Automotive Aftermarket Market Segment and Trend with Global Foresight 2023

Automotive aftermarket is a secondary market of the automotive sector, which involves the sale of automotive components when they need immediate replacement due to emergency situations. They can also be replaced on their regular maintenance schedules. These replacement parts are provided by either authorized providers or independent providers.

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The change in customer expectations have led the automotive aftermarket players to undertake technological innovation to improve their product specifications and lower the component costs. Such initiatives drive the market. Service providers need to focus on continuous interactions with individual customers and traders of mobility solutions in order to continue adding up in the automotive aftermarket business. Customer satisfaction in aftermarket requires the identification of the problem areas to elevate the experience of the user mobility solutions. Furthermore, vertical and horizontal integration of new technology concepts are important to improve the efficiency and quality of the engine parts. The market could be restrained by the lack of infrastructure and technology in emerging countries.
For this study, global automotive aftermarket has been segmented based on offering, channel, vehicle age, vehicle type, and region. On the basis of offering, the market has been segmented into parts and services. Parts segment has the larger market size as, a part is an internal element of the vehicle that if crucial, needs immediate replacement. On the basis of channel, the market is segmented into authorized repair and independent repair. Among these, independent repair has the larger market size as they offer attractive prices, improved service quality and speedy delivery along with diagnostics specialists. On the basis of vehicle age, the market is segmented into 0-4 years, 4-8 years and above 8 years. Above 8 years segment holds the largest share as the owner opts for cheaper alternatives for parts and services during this age of the vehicle. On the basis of vehicle type, the market is segmented into passenger and commercial vehicle. Passenger vehicle holds the larger share due to the rising demand of passenger cars among the population and increasing per capita income in emerging countries. On the basis of regions, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the world.

Table of Content: Key Points
1 Executive Summary
2 Market Introduction
3 Research Methodology
4 Key Findings
5 Recommendations
6 Market Dynamics
7 Market Factor Analysis
8 Global Automotive Aftermarket, By Offering
9 Global Automotive Aftermarket, By Channel
10 Global Automotive Aftermarket, By Vehicle Age
…Continued

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