Press release
Automotive Aftermarket Predicted to Witness Significant Growth by 2031 Owing to the Increasing Demand for OEMs of Aftermarket Activities
Automotive Aftermarket
According to a report published by Research dive, the global automotive aftermarket is envisioned to garner a revenue of $837.0 million and grow at a Healthy CAGR of 6.5% during the analysis timeframe from 2022 to 2031.
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Market Dynamics
As per our analysts, the increased participation of original equipment manufacturers (OEMs) in the automotive parts aftermarket value chain is predicted to propel the growth of the automotive aftermarket during the analysis timeframe. Besides, the rising innovative strategies made by the leading market players such as the introduction of a second service format and second brand are further expected to foster the growth of the market over the estimated timeframe. Moreover, the increasing penetration of e-commerce and rising components complexity is expected to create huge growth opportunities for the market during the forecast period. However, the constant R&D for new raw materials to stop the degradation of automobile components and accessories may restrict the growth of the market throughout the estimated timeframe.
COVID-19 Impact on the Automotive Aftermarket
The outbreak of the COVID-19 pandemic brought several uncertainties across various businesses and had a negative impact on the automotive aftermarket. This is mainly due to the disruptions in the supply chain, the closure of manufacturing plants, and the economic slowdown across many nations during the pandemic. Additionally, the changing purchasing trends among consumers and the elimination of all non-essential services further declined the growth of the market over the crisis.
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Segments of the Automotive Aftermarket
The report has divided the market into segments based on product type, distribution channel, vehicle type, and region.
Based on product type, the electrical products sub-segment generated the highest revenue in 2021. The increasing demand for automotive electrical products to prevent accidents and the rising use of infotainment systems for recreational activities by consumers are expected to augment the growth of the market sub-segment over the analysis timeframe.
Based on distribution channel, the OEM segment is expected to have the fastest growth during the forecast timeframe. This is mainly because OEMs upgrade the aftermarket activities to provide comfort to customers and promote ease in transportation. Moreover, the rapid development of diverse aftermarket services by OEMs leads to improving their service in repair decision-making, and customer retention which is predicted to boost the growth of the automotive aftermarket sub-segment over the estimated timeframe.
Based on vehicle type, the passenger vehicle sub-segment registered the highest share in 2021. This is mainly due to the increasing need to replace various components of passenger vehicles at frequent intervals. Moreover, the rising preference of consumers for installing innovative components in vehicles to improve product appearance and assure safety while driving is expected to fuel the growth of the market sub-segment over the analysis timeframe.
Based on region, the North America automotive aftermarket garnered the largest revenue in 2021. The rising consumer and passenger vehicle manufacturing and sales, increasing use of advanced technology in the fabrication of auto parts, and the growing digitization of automotive component delivery services are expected to drive the growth of the market throughout the forecast timeframe.
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Key Players of the Automotive Aftermarket
The major players of the industry include Michelin, Alpine Electronics, Inc., Hyundai Mobis, Auto Zone, Inc., Hella KGaA Hueck & Co., Bridgestone Corporation, Harman International (SAMSUNG ELECTRONICS), Continental AG, Ford Motor Company, Denso Corporation, and many more. These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
For instance, in January 2023, Continental AG, a German multinational automotive parts manufacturing company announced its collaboration with Ambarella, Inc., a fabless semiconductor design company, focusing on low-power, high-definition (HD) and Ultra HD video compression, image processing, and computer vision processors. With this collaboration, the companies aimed to develop scalable automated driving systems and AI-based end-to-end hardware and software solutions for assisted and automated driving.
Further, the report also presents other vital aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
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Mr. Abhishek Paliwal
Research Dive
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Research Dive is a market research firm offering actionable insights and extensive analysis of various markets across different verticals. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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