Pune, India, March 30, 2022 (GLOBE NEWSWIRE) — The global Automotive Aftermarket Industry size is projected to reach USD 529.88 billion by 2028 and exhibit a CAGR of 3.8% during the forecast period. The market size stood at USD 392.35 billion in 2020. The digitization of automotive component delivery services results in greater supply diversity and higher price transparency for customers. The growing digitization of automotive component delivery services and the expansion of the automotive industry are likely to bolster the growth of the market.
Industry Developments-
November 2020: FullSpeed Automotive from CenterOak Partners was acquired by MidOcean Partners to fulfill the company’s aggressive growth plan by strategic acquisition & merger and universal organic activities.
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Report Scope & Segmentation
Report Coverage | Details |
Forecast Period | 2021-2028 |
Forecast Period 2021 to 2028 CAGR | 3.8% |
2028 Value Projection | USD 529.88 billion |
Base Year | 2020 |
Market Size in 2019 | USD 392.35 billion |
Historical Data for | 2017-2019 |
No. of Pages | 200 |
Segments covered | Battery, Brake Pads, Filters, Gaskets & Seals, Lighting Components, Body Parts, Wheels and Tires, Others |
Growth Drivers | Expansion of Automotive Industry to Propel Market Growth |
Increasing Vehicle Sales to Accumulate Growth in Asia Pacific |
COVID-19 Impact-
The automotive industry has significantly suffered from the negative impact inflicted by the global pandemic. A decline in the production levels due to the lockdowns, curfews, and social distancing norms can be witnessed, along with a decline in revenues. Closure of plants and restrictions on exports and imports by several nations potentially hampered the industry growth. Moreover, the pandemic resulted in reduced purchasing power of consumers, which further aggravated the situation. Nonetheless, the vaccines are now available to the masses, and the market is gradually recovering. The market is expected to gain steep momentum post-pandemic.
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Segmentation-
On the basis of replacement part types, the market is segmented into wheels and tires, body parts, lighting components, gaskets & seals, filters, brake pads, and others. On the basis of vehicle type, the market is bifurcated into passenger cars and commercial vehicles. Geographically, the market is categorized into four major regions- Asia Pacific, Europe, North America, and the Rest of the World.
Report Coverage-
- The report involves data triangulation based on top-down and bottom-up approaches.
- The report contains details on revenues, growth rate, strategies, etc.
- The report highlights market and technological trends, new product developments, etc.
- The report elucidates the data gathered from interviews with reputed stakeholders such as product managers, C-level executives, among others, operating in the market.
- The report also highlights the impact of COVID-19 and suggests measures and strategies to grow in the approaching years.
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Drivers & Restraints-
Expansion of Automotive Industry to Propel Market Growth
The swift digitization in developed and developing countries has enabled manufacturers and suppliers to provide consumers the desired product through online sales channels. Customers can use