How Is Booming Electric Vehicle Sale Driving Automotive Aftermarket Parts Demand?

The International Energy Agency (IEA) estimates that the stock of plug-in hybrid electric vehicles (PHEVs) (cars) and battery electric vehicles (BEVs) (cars) will mount to 44,355,904 and 79,975,992, respectively, by 2030. Furthermore, the IEA forecasts that the stock of BEV vans and PHEV vans will reach 11,041,648 and 1,959,625, respectively, by 2030. The soaring demand for electric vehicles (EVs) and increasing electrification of powertrain systems across the world, owing to the rising implementation of favorable government initiatives and mounting awareness about air pollution mitigation, will create a huge requirement for aftermarket vehicle parts.

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Additionally, the increasing vehicle age, especially in the developing countries of Asia-Pacific (APAC) and Latin America, Middle East, and Africa (LAMEA), will aid the automotive aftermarket in advancing at a 5.07% CAGR during 2020–2030. Owing to this reason, the market revenue will escalate from $803.22 billion in 2019 to $1,370.17 billion by 2030. For instance, the International Trade Administration forecasts that the average age of a car in China is projected to surge from 4.6 years in 2018 to 5.5 years in 2023 owing to the increasing integration of technologically advanced components.

Providers of such replacement components, such as Robert Bosch GmbH, Delphi Technologies PLC, Meritor Inc., DENSO CORPORATION, Continental AG, Tenneco Inc., ZF Friedrichshafen AG, BorgWarner Inc., Valeo SA, and HELLA GmbH & Co. KGaA, serve customers via online and offline distribution channels. In the coming years, online sales will surge at the higher rate due to the easy payment options, home delivery service, and hefty discounts offered on online platforms.

Geographically, APAC led the automotive aftermarket in the recent past, and it is expected to retain its dominance in the foreseeable future. This can be primarily attributed to the surging number of vehicles on the road, especially in India and China, and the increasing presence of prominent tier-1 suppliers in the region. Furthermore, the region is expected to advance at the highest rate in the upcoming years due to the soaring number of passenger cars in India, China, Japan, and South Korea, and the increasing requirement for vehicle repair and maintenance services in the region.

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Therefore, the burgeoning EV sales and increasing vehicle age in developing nations will create a huge requirement for aftermarket automotive components in the forthcoming years.

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This release was published on openPR.