The automotive aftermarket denotes as remanufacturing, manufacturing, distributing, end-retail, redistribution, reselling, and installation activities connected to vehicles. The aftermarket encompasses parts for collision, replacement, appearance, and performance. Digitalization of automotive repair and component sales has emerged owing to the incorporation of improved technologies, which has augmented the popularity of the automotive aftermarket. Digital-driven services and products are setting new trends and adding traction to the market growth.
Aspects such as the growth of automotive post-sales services, vigorous government regulations to upgrade or replace vehicle components, and an augment in the trend of vehicle personalization coupled with an augment in disposable income are predicted to foster the growth of the global automotive aftermarket service throughout the review duration.
According to the SPER market research, ‘Automotive Aftermarket Service Industry Size- By Replacement Parts, By Vehicle Type, By Certification, By Distribution Channel, By Service Channel- Regional Outlook, Competitive Strategies and Segment Forecasts to 2032’ state that the global automotive aftermarket service industry is predicted to reach USD 602.13 billion by 2032 with a CAGR of 3.59%.
The aftermarket service is utilized for the replacement of the damaged part in the vehicle or for the addition of new components in the prevailing vehicles. Consumers require to change different components of their vehicles at precise intervals of time. For instance, passenger vehicles require to change their tires every 3-4 years, relying on the driving situation. Hence, the automotive component has a great aftermarket. In addition, the aftermarket is attaining traction owing to the client’s inclination toward the installation of improved components in vehicles to advance the vehicle’s appearance and confirm safety while driving. This augmented inclination among consumers leads to the growth of the aftermarket service, which is predicted to eventually lead to the growth of the automotive aftermarket service during the coming future.
Increasing customer awareness concerning the repair and appropriate maintenance of vehicles to maintain their proficiency and performance are different aspects predicted to assist the market growth in the review period. In addition, the growing requirement for crossover and long-distance travel vehicles further augments the demand for periodic repairs and replacement of vehicle parts. The rising flexibility in vehicle design and production allows higher customer personalization, which is anticipated to propel the market growth over the review duration.
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The original equipment manufacturers (OEMs) are advancing and enlarging their aftermarket activities within the automotive aftermarket parts value chain. The creation of differentiated aftermarket service proposing assists OEMs improve their decision-making concerning service repair and retain consumers. The growing enlargement of aftermarket activities by OEMs is probably to rise market growth during the forthcoming years.
North America led the automotive aftermarket in terms of revenue and analyzed to observe great growth over the review duration. An increase in the requirement for passenger cars, usage of improved technology while fabrication of auto parts, and digitalization of component delivery services are predicted to rise the market growth in the region. Increasing environment degradation from automotive emissions has progressively spurred the requirement for high proficiency and environment-friendly automotive components for universal as well as native markets.
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Automotive Aftermarket Service Industry Demand
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SPER Market Research