One of the major aspects which developments in the automotive industry focus upon is increasing the average of vehicles. Since buying a vehicle still remains a heavy investments for most people, they want vehicles that can provide them with good driving experience and services for a long time. Owing to technological advancements, manufacturers have been able to increase the average age of vehicles and improve their quality; take for instance the average age of vehicles in China, which is expected to increase from 4 years in 2010 to 6 years by the end of 2020.
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This being said, automotive parts of vehicles may not function properly for such a long time, which is why they often need to be changed. Vehicles accessories and parts are not necessarily manufactured by original equipment manufacturers, ad this is where automotive aftermarket comes into play. Companies in automotive aftermarket domain deal with remanufacturing, manufacturing, retailing, distributing, and installing replacement vehicle equipment, parts, and accessories. As per a report by P&S Intelligence, the global automotive aftermarket is expected to reach is value of $1,370.2 billion in 2030, increasing from $803.2 in 2019, and is predicted to progress at a 5.07% CAGR during the forecast period (2020–2030).
Apart from this, the demand for aftermarket components is also expected to increase from online distribution channels in the near future, owing to benefits such as heavy discounts, door-step delivery of heavy parts, and easy payment options. Geographically, Asia-Pacific has emerged as the largest automotive aftermarket in the past, which is owing to the swift rise in VOI, primarily in China and India. In addition to this, the price sensitivity of customers in the region is high, due to which, they opt for less-costly private-label brands.
Hence, the demand for automotive aftermarket products is rising due to the increasing average age of vehicles and technological advancements in the automotive industry.
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The research offers the size of the global automotive aftermarket for the period 2015–2030.
Market Segmentation by Component
- Engine Parts
- Pistons and piston rings
- Engine valves and parts
- Fuel injection systems and carburetors
- Powertrain components and others
- Drive Transmission and Steering Parts
- Steering systems
- Clutch assembly systems and other parts
- Suspension and Braking Parts
- Brake calipers
- Brake pads
- Suspension systems
- Other parts
- Headlights and & headlight components
- Wipers and washer systems
- Dashboard instruments
- Other equipment
- Electrical Parts
- Starter motors
- Spark plugs
- Electric ignition systems
- Batteries and other parts
- Other Miscellaneous
Market Segmentation by Distribution Channel
- Offline Distribution Channel
- Online Distribution Channel