Passenger Cars After Market Global Market Report 2022 – Yahoo Finance
Major players in the passenger car aftermarket market are Denso Corporation, Robert Bosch Gmbh, Continental AG, 3M company, Delphi Automotive PLC. , ZF friedrichshafen AG, Magneti Marelli S. p. A, Cooper tire & Rubber Company, Federal -Mogul Corporation, Goodyear tire & rubber company, Aisin Seiki Co, Valeo; Sumitomo Electric Industries Ltd, Aptiv PLC, MAHLE GmbH, Schaeffler AG, ACDelco, Mobileye, Eaton, Schaeffler Technologies AG, Lear Corporation, Yazaki Corp, Akebono Brake Corporation, American Axle & Manufacturing, Bridgestone Corporation, Gates Corporation, Hyundai Mobis Co.
New York, Feb. 15, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Passenger Cars After Market Global Market Report 2022” – https://www.reportlinker.com/p06229759/?utm_source=GNW
Ltd, Kumho Tires, Exide Technologies and Pirelli & C. S.p.A.
The global passenger cars aftermarket is expected to grow from $216.18 billion in 2021 to $226.33 billion in 2022 at a compound annual growth rate (CAGR) of 4.7%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $289.37 billion in 2026 at a CAGR of 5.3%.
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 main types of passenger car aftermarket are tires, battery, brake parts, filters, body parts, lighting, wheels, exhaust components, turbochargers, others.A tyre, sometimes known as a tyre, is a ring-shaped device that covers the rim of a wheel to carry a vehicle’s load from the axle to the ground while also providing grip on the surface over which the wheel moves.
The different Certifiations include genuine parts, certified parts, uncertified parts and is available through various distribution channels such as retailers (OEMs, repair shops), wholesalers and distributors.
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. According to IHS automotive survey in 2019, the typical car on the road in the US is 11.8 years old. Addition to that, based on an article by USA Today, the number of old vehicles on the road that are totalling up to 278 million in 2019.
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.
The passenger car …….