OREGAON, PORTLAND, UNITED STATES, June 2, 2023/EINPresswire.com/ — Allied Market Research published a report, titled, “Automotive AfterMarket Industry by Application (Infotainment and Multimedia, Engine Component, Tires and Wheels, Electrical Products, Seat and Steering Covers, Others), by Distribution (OEM, Third Party Vendors), by Vehicle Type (Two Wheeler, Passenger Car, Commercial Vehicle), by Position (External Accessories, Internal Accessories): Global Opportunity Analysis and Industry Forecast, 2021-2031 .” According to the report, the global automotive aftermarket generated $438.7 billion in 2021, and is estimated to reach $828.2 billion by 2031, witnessing a CAGR of 6.2% from 2022 to 2031.
There are prominent key factors that drive the growth of the automotive aftermarket, such as the growth of automotive post sale services, stringent government regulations to replace or upgrade the vehicle components, and the rise in trend of vehicle customization coupled with an 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.
The automotive aftermarket industry is segmented on the basis of application, distribution, vehicle type, position and region. By application, it is divided into infotainment and multimedia, engine components, tires and wheels, electrical products, seat and steering covers, and others. By distribution, it is divided into OEMs and third party vendors. By vehicle type, it is segmented into two wheelers, passenger cars and commercial vehicles. By position, it is divided into external accessories and internal accessories. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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The impact of COVID-19 on the automotive aftermarket is unpredictable, and it is expected to remain in force for several years.
The COVID-19 outbreak forced governments across the globe to implement stringent lockdowns and tire import–export of essential raw material items for most of 2020, and a few months in 2021. This led to a sudden decline in availability of important raw materials for vehicle components.
Many small and big players in the automotive sector are witnessing issues, such as halt of production activities, limited part supply, mandated plant closures by the government, non-efficient production in lockdown, reduced workforce, decline liquidity, and others. This led to a steep economic downfall of the market in 2020 which further led to a decline in the global demand for automotive components in the aftermarket.
By application, the electrical product segment is expected to register a significant growth during the forecast period.
By distribution, the third party vendor 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.
𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/17437
Ford Motor Company
Hella KGaA Hueck & Co.
Osram Licht AG
Robert Bosch GmbH
The Goodyear Tire & Rubber Company
The Yokohama Rubber Co. Ltd.
Allied Analytics LLP
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