compete alongside independent aftermarket companies and retain clients in their networks longer, …….