Automotive Aftermarket Growth & Trends
The global automotive aftermarket industry size is expected to reach USD 559.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 3.4% from 2022 to 2030. Digitalization of automotive repair and 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 the developing countries, such as India and Brazil, and is expected to drive the growth of the automobile industry in the region. Similar surges in the automotive manufacturing sector across various regions along with the increasingly stringent emissions norms are expected to drive the growth of component sales over the forecast period. Third-party services and technology offer new and profitable revenue streams, to leverage all these opportunities. In addition, the industry requires investment in product development, supply chain, organizational design, and pricing model to create a great surge in demand. The rise of digital channels or social media influence is also fueling the sale. These online channels provide customers with all the information regarding the price of the past, and the prior user experience, making the purchasing process smoother.
To support the initiatives for leveraging market foothold, the manufacturers in developing countries are adopting various strategies, including mergers, acquisitions and partnerships. The Asia Pacific regional market is expected to be the fastest-growing market for aftermarkets 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 repairing 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.
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Automotive Aftermarket Industry Report Highlights
The industry 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 advancements erupted the challenges and disruption for the manufacturing industry. However, it has also brought opportunities and real growth
Innovation 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 toward serving specific vehicles such as alternate fuel powered vehicles
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