Automotive Aftermarket Market Projected to Reach $560.24 billion by 2030 - Exclusive Report by 360iResearch
PUNE, India, April 24, 2024 /PRNewswire/ -- The report titled "Automotive Aftermarket Market by Replacement Part (Battery, Body parts, Brake parts), Certification (Certified Parts, Genuine Parts, Uncertified Parts), Distribution Channel, Service Channel - Global Forecast 2024-2030" is now available on 360iResearch.com's offering, presents an analysis indicating that the market projected to grow from a size of $395.77 billion in 2023 to reach $560.24 billion by 2030, at a CAGR of 5.08% over the forecast period.
"The Surge of the Global Automotive Aftermarket Sector"
The global automotive aftermarket sector is transforming, fueled by vehicle owners' increasing desire to customize, enhance performance, and ensure prolonged vehicle safety and functionality. This sector, critical for the maintenance, personalization, and upgrading of vehicles post-purchase, thrives on a dynamic demand for various products and services to extend vehicle lifespan and optimize performance. Key industry challenges, such as the proliferation of counterfeit parts and the need for adherence to evolving regulations, highlight the importance of agility and innovation within the market's supply chains. The trend toward recycling and reusing reusable parts further highlights the sector's adherence to sustainability. In the Asia-Pacific region, a vibrant automotive culture and heightened consumer spending on vehicle maintenance drive significant market growth. In contrast, in the Americas, the inclination toward DIY projects and high vehicle ownership rates bolsters the demand for aftermarket parts and services. Meanwhile, the EMEA region focuses on cleaner technologies and parts that meet stringent environmental standards, with the Middle East's affinity for luxury and high-performance vehicles highlighting the diverse and evolving needs of the global automotive aftermarket industry.
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"Navigating the Surge in Used Vehicle Sales and Aging Fleets"
The global uptick in used vehicle sales, alongside the noticeable aging of the current vehicle fleet, has markedly fueled the demand for automotive aftermarket parts and services, highlighting their critical role in ensuring vehicle safety and operability. With consumers increasingly prioritizing cost-effectiveness and value, opting for used over new vehicles, there emerges a heightened necessity for aftermarket interventions to enhance vehicle performance and longevity. This surge is driven by the inevitable wear and tear associated with vehicle aging, necessitating more frequent repairs and part replacements to maintain functionality and safety standards. The aftermarket sector adeptly responds to these needs, offering affordable options without compromising quality, owing to advancements in manufacturing and material science that promise extended vehicle lifespans. Furthermore, the variety of products available, from OEM parts to more economical generic alternatives, empowers vehicle owners to make choices aligned with their budgets and preferences. Through franchised dealers supported by OEMs, sophisticated online inventory systems, and contracts ensuring high-quality offerings, the sector is strengthening consumer confidence in the viability of used vehicles.
"Enhancing Vehicle Performance and Safety: The Crucial Role of Aftermarket Replacement Parts"
In the automotive aftermarket, many replacement parts play a pivotal role in vehicle maintenance, safety, and aesthetics. Among these, batteries are essential for igniting engines and powering electronics, with choices often influenced by their cranking amps, reserve capacity, and overall dependability. Body components, including panels, bumpers, and trims, are indispensable for restoring vehicles post-collision and upgrading their outward appearance. The significance of brake parts cannot be overstated, as they are integral to ensuring safety; pads, discs, calipers, and their related hardware require regular replacement due to natural wear. The demand for exhaust system components, such as mufflers and catalytic converters, escalates with exposure to corrosion or to comply with stringent emission norms. Regularly replacing filters, oil, air, fuel, and cabin air is crucial for optimal vehicle performance and engine longevity, with efficiency and model compatibility as critical factors. Lighting and tires are also fundamental for adhering to road safety regulations and vehicle handling characteristics, are responsive to wear, and are suitable for different driving conditions. Furthermore, replacement turbochargers are sought after to boost performance or meet emission regulations, prioritizing durability and efficiency. Lastly, aftermarket wheels offer an avenue for aesthetic and performance enhancements, with material choices such as alloys or steel reflecting preferences for weight and durability. This comprehensive range of aftermarket parts highlights the industry's dedication to vehicle improvement and adherence to safety and regulatory standards.
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"Robert Bosch GmbH at the Forefront of Automotive Aftermarket Market with a Strong 6.77% Market Share"
The key players in the Automotive Aftermarket Market include Robert Bosch GmbH, Bridgestone Corporation, ZF Friedrichshafen AG, Magna International, Inc., Toyota Motor Corporation, and others. These prominent players focus on strategies such as expansions, acquisitions, joint ventures, and developing new products to strengthen their market positions.
"Introducing ThinkMi: Revolutionizing Market Intelligence with AI-Powered Insights for the Automotive Aftermarket Market"
We proudly unveil ThinkMi, a cutting-edge AI product designed to transform how businesses interact with the Automotive Aftermarket Market. ThinkMi stands out as your premier market intelligence partner, delivering unparalleled insights with the power of artificial intelligence. Whether deciphering market trends or offering actionable intelligence, ThinkMi is engineered to provide precise, relevant answers to your most critical business questions. This revolutionary tool is more than just an information source; it's a strategic asset that empowers your decision-making with up-to-the-minute data, ensuring you stay ahead in the fiercely competitive Automotive Aftermarket Market. Embrace the future of market analysis with ThinkMi, where informed decisions lead to remarkable growth.
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"Dive into the Automotive Aftermarket Market Landscape: Explore 188 Pages of Insights, 476 Tables, and 24 Figures"
- Preface
- Research Methodology
- Executive Summary
- Market Overview
- Market Insights
- Automotive Aftermarket Market, by Replacement Part
- Automotive Aftermarket Market, by Certification
- Automotive Aftermarket Market, by Distribution Channel
- Automotive Aftermarket Market, by Service Channel
- Americas Automotive Aftermarket Market
- Asia-Pacific Automotive Aftermarket Market
- Europe, Middle East & Africa Automotive Aftermarket Market
- Competitive Landscape
- Competitive Portfolio
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About 360iResearch
Founded in 2017, 360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
We are a dynamic, nimble company that believes in carving ambitious, purposeful goals and achieving them with the backing of our greatest asset — our people.
Quick on our feet, we have our ear to the ground when it comes to market intelligence and volatility. Our market intelligence is diligent, real-time and tailored to your needs, and arms you with all the insight that empowers strategic decision-making.
Our clientele encompasses about 80% of the Fortune Global 500, and leading consulting and research companies and academic institutions that rely on our expertise in compiling data in niche markets. Our meta-insights are intelligent, impactful and infinite, and translate into actionable data that support your quest for enhanced profitability, tapping into niche markets, and exploring new revenue opportunities.
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