Automotive After Market is Expected to See Impressive Growth, Attain $828.2 Billion by 2031, Register at a CAGR of 6.2%

By vehicle type, the passenger car segment is projected to lead the global automotive aftermarket growth during the forecast period.

WILMINGTON, NEW CASTLE, DE, UNITED STATES, October 3, 2024 /EINPresswire.com/ -- Rise in automotive post sale services, strict government regulations for replacement or upgrade of vehicle components, and surge in trend of vehicle customization drive the growth of the global 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐀𝐟𝐭𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭. However, surged demand for shared mobility solutions and fluctuations in prices of raw materials restrain the market growth. On the other hand, rise of the e-commerce industry and surge in demand technologically-advanced features present new opportunities in the coming years.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/request-sample/A17049

The global automotive aftermarket was valued at $438.7 billion in 2021, and is projected to reach $828.2 billion by 2031, growing at a CAGR of 6.2% from 2022 to 2031.

There are prominent key factors that drive the growth of the automotive aftermarket, such as growth of automotive post sale services, stringent government regulations to replace or upgrade the vehicle components, and rise in trend of vehicle customization coupled with increase in disposable income. Moreover, the developing nations of Asia-Pacific and Africa offer numerous growth opportunities for the automotive industry. There is a considerable demand for passenger vehicles in this region and is anticipated to increase during the forecast period. This has facilitated many automotive vehicle manufacturers to set up manufacturing plants in Africa and Asia-Pacific to cater to the local demand and leverage low manufacturing costs for exporting vehicles and parts, which expects to provide an opportunity for automotive aftermarket vendors.

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

𝐓𝐡𝐞 𝐘𝐨𝐤𝐨𝐡𝐚𝐦𝐚 𝐑𝐮𝐛𝐛𝐞𝐫 𝐂𝐨. 𝐋𝐭𝐝., 𝐎𝐬𝐫𝐚𝐦 𝐋𝐢𝐜𝐡𝐭 𝐀𝐆, 𝐑𝐨𝐛𝐞𝐫𝐭 𝐁𝐨𝐬𝐜𝐡 𝐆𝐦𝐛𝐇, 𝐇𝐀𝐑𝐌𝐀𝐍 𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥, 𝐁𝐫𝐢𝐝𝐠𝐞𝐬𝐭𝐨𝐧𝐞 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧, 𝐀𝐮𝐭𝐨 𝐳𝐨𝐧𝐞, 𝐂𝐨𝐧𝐭𝐢𝐧𝐞𝐧𝐭𝐚𝐥, 𝐅𝐨𝐫𝐝 𝐌𝐨𝐭𝐨𝐫 𝐂𝐨𝐦𝐩𝐚𝐧𝐲, 𝐇𝐲𝐮𝐧𝐝𝐚𝐢 𝐌𝐨𝐛𝐢𝐬, 𝐕𝐢𝐬𝐭𝐞𝐨𝐧, 𝐀𝐥𝐩𝐢𝐧𝐞 𝐄𝐥𝐞𝐜𝐭𝐫𝐨𝐧𝐢𝐜𝐬, 𝐏𝐚𝐧𝐚𝐬𝐨𝐧𝐢𝐜 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧, 𝐏𝐢𝐨𝐧𝐞𝐞𝐫 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧, 𝐇𝐞𝐥𝐥𝐚 𝐊𝐆𝐚𝐀 𝐇𝐮𝐞𝐜𝐤 & 𝐂𝐨., 𝐃𝐄𝐍𝐒𝐎 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧, 𝐓𝐡𝐞 𝐆𝐨𝐨𝐝𝐲𝐞𝐚𝐫 𝐓𝐢𝐫𝐞 & 𝐑𝐮𝐛𝐛𝐞𝐫 𝐂𝐨𝐦𝐩𝐚𝐧𝐲, 𝐌𝐢𝐜𝐡𝐞𝐥𝐢𝐧

𝐁𝐮𝐲 𝐍𝐨𝐰 𝐭𝐡𝐞 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/966a3bdcd1591d1bb950fecc39507509

The automotive aftermarket industry is segmented on the basis of application, distribution, vehicle type, position and region. By application, it is divided into infotainment and multimedia, engine component, tires and wheels, electrical products, seat and steering covers, and others. By distribution, it is divided into OEM and third party vendors. By vehicle type, it is segmented into two wheeler, passenger cars, and commercial vehicles. By position, it is divided into external accessories, and internal accessories. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Based on vehicle type, the passenger car segment held the highest market share in 2021, contributing to more than two-fifths of the global automotive aftermarket, and is expected to continue its dominance during the forecast period. In addition, this segment is projected to register the largest CAGR of 7.0% during the forecast period. This is due to rise in adoption of the smart technologies in passenger cars. The report also discusses segments including two wheeler and commercial vehicle.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/A17049

Asia-Pacific region is dominating the market in terms of revenue, followed by Europe, North America, and LAMEA. China dominated the automotive aftermarket in 2021, whereas India is expected to grow at a significant rate during the forecast period. The rapid growth of the automobile sector across all segments along with growing customer inclination toward advancements of the electronic accessories, such as infotainment units, music system, and others, fuels the growth of the automotive aftermarket.

Based on position, the external accessories segment held the highest market share in 2021, accounting for more than half of the global automotive aftersales market. However, the internal accessories segment is projected to register the highest market share in terms of revenue by 2031. In addition, this segment is projected to register the largest CAGR of 7.4% from 2022 to 2031, owing to increase in demand for aesthetic appearance in vehicles.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A17049

Based on region, Asia-Pacific contributed to the highest market share in 2021, holding more than one-third of the global automotive aftermarket, and is expected to maintain its lead status by 2031. Moreover, this region is projected to grow at the fastest CAGR of 6.9% from 2022 to 2031. This is due to the presence of large passenger car fleet across the region and rise in involvement of original equipment manufacturers. The research also analyzes regions including North America, Europe, and LAMEA.

𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐦𝐨𝐫𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐬𝐭𝐮𝐝𝐢𝐞𝐬 𝐩𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐛𝐲 𝐀𝐌𝐑 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

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Automotive Trailer Market - https://www.globenewswire.com/news-release/2022/11/09/2552015/0/en/Automotive-Trailer-Market-Size-to-Accrue-30-8-Billion-by-2031-Allied-Market-Research.html

Automotive Wheel Market - https://www.prnewswire.com/news-releases/automotive-wheel-market-to-reach-47-35-bn-globally-by-2025-at-5-7-cagr-says-allied-market-research-857503588.html

Automotive Diagnostics Market - https://www.globenewswire.com/news-release/2021/09/06/2291912/0/en/automotive-diagnostics-market-to-garner-109-84-billion-by-2030-allied-market-research.html

David Correa
Allied Market Research
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