Product ID: SQMIG25C2087
Global Automotive Aftermarket Market Size, Share, Growth Analysis, By Service Channel(OE (Delegating to OEMs), DIY (Do It Yourself)), By Distribution Channel(Retailers and wholesalers & distributors), By Vehicle Type(Passenger Vehicle and Commercial Vehicles), By Type(Tire, Battery) - Industry Forecast 2024-2031
Report ID:
SQMIG25C2087 |
Region:
Global |
Published Date: February, 2024
Pages:
260
|
Tables:
119 |
Figures:
76
Global Automotive Aftermarket Market Insights
Automotive Aftermarket Market size was valued at around USD 411 billion in 2019 and is expected to reach a value of USD 584.9 billion by 2031, at a CAGR of 4% over the forecast period (2024-2031).
The market for automotive components is primarily driven by consumers' growing awareness of the importance of maintenance and repair for extending the life of their vehicles. This awareness is occurring as consumer disposable income rises and as demand for new vehicles with lower fuel consumption rises as a result of increased government initiatives and more stringent emission standards. Along with advancements in design and the materials used in vehicle production, the average lifespan of cars has grown. The rigorous quality of the cars has also improved. Consumers are increasingly keeping their old cars as backup vehicles rather than trading them in or tossing them away. Due to an increase in vehicle age, there is a demand for part replacement, repair, and maintenance, which is one of the factors behind the expansion of the automotive aftermarket industry. Owing to the increased sophistication of technology, which incorporates sensors in the equipment, the market expansion won't be impeded by the repair of vehicle parts due to minor wear and tear.
Sales of electric vehicles are increasing globally as a result of increased demand brought on by tighter emission regulations for autos. Many manufacturers are making an effort to deliver more electric vehicles. Rigid government rules and regulations on vehicle emissions are potential opportunities for the automotive aftermarket market as a result of the rising adoption of electric vehicles and the resulting increase in demand for fuel-efficient, high-performance, and low-emission vehicles.
US Automotive Aftermarket Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Automotive Aftermarket Market Report Snapshots
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