DUBLIN, December 08, 2021–(BUSINESS WIRE)–The “Passenger Cars After Market Global Market Report 2021: COVID-19 Growth and Change to 2030” report has been added to ResearchAndMarkets.com’s offering.

The global passenger cars aftermarket is expected to grow from $230.17 billion in 2020 to $247.49 billion in 2021 at a compound annual growth rate (CAGR) of 7.5%. The market is expected to reach $289.37 billion in 2025 at a CAGR of 4%.

Major players in the passenger car aftermarket market are Denso Corporation, Robert Bosch Gmbh, Continental AG, 3M company and Delphi Automotive PLC.

The passenger car aftermarket consists of sales of passenger car aftermarket parts and services. Companies operating in the passenger car aftermarket (parts and services) provide manufacturing, remanufacturing, distribution, retailing, and installation of replacement vehicle parts, equipment, service repair, and automotive accessories. The market includes the sales of the tires, batteries, brakes parts, filters, lightings, and electronic components.

The passenger cars aftermarket covered in this report is segmented by type into tires, battery, brake parts, filters, body parts, lighting, wheels, exhaust components, turbochargers, others. It is also segmented by distribution channel into retailers (OEM’s, repair shops), wholesalers & distributors and by certifications into genuine parts, certified parts, uncertified parts.

Many companies are offering extended warranties to third parties on vehicle parts or services which in turn is hampering the growth of independent service providers. Extended warranties are given on a vehicle part/service to increase the lifetime of a vehicle which leads to free service or discounts towards the consumer.

Since all warranty repairs are performed by the OEM (Original Equipment Manufacturers) only, the aftermarket sales and services market which is generated majorly from dealer service centres suffers a loss. According to Motor & Equipment Manufacturers Association (MEMA), in California for all light-duty vehicle extended warranties did not have an effect on independent repair shops.

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The passenger car aftermarket is using 3D printing technology also called as Additive Manufacturing (AM) to make high-quality off-the-shelf car parts using 3D printers that are capable of printing in metals and alloys. 3D printing works by making a virtual 2D object in the software and constructing the 3D framework by using the printer.

The use of 3D printing in producing automobile parts increases the efficiency and raises the production standards of the companies. Companies (original equipment manufacturers) such as General Motors, BMW, Ford and Porsche have already started investing in this trend.

Increasing average lifespan of a car is one of the major drivers of the passenger car aftermarket as it leads to an increase in consumer’s regular maintenance and scheduled servicing of the vehicle. The lifespan of the car describes the maximum service life in terms of mileage and time. Changing of wheels, batteries, spark plugs, air filters plays a significant role in prolonging the life of a vehicle.

The industry is regulated by several regulations governed by multiple international and country-specific agencies. One of the examples of such regulatory body is National Highway Traffic Safety Administration (NHTSA) of U.S. The Standard number 108 of section 571 under Title -49 “Transportation” mentioned in Code of Federal Regulations (CFR), states the requirements for original and replacement lamps, reflective devices, and associated lighting equipment for passenger cars as well as other multipurpose passenger vehicles.

As defined in CFR, the purpose of section 571 is to set regulatory standards relating to lighting equipment in vehicles to be followed by motor …….

Source: https://finance.yahoo.com/news/passenger-cars-market-global-market-123000911.html