PORTLAND, ORAGON, USA, Sept. 6, 2022 /EINPresswire.com/ — According to a new report released by Allied Market Research titled ‘Automotive AfterMarket’, the automotive aftermarket was valued at $438.70 billion in 2021 and is estimated to reach $828.2 billion by 2031, growing at a CAGR of 6.2% from 2022 to 2031. Drivers, Constraints and Opportunities
Increase in automotive aftermarket services, stringent government regulations for replacement or upgrade of vehicle components, and strong trend towards vehicle customization are driving the growth of the global automotive aftermarket. However, high demand for shared mobility solutions and fluctuating commodity prices are restraining the market growth. On the other hand, the booming e-commerce industry and increasing demand for technologically advanced features present new opportunities in the coming years.
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The electrical products segment to maintain its leading position during the forecast period
Based on applications, the electrical products segment accounted for the highest market share in 2021, contributing nearly a quarter of the global automotive aftermarket, and is expected to maintain its leading position during the period. forecast. Moreover, this segment is estimated to witness the highest CAGR of 7.6% from 2022 to 2031. This is due to the inclination of customers towards advanced electronic accessories, security, and convenience features. The report also analyzes segments including Infotainment & Multimedia, Engine Components, Tires & Wheels, Seat & Steering Covers, etc.
The third-party vendor segment to maintain its dominant share over the forecast period
On a distribution basis, the third-party supplier segment contributed the highest market share in 2021, accounting for nearly three-quarters of the global automotive aftermarket, and is expected to maintain its dominant share over the period. forecast. This segment is also expected to show the largest CAGR of 6.6% from 2022 to 2031. This is attributed to customers shifting towards e-commerce platform for convenience in shopping experience and fast delivery. The report also analyzes the OEM segment.
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The passenger car segment will continue its dominance during the forecast period
Based on vehicle type, the passenger car segment held the highest market share in 2021, contributing more than two-fifths of the global automotive aftermarket, and is expected to maintain its dominance over the period of forecast. Moreover, this segment is expected to register the highest CAGR of 7.0% during the forecast period. This is due to the increase in the adoption of smart technologies in passenger cars. The report also discusses segments including two-wheelers and commercial vehicles.
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External accessories segment held the highest market share in 2021
Based on position, the external accessories segment held the highest market share in 2021, accounting for more than half of the global automotive aftermarket. However, the internal accessories segment is expected to register the highest market share in terms of revenue by 2031. Also, this segment is expected to register the largest CAGR of 7.4% from 2022 to 2031, owing to the increasing demand for aesthetic appearance in Vehicles.
Asia-Pacific will maintain its leading status by 2031
Based on region, Asia-Pacific contributed the highest market share in 2021, holding more than a third of the global automotive aftermarket market, and is expected to maintain its leading status by now. 2031. Moreover, this region is expected to experience the fastest growth. CAGR of 6.9% from 2022 to 2031. This is due to the presence of a large fleet of passenger cars in the region and the increased involvement of original equipment manufacturers. The research also analyzes regions such as North America, Europe and LAMEA.
Ford Motor Company
Hella KGaA Hueck & Co.
Osram Licht AG
Robert Bosch GmbH
The Goodyear Tire & Rubber Company
Yokohama Rubber Co.Ltd.
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Similar reports we have on the aftermarket industry:
Passenger Car Accessories Aftermarket – https://www.alliedmarketresearch.com/passenger-car-accessories-aftermarket-market-A06108
Aftermarket Electric Vacuum Pump Market – https://www.alliedmarketresearch.com/aftermarket-electric-vacuum-pump-market-A07967
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