PUNE, India, April 24, 2024 /PRNewswire/ -- The report
titled "Automotive Aftermarket Market by Replacement Part
(Battery, Body parts, Brake parts), Certification (Certified Parts,
Genuine Parts, Uncertified Parts), Distribution Channel, Service
Channel - Global Forecast 2024-2030" is now available on
360iResearch.com's offering, presents an analysis indicating that
the market projected to grow from a size of $395.77 billion in 2023 to reach $560.24 billion by 2030, at a CAGR of 5.08% over
the forecast period.
"The Surge of the Global Automotive
Aftermarket Sector"
The global automotive aftermarket sector is transforming, fueled
by vehicle owners' increasing desire to customize, enhance
performance, and ensure prolonged vehicle safety and functionality.
This sector, critical for the maintenance, personalization, and
upgrading of vehicles post-purchase, thrives on a dynamic demand
for various products and services to extend vehicle lifespan and
optimize performance. Key industry challenges, such as the
proliferation of counterfeit parts and the need for adherence to
evolving regulations, highlight the importance of agility and
innovation within the market's supply chains. The trend toward
recycling and reusing reusable parts further highlights the
sector's adherence to sustainability. In the Asia-Pacific region, a vibrant automotive
culture and heightened consumer spending on vehicle maintenance
drive significant market growth. In contrast, in the Americas, the
inclination toward DIY projects and high vehicle ownership rates
bolsters the demand for aftermarket parts and services. Meanwhile,
the EMEA region focuses on cleaner technologies and parts that meet
stringent environmental standards, with the Middle East's affinity for luxury and
high-performance vehicles highlighting the diverse and evolving
needs of the global automotive aftermarket industry.
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@ https://www.360iresearch.com/library/intelligence/automotive-aftermarket
"Navigating the Surge in Used Vehicle Sales
and Aging Fleets"
The global uptick in used vehicle sales, alongside the
noticeable aging of the current vehicle fleet, has markedly fueled
the demand for automotive aftermarket parts and services,
highlighting their critical role in ensuring vehicle safety and
operability. With consumers increasingly prioritizing
cost-effectiveness and value, opting for used over new vehicles,
there emerges a heightened necessity for aftermarket interventions
to enhance vehicle performance and longevity. This surge is driven
by the inevitable wear and tear associated with vehicle aging,
necessitating more frequent repairs and part replacements to
maintain functionality and safety standards. The aftermarket sector
adeptly responds to these needs, offering affordable options
without compromising quality, owing to advancements in
manufacturing and material science that promise extended vehicle
lifespans. Furthermore, the variety of products available, from OEM
parts to more economical generic alternatives, empowers vehicle
owners to make choices aligned with their budgets and preferences.
Through franchised dealers supported by OEMs, sophisticated online
inventory systems, and contracts ensuring high-quality offerings,
the sector is strengthening consumer confidence in the viability of
used vehicles.
"Enhancing Vehicle Performance and Safety:
The Crucial Role of Aftermarket Replacement Parts"
In the automotive aftermarket, many replacement parts play a
pivotal role in vehicle maintenance, safety, and aesthetics. Among
these, batteries are essential for igniting engines and powering
electronics, with choices often influenced by their cranking amps,
reserve capacity, and overall dependability. Body components,
including panels, bumpers, and trims, are indispensable for
restoring vehicles post-collision and upgrading their outward
appearance. The significance of brake parts cannot be overstated,
as they are integral to ensuring safety; pads, discs, calipers, and
their related hardware require regular replacement due to natural
wear. The demand for exhaust system components, such as mufflers
and catalytic converters, escalates with exposure to corrosion or
to comply with stringent emission norms. Regularly replacing
filters, oil, air, fuel, and cabin air is crucial for optimal
vehicle performance and engine longevity, with efficiency and model
compatibility as critical factors. Lighting and tires are also
fundamental for adhering to road safety regulations and vehicle
handling characteristics, are responsive to wear, and are suitable
for different driving conditions. Furthermore, replacement
turbochargers are sought after to boost performance or meet
emission regulations, prioritizing durability and efficiency.
Lastly, aftermarket wheels offer an avenue for aesthetic and
performance enhancements, with material choices such as alloys or
steel reflecting preferences for weight and durability. This
comprehensive range of aftermarket parts highlights the industry's
dedication to vehicle improvement and adherence to safety and
regulatory standards.
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@ https://www.360iresearch.com/library/intelligence/automotive-aftermarket
"Robert Bosch GmbH at the Forefront of
Automotive Aftermarket Market with a Strong 6.77% Market
Share"
The key players in the Automotive Aftermarket Market include
Robert Bosch GmbH, Bridgestone Corporation, ZF Friedrichshafen AG,
Magna International, Inc., Toyota Motor Corporation, and others.
These prominent players focus on strategies such as expansions,
acquisitions, joint ventures, and developing new products to
strengthen their market positions.
"Introducing ThinkMi: Revolutionizing
Market Intelligence with AI-Powered Insights for the Automotive
Aftermarket Market"
We proudly unveil ThinkMi, a cutting-edge AI product designed to
transform how businesses interact with the Automotive Aftermarket
Market. ThinkMi stands out as your premier market intelligence
partner, delivering unparalleled insights with the power of
artificial intelligence. Whether deciphering market trends or
offering actionable intelligence, ThinkMi is engineered to provide
precise, relevant answers to your most critical business questions.
This revolutionary tool is more than just an information source;
it's a strategic asset that empowers your decision-making with
up-to-the-minute data, ensuring you stay ahead in the fiercely
competitive Automotive Aftermarket Market. Embrace the future of
market analysis with ThinkMi, where informed decisions lead to
remarkable growth.
Ask Question to ThinkMi
@ https://app.360iresearch.com/library/intelligence/automotive-aftermarket
"Dive into the Automotive Aftermarket
Market Landscape: Explore 188 Pages of Insights, 476 Tables, and 24
Figures"
- Preface
- Research Methodology
- Executive Summary
- Market Overview
- Market Insights
- Automotive Aftermarket Market, by Replacement Part
- Automotive Aftermarket Market, by Certification
- Automotive Aftermarket Market, by Distribution Channel
- Automotive Aftermarket Market, by Service Channel
- Americas Automotive Aftermarket Market
- Asia-Pacific Automotive Aftermarket Market
- Europe, Middle East & Africa Automotive
Aftermarket Market
- Competitive Landscape
- Competitive Portfolio
Inquire Before Buying
@ https://www.360iresearch.com/library/intelligence/automotive-aftermarket
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About 360iResearch
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