Dublin, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The "Automotive Aftermarket Industry Size, Share & Trends Analysis Report By Replacement Part (Tire, Battery, Brake Parts, Filters, And Others), By Distribution Channel, By Service Channel, By Certification, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global automotive aftermarket industry is poised for significant growth, with the market projected to reach USD 589.01 billion by 2030 at a CAGR of 4.0% from 2023 to 2030. This growth is attributed to various factors:
- Digitalization and Technology: The incorporation of advanced technology in automotive aftermarket component manufacturing and the digitalization of repair and component sales are expected to drive market expansion.
- Demand for New Components: The increasing popularity of semi-autonomous, electric, hybrid, and autonomous vehicles is likely to boost the demand for new automotive components.
- Vehicle Penetration: Developing countries like India and Brazil are experiencing increased vehicle penetration due to improvements in lifestyle, which is expected to drive growth in the automobile industry.
- Emissions Norms and Manufacturing: Stricter emissions regulations and growth in the automotive manufacturing sector are anticipated to drive automotive aftermarket component sales.
- Third-Party Services and Technology: Third-party services and technology offer new revenue streams and opportunities for market growth.
- Digital Channels and Social Media: The rise of digital channels and social media is influencing automotive aftermarket sales by providing customers with information, making the purchasing process smoother.
- Asia-Pacific Growth: The Asia-Pacific region, with improving living standards and high vehicle production, is expected to be the fastest-growing market for the automotive aftermarket.
- Specialized Repair Centers: The increasing acceptance of gas and hybrid electric cars is leading to the rise of specialized repair centers for specific vehicle types.
Key Highlights from the Report:
- The automotive aftermarket is expected to grow significantly due to an increase in lightweight vehicles and the aging light vehicle fleet.
- While technological advancements have presented challenges, they have also brought opportunities for growth.
- Innovative business models and solutions, along with increased investment, are expected to create sustainable growth opportunities.
- North America's higher technology adoption rate is expected to result in faster adoption of hybrid electric vehicles compared to other regions.
- The growing proportion of specialized automotive collision repair centers focused on specific vehicle types is expected to drive a change in the aftermarket.
Market Dynamics
Market Drivers:
- Advanced technology usage in auto parts fabrication
- Surge in consumer and passenger automobile production
- Digitalization of automotive repair and maintenance services
- Increasing stringency of emission and fuel efficiency regulations and engine downsizing
Market Restraints:
- Counterfeiting of auto components
- Growing demand for electric vehicles
The report also mentions key companies in the automotive aftermarket industry, including:
- 3M
- Continental AG
- COOPER TIRE & RUBBER COMPANY
- Delphi Automotive PLC
- Denso Corporation
- Federal-Mogul Corporation
- Magneti Marelli S.p.A.
- Robert Bosch GmbH
- The Goodyear Tire & Rubber Company
- ZF Friedrichshafen AG (ZF TRW)
This comprehensive summary provides insights into the growth prospects, market dynamics, and key factors influencing the global automotive aftermarket industry.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 109 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $448.24 Billion |
| Forecasted Market Value (USD) by 2030 | $589.01 Billion |
| Compound Annual Growth Rate | 4.0% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/payxw6
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