Automotive Aftermarket size worth $855 Bn by 2028

Automotive Aftermarket industry size is estimated to cross USD 855 billion by 2028, according to a new research report by Global Market Insights Inc.
 

The growing need for care & organized service to improve the life of an older car is driving the business statistics. Expected customer growth, continued technological innovations, and increasing competition in the automotive industry are major factors contributing to the industry demand.
 

The increasing penetration of OEMs in service operations and the integration of component distributors provide a positive outlook for market expansion. Moreover, consumer preference for aftermarket parts instead of Original Equipment Manufacturer (OEM) components due to their excellent features is likely to increase the revenue of major manufacturers. Generic or automotive aftermarket components are also more readily available than original manufacturer components, thus saving time & money consumers.
 

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Proliferating disposable incomes coupled with rising economic conditions are providing potential opportunities for vehicle upgrades. The shifting consumer preferences toward the customization of existing vehicles with technologically advanced components & accessories are significantly impacting vehicle efficiency. Improving infrastructure, rapid urbanization, and rising vehicle penetration are escalating the industry revenue. The increasing number of authorized & independent repair shops, providing customized services & replacement facilities, will further support the product demand.
 

Browse key industry insights spread across 345 pages with 280 market data tables & 13 figures & charts from the report, “Automotive Aftermarket Size By Product (Replacement Parts [Belt, Brakes, Clutch, Electrical Parts, Lighting, Electrical & AC Parts, Exhaust, Filters, Suspensions, Transmission, Wiper Parts], Accessories [Car Exteriors, Car Interiors]), By Sales Outlet (Professional [Quick Lubes, Garages & Service Stations, Automobile Dealerships, Government, Commercial Fleets & Other Professional Outlets], DIY [Discount Department Stores, Auto Parts Stores], OEM Factory Fill), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/automotive-aftermarket
 

The replacements parts segment dominates the automotive aftermarket with approximately 80% revenue share in 2021. The growing need for car care owing to the aging of vehicles and adverse road conditions will augment the replacements parts demand. Factors including lower production costs, an increasing number of producers, and growing risks will boost partial market growth. Furthermore, convenient locations, coupons & offers, and the speed of services are major driving factors propelling the industry statistics.
 

Increasing vehicle sales of new & pre-owned vehicles in Asia Pacific

Asia Pacific is anticipated to observe nearly 7% CAGR through 2028. China, India and Japan are major contributors in the region. China is expected to witness a significant market share in the automotive sector led by growing automotive production and vehicle ownerships across the country. In addition, the country has a wide range of OEM production bases for automobiles including SAIC Motors, Dongfeng, FAW, and Chang'an.
 

This growing trend in China will boost the overall vehicle registrations greatly increased the need to replace vehicle parts & components. The introduction of advanced technological components that provide better automotive performance will greatly improve car sales over time. The shifting consumer trends in the use of refurbished & pre-owned vehicles will provide good opportunities for market size expansion. The need for customization, repair, and maintenance of refurbished vehicles will spur the automotive aftermarket demand.