July 27, 2022 10:40 ET | Source: Straits Research Straits Research
New York, United States, July 27, 2022 (GLOBE NEWSWIRE) -- The automotive aftermarket is the secondary market of the automotive industry. It is associated with the manufacturing, remanufacturing, distribution, retailing, and installation of all vehicle parts, chemicals, equipment, and accessories, after the sale of the automobile by the original equipment manufacturer (OEM) to the consumer. The original equipment manufacturer (OEM) could or might not have made the components, accessories, and other items that are for sale.
Get a Free Sample Copy of This Report @ https://straitsresearch.com/report/automotive-after-market/request-sample
Increased consumer interest in electric vehicles
There has been an important increase in both the demand for and manufacturing of electric vehicles. This may be attributed to the several benefits that electric vehicles possess over gasoline-powered vehicles. Fuel-powered cars do not need to have their oil and air filters, fan belts, timing belts, head caskets, or spark plugs replaced, making them more cost-effective and efficient. Because of this, electric vehicles are quickly becoming the method of transportation of choice, which is slowing the expansion of the business that produces vehicles fueled by petroleum. In addition, as a consequence of advancements made in vehicle dynamics and traction control, automotive manufacturers are concentrating their efforts on the creation of electric vehicles that are outfitted with the most advanced technologies.
Expansion of Original Equipment Manufacturers (OEM) into Aftermarket Activities to Drive Market Growth
Original equipment manufacturers have progressively enhanced their degree of participation and emphasis inside the automotive parts aftermarket value chain. For example, they have created their own networks of repair shops that do not specialise in repairing a particular brand of automobile. In order to compete with independent aftermarket players and keep customers within their networks for a longer period of time, major market players have introduced second service formats and second brands (such as VW Direkt Express) or remanufactured parts in an effort to keep up with the market's shift toward older vehicles.
Buy Now Full Report @ https://straitsresearch.com/buy-now/automotive-after-market
Increased Manufacturing of Auto Components to Drive Market Growth in the Automotive Industry
There are a number of reasons that are projected to support the expansion of the market from 2021 to 2028, one of which is the growing consumer awareness about the repair and appropriate maintenance of cars in order to preserve their efficiency and performance. In addition, the growing demand for crossover cars and long-distance trip automobiles contributes further to an increase in the frequency with which vehicle components need to be serviced and replaced.
Increasing requirements for spare parts
The deterioration of vehicles and the terrible road conditions that accompany them will be beneficial to the aftermarket components since they will see an increase in demand for repairs and upkeep. The market is expanding because of several factors, including the relatively low costs of production as well as an increase in the number of accidents that occur on the roads. As a direct consequence of this, the growing need for replacement parts is producing fruitful chances for the expansion of the automotive aftermarket during the course of the time under consideration.
Regional Overview of Automotive Aftermarket Industry
With a share of 28.2 percent in 2021, Asia Pacific led the market in terms of size. From 2022 to 2030, the sector is anticipated to experience substantial expansion. Automobile sales in the area are expected to increase as a result of increased consumer and passenger vehicle production and sales, the use of advanced technologies in the manufacturing of auto components, and the digitization of automotive component delivery services. To improve their market share in the sector, several businesses are concentrating on acquisitions. For instance, Cooper Tire & Rubber Company was bought by Goodyear Tire & Rubber Company in February 2021 in order to consolidate the brand portfolio and offer thorough services across the industry's value range.
Get a Free Sample Copy of This Report @ https://straitsresearch.com/report/automotive-after-market/request-sample
Competitors in Automotive Aftermarket Industry
Segmentation of Automotive Aftermarket Industry
Table of Content and Figure @ https://straitsresearch.com/report/automotive-after-market/toc
Kaspar Ranch Hand Equipment, LLC was acquired by Lippert Components Inc. in April 2021. Lippert Components Inc. sought to increase its market share in the aftermarket for automobile components with this purchase.
The "Your Car. Your Data. Your Choice." Campaign was supported by MotoRad LTD. in February 2020 in collaboration with the Automotive Aftermarket Suppliers Association (AASA) and the Auto Care Association. This campaign was started to educate car owners about the data that contains important maintenance and repair information for their vehicles.
An Introduction to the Global Automotive Aftermarket Industry in 2020
Proclivity towards Electronic Power Steering Adoption by OEM Manufacturers to Promote Sales of Global Automotive Steering Market
Have a Look at the Related Research Report
Automotive Artificial PVC Leather Market: Information by Type (Seat Leather, Door Panel Leather, Instrument Panel Leather), Application (OEM, Aftermarket), and Region — Forecast till 2027
Keyless Vehicle Access Control Market: Information by Type (Passive Keyless Entry Systems, Remote Keyless Entry System), End-User (Aftermarket), Application, and Region — Forecast till 2029
Automotive Alloy Wheel Market: Information by Type (Polished Alloy, Two-Toned Alloy Wheels) Wheel Size (Compact, Mid-Size) Sales Channel (OEM, Aftermarket), and Region — Forecast till 2026
Automotive Hypervisor Market: Information by Product Type Scope (Type 1, Type 2), Vehicle Type (Passenger Cars, Heavy Commercial Vehicles), Mode of Operation, and Region — Forecast till 2030
Automotive Rear-View Mirror Market: Information by Type (Interior Mirror, Exterior Mirror), Application (Passenger Cars, Commercial Vehicles), and Region — Forecast till 2030
Automotive Head-Up Display Market: Information by Type (Windshield, Augmented Reality HUD), Vehicle Type (Passenger Vehicles, Commercial Vehicles), End-User, and Region — Forecast Till 2029
About Straits Research Pvt. Ltd.
StraitsResearch is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.
Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.
For more information on your target market, please contact us below:
Follow Us: LinkedIn | Facebook | Instagram | Twitter