Automotive Aftermarket Market size is valued at US$ 504 Bn in 2018 and expected to grow at a CAGR of XX % in the forecasting period.
Automotive Aftermarket Market
Strong automotive outlook coupled with the surge in the manufacturing of auto components will drive the automotive aftermarket industry demand by 2026. This can be attributed to increase buyer’s awareness about periodic maintenance, safety, convenience and add-on services like installation of exterior & interior accessories, exhaust components, extended warranty covers, and 24/7 breakdown assistance that will fuel the market growth of automotive aftermarket. The industry offers a wide range of parts and accessories at varied prices and qualities for vehicles.
Additionally, changing lifestyles and the need for traveling long distance has led to increased average distance driven per vehicle. This has resulted in an increase in the maintenance and replacement of automotive parts driving the automotive aftermarket industry growth.
Based on the vehicle part, the market is segmented as replacement parts and accessories. Under this, replacement parts are expected to dominate the global automotive aftermarket market in 2018. These parts are used as a replacement to original auto parts after damage, wear & tear and reduction in the performance of a vehicle.
Region-wise, the market is segmented as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Europe region held the highest market share in 2018. Europe, led by Germany, the UK, and Russia. A large customer base coupled with the presence of OE manufacturers is key factors driving regional market demand. The increasing number of authorized service providers along with rising industry participants will result in increased competition in this region.