Market overview:
The Aftermarket car parts industry was valued at USD 383.15 billion in 2020 and is expected to grow at a CAGR of 4% from 2023 to 2030, reaching USD 513.86 billion by 2030. The demand for automotive parts is primarily driven by rising consumer awareness of maintenance and repair to extend the life of vehicles due to rising disposable income among consumers and the demand for new vehicles with lower fuel consumption due to rising government initiatives with stricter emission standards. The improvement in materials and manufacturing methods utilised in the manufacture of vehicles has led to an increase in the average lifespan of vehicles. Uncompromising vehicle quality has also increased.
The aftermarket auto parts market is expanding as a result of a rising need for replacement components, repairs, and maintenance as vehicles get older. The market won't stagnate because of minor wear and tear of car parts because technology has advanced to the point where equipment is now fitted with sensors. Global sales of electric vehicles are being driven up by increased demand brought on by tighter emission regulations for autos. Numerous automakers are attempting to broaden their selection of electric vehicles. Stringent government emission restrictions and regulations as well as the rising popularity of electric vehicles have raised the demand for fuel-efficient, high-performance, and low-emission automobiles, creating opportunities for the aftermarket auto parts sector. The automobile aftermarket industry has been significantly impacted by the general COVID 19 scenario. The epidemic that has
Market segmentation:
The worldwide Aftermarket car parts industry is segmented based on Distribution channels and Parts.
By distribution channels:
· Wholesale and Distribution
· Retailer
By Parts:
· Filters
· Battery
· Tire
· Body Parts
· Others
Regional analysis:
The Global Aftermarket car parts industry is divided into North America, Europe, Asia Pacific, and the Rest of the World.
The Asia Pacific area dominates major market shares as a result of the increasingly sophisticated technology employed in the production of automotive parts, a surge in the production and sales of consumer and passenger cars, and the growing digitalization of automotive part delivery services. After only the continent of Europe in size, it is the second-largest market for the automotive aftermarket. The market value is rising due to the existence of established automotive sectors and industry players. The demand for lightweight and fuel-efficient vehicles in European regions is one of the other drivers, as is a rise in spending on luxury automobiles.
Recent developments:
· Goodyear purchased Cooper Tire & Rubber Company in February 2021. The merger brings together two leading tire companies with complementary product services, portfolios, and capabilities to form a more powerful US-based leader in the global tire industry.
· Chevrolet India announced plans to continue providing after-sales support to customers through 2021. Beyond this network of others, there are service parts and operations distributors in 142 cities in India.
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