Automotive Aftermarket Analysis By Development Status And Revenue Forecast To 2027

Global automotive aftermarket size will touch a valuation of over USD 800 billion by 2027.The growth can be attributed to the constant technological advancements in replacement parts in order to generate massive revenue gains. There is also an inclining need for holistic automotive solutions worldwide. On account of these factors, the automotive aftermarket from the replacement part product segment accounted for a significant remuneration in 2020 and is expected to record an 8% share in the analysis timeline.

The automotive aftermarket will witness significant expansion driven by the higher deployment of digital platforms across a wide range of distribution channels. The rising preference for automobiles, mainly across the developing economies has ramped up the number of innovations in the automotive sector. This has in turn paved the path for the rise in automotive sales. According to estimates, the annual automotive sales in the U.S. crossed 9,615,374 units in 2021. In addition, the incessant requirement for innovative repair solutions will influence the market growth.

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Demand for automotive aftermarket parts across OEM factory fills is anticipated to register more than USD 60 billion through 2027. This is mainly attributable to the increasing requirement for high-quality factory fill lubricants.

Europe houses some of the major automotive manufacturers in the world and thus regional market held close to 30% of the global automotive aftermarket share in 2020. The large automotive production rate in the continent is another factor driving the market expansion. It has been estimated that the region accounts for around 7% of the European Union GDP.

The COVID-19 pandemic, which brought ructions to numerous industries, hampered the overall automotive sector with regard to demand and supply. This business vertical saw a halt in manufacturing worldwide, adding to more roadblocks to the aftermarket product demand. The shuttering of the production activities at the original equipment manufacturers also hampered the entire value chain. Taking note of this, the sales of passenger cars plummeted to around 60.5 million units during 2020, from a peak sale value of about 70 million units in 2017.

Additionally, the crisis made way for slow economic recovery that resulted in a sudden decline in the Vehicle Miles Traveled (VMT), affecting the adoption of aftermarket products. However, the rising digital channels and e-commerce volumes will add impetus to the market progression in the coming years.

 The rising efforts, including partnerships, investments, and acquisitions, implemented by major automotive aftermarket companies, for enhancing their global presence will further favor the market dynamics.

Lear Corporation, Bridgestone Corporation, ZF FRIEDRICHSHAFEN AG, Magnetic Marelli, Federal-Mogul Holdings LLC, YAZAKI Corporation, and Robert Bosch, are some other prominent industry participants.                

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Partial Chapter of the Table of Content

Charts & Figures

FIG. 1    Industry Segmentation

FIG. 2    Global automotive aftermarket revenue, (USD Billion), 2017 - 2027

FIG. 3    Industry Ecosystem Analysis

FIG. 4    European B2C E-Commerce Sales, 2017-2020 (USD Billion)

FIG. 5    Adjusted Gross Disposable Income Per Capita, Italy, 2013-2019 (USD)

FIG. 6    Vehicles Sales, China, 2015-2019

FIG. 7    Average Age of EU Fleet by Vehicle Type

FIG. 8    Growth Potential Analysis, 2020

FIG. 9    Porter’s Analysis

FIG. 10    PESTLE Analysis

FIG. 11    Market revenue share by product, 2020 & 2027

FIG. 12    Market revenue share by sales outlet, 2020 & 2027

FIG. 13    Market shares by region, 2020 & 2027

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