Automotive Aftermarket Growing at 5.07% CAGR during 2020–2030

One of the major aspects which developments in the automotive industry focus upon is increasing the average of vehicles. Since buying a vehicle still remains a heavy investments for most people, they want vehicles that can provide them with good driving experience and services for a long time. Owing to technological advancements, manufacturers have been able to increase the average age of vehicles and improve their quality; take for instance the average age of vehicles in China, which is expected to increase from 4 years in 2010 to 6 years by the end of 2020.

This being said, automotive parts of vehicles may not function properly for such a long time, which is why they often need to be changed. Vehicles accessories and parts are not necessarily manufactured by original equipment manufacturers, ad this is where automotive aftermarket comes into play. Companies in automotive aftermarket domain deal with remanufacturing, manufacturing, retailing, distributing, and installing replacement vehicle equipment, parts, and accessories. As per a report by P&S Intelligence, the global automotive aftermarket industry is expected to reach is value of $1,370.2 billion in 2030, increasing from $803.2 in 2019, and is predicted to progress at a 5.07% CAGR during the forecast period (2020–2030).

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Based on component, the equipment category is expected to progress with the highest CAGR, of 5.89%, during the forecast period. Dashboard instruments, under the equipment category, are expected to witness the fastest growth during the forecast period. With the rapid installation of technologically advanced and connected aftermarket instruments, including smart instrument clusters, central displays, and warning and information lights, in passenger cars, the automotive aftermarket is expected to witness significant growth during the forecast period.

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Globally, Asia-Pacific (APAC) was the largest market for aftermarket components during the historical period (2015–2019). The regional market is mainly driven by the rising number of vehicles in operation and average age of vehicles in countries such as China, Indonesia, Malaysia, and India. Additionally, the Latin American, Middle Eastern, and African (LAMEA) automotive aftermarket is growing rapidly, on account of the escalating demand for electric vehicles in the region. This, in turn, is expected to increase the requirement for electrical and other related equipment in the region, during the forecast period.

The significant players operating in the global automotive aftermarket are Robert Bosch GmbH, DENSO CORPORATION, Delphi Technologies PLC, Continental AG, ZF Friedrichshafen AG, Mando Corporation, Dana Inc., Knorr-Bremse AG, Valeo SA, Meritor Inc., Tenneco Inc., BorgWarner Inc., and HELLA GmbH & Co. KGaA.

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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.