The global Automotive Aftermarket is expected to reach USD 529.25 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 3.8% from 2021 to 2028. Digitalization of automotive repair & component sales complemented by advanced technology incorporations in the automobile aftermarket component manufacturing is expected to boost the market growth. The surging reception of semi-autonomous, electric vehicles, and hybrid and autonomous cars in the years to come is further expected to bolster the demand for new components.
Furthermore, the increasing vehicle penetration is
driven by the overall improvement of lifestyle in developing countries, such as
India and Brazil, and is expected to drive the growth of the automobile
industry in these regions. Similar surges in the automotive manufacturing
sector across various regions along with the increasingly stringent emissions
norms are expected to drive the growth of the aftermarket component sales over
the forecast period. Third-party services and technology offer new and
profitable revenue streams, to leverage all these opportunities. Also, the
industry requires investment in product development, supply chain,
organizational design, and pricing model to create a great surge in demand.
To support the initiatives for leveraging the market
foothold, the manufacturers in developing countries are adopting various
strategies, including mergers, acquisitions, and partnerships. Asia Pacific is
expected to be the fastest-growing region over the forecast period, owing to
its developing living standards and high vehicle production. It is also
anticipated to be the fastest-growing market in automobile production. With the
growing penetration and acceptance of gas and hybrid electric cars, specialized
repair centers dedicated to the repair of particular vehicles are expected to
increase. The global aftermarket is expected to witness tremendous growth due
to an upsurge in the number of vehicle collisions along with the inclination of
owners toward the repair of their automobiles.
Related Press Release@ Automotive Aftermarket Report
Automotive Aftermarket Report
Highlights
- The market is estimated to grow significantly over the forecast
period, owing to an increase in the number of lightweight vehicles coupled
with the increasing age of the light vehicle fleet
- While technological advancement erupted the challenges and
disruption for the manufacturing industry, it has also brought
opportunities and real growth
- Innovative business models and solutions provided by the
manufacturers and growing investment in the same are expected to create
sustainable growth opportunities for the market
- North America has a higher technology adoption rate, which is
anticipated to result in faster and higher adoption of hybrid electric
automobiles in the region as compared to the other geographies
- The global aftermarket is anticipated to witness a phase change
attributable to the growing proportion of specialized automotive collision
repair centers that are dedicated to serving specific vehicles such as
alternate fuel-powered vehicles
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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