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The Growing Importance of Automotive Aftermarket 2021-2031 : Trends and Opportunities
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Asia-Pacific region is dominating the market in terms of revenue, followed by Europe, North America, and LAMEA. China dominated the automotive aftermarket in 2021, whereas India is expected to grow at a significant rate during the forecast period. The rapid growth of the automobile sector across all segments along with growing customer inclination toward advancements of the electronic accessories, such as infotainment units, music system, and others, fuels the growth of the automotive aftermarket.
There are prominent key factors that drive the growth of the automotive aftermarket, such as growth of automotive post sale services, stringent government regulations to replace or upgrade the vehicle components, and rise in trend of vehicle customization coupled with increase in disposable income. Moreover, the developing nations of Asia-Pacific and Africa offer numerous growth opportunities for the automotive industry. There is a considerable demand for passenger vehicles in this region and is anticipated to increase during the forecast period. This has facilitated many automotive vehicle manufacturers to set up manufacturing plants in Africa and Asia-Pacific to cater to the local demand and leverage low manufacturing costs for exporting vehicles and parts, which expects to provide an opportunity for automotive aftermarket vendors.
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KEY FINDINGS OF THE STUDY :
By application, the electrical products segment is expected to register a significant growth during the forecast period.
By distribution, the third party vendors segment is projected to lead the global automotive aftermarket growth during the forecast period.
By vehicle type, the passenger car segment is projected to lead the global automotive aftermarket growth during the forecast period.
By position, the internal accessories segment is projected to lead the global automotive
aftermarket growth during the forecast period.
Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
Leading Players :
Alpine Electronics
Bridgestone Corporation
Continental
DENSO Corporation
Ford Motor Company
HARMAN International
Hella KGaA Hueck & Co.
Hyundai Mobis
Michelin
Osram Licht AG
Panasonic Corporation
Pioneer Corporation
Robert Bosch GmbH
The Goodyear Tire & Rubber Company
The Yokohama Rubber Co. Ltd.
Visteon
Auto Zone
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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