Press release
Passenger Cars After Market Market Outlook 2024: Exclusive Report By The Business Research Company
Passenger Cars After
The Business Research Company offers in-depth market insights through Passenger Cars After Market Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The passenger cars after market market size has grown strongly in recent years. It will grow from $250.68 billion in 2023 to $263.87 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to changing consumer preferences, vehicle longevity, economic factors, diy trend, regulatory changes.
The passenger cars after market market size is expected to see steady growth in the next few years. It will grow to $318.38 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to aging vehicle fleet, environmental awareness, customization trends, emerging markets, electric vehicles transition. Major trends in the forecast period include focus on sustainable and green products, diy (do-it-yourself) repair and maintenance, augmented reality (ar) for maintenance, increased demand for performance upgrades, retrofitting for autonomous features.
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Market Segmentation:
The passenger cars after market market covered in this report is segmented -
1) By Type: Tires, Battery, Brake parts, Filters, Body parts, Lighting, Wheels, Exhaust components, Turbochargers, Other Types
2) By Certifiations: Genuine Parts, Certified Parts, Uncertified Parts
3) By Distribution Channel: Retailers (OEM's, Repiar Shops), Wholesalers & Distributors
Major Driver - Extended Car Lifespan Driving Growth In The Passenger Car Aftermarket Market
Increasing the average lifespan of a car is one of the major drivers of the passenger car aftermarket market as it leads to an increase in consumers' 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 wheels, batteries, spark plugs, and air filters play a significant role in prolonging the life of a vehicle. According to IHS automotive Markit in 2021, the typical age of cars on the road in the US increased to 12.1 years from 11.9 years old in 2020. Thus, increasing the average lifespan of a car is propelling a passenger car aftermarket market.
Competitive Landscape:
Major companies operating in the passenger cars after market market report are Robert Bosch Gmbh, JTEKT Corporation, ZF friedrichshafen AG, Denso Corporation, Continental AG, Hyundai Mobis Co. Ltd., Aisin Corporation, 3M company, Bridgestone Corporation, Sumitomo Electric Industries Ltd., Valeo SA, Lear Corporation, Goodyear tire & rubber company, Eaton Corporation plc, Aptiv plc, Schaeffler Technologies AG & Co. KG, BorgWarner Inc., Mahle GmbH, Marelli Europe S.p.A., Federal -Mogul Corporation, Pirelli & C. S.p.A., Hella GmbH & Co. KGaA, American Axle & Manufacturing Inc., Gates Corporation, Kumho Tire Co. Inc., Cooper tire & Rubber Company, Exide Industries Ltd., Yazaki Corp., Akebono Brake Corporation Ltd., ACDelco, NSK Ltd.
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Top Trend - Revolutionizing The Passenger Car Aftermarket With 3D Printing Technology
The passenger car aftermarket market is using 3D printing technology also called Additive Manufacturing (AM) to make high-quality off-the-shelf car parts using 3D printers that are capable of printing in metals and alloys. 3D printing works by making a virtual 2D object in the software and constructing the 3D framework by using the printer. The use of 3D printing in producing automobile parts increases efficiency and raises the production standards of companies. Companies (original equipment manufacturers) such as General Motors, BMW, Ford, and Porsche have already started investing in this trend.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Passenger Cars After Market Market Characteristics
3. Passenger Cars After Market Market Trends And Strategies
4. Passenger Cars After Market Market - Macro Economic Scenario
5. Passenger Cars After Market Market Size And Growth
…..
27. Passenger Cars After Market Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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