NEW YORK, Oct. 11, 2021 /PRNewswire/ -- The global automotive parts aftermarket is projected to progress at a CAGR of 5.4% over the forecast period of 2021-2031, as per latest analysis by Persistence Market Research.
Demand for automotive parts in the aftermarket is being aided by increased maintenance and repair activities carried out by vehicle owners because stock vehicle parts suffer wear and tear over a period of time. Air filters, fuel filters, and spark plugs, as well as brake pads, are more likely to be replaced at regular intervals.
Governments all over the world have enacted strict car emission standards that require product manufacturers to provide ecologically sustainable and high-performing parts for both, local and international markets, which is expected to drive demand of automotive parts. The automobile parts industry has seen significant expansion in recent years, with rising economies such as China, India, and Brazil expected to drive worldwide market growth.
Market players are rapidly innovating and bring in new, advanced parts into the aftermarket:
- In June 2021, Michelin introduced new winter tires for trucks, named "Michelin X Multi Grip". These tires deliver better performance and ensure maximum safety in extreme weather conditions such as snow- and slush-covered roads as well as wet roads.
- In Feb 2021, Gabriel India Limited developed the first adjustable electronic hydraulic shock absorber for a leading SUV vehicle in the aftermarket sector.
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Key Takeaways from Market Study
- At a CAGR of 6.7%, electrical parts is projected to be the fastest-growing product segment through 2031.
- Tires are expected to have the highest share in the product segment, with nearly 42% market share by 2031.
- By vehicle, passenger cars are projected to be the segment leader with a market share of more than 64%.
- By Region, Europe is projected to have the highest share in the global market accounting to more than 34%. Germany is expected to hold nearly 29% of the European market share by 2031.
- The market in the Middle East & Africa region is projected to expand at the fastest CAGR of 6.2%
- The U.S. is projected to register the highest absolute $ opportunity of more than US$ 44 Bn from 2021 to 2031.
- By sales channel, authorized dealers are anticipated to lead with more than 45% share of the market.
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"Incentives from governments, rising local demand, and readily available raw materials are expected to be key drivers for the development of the automotive sector, which is anticipated to drive demand for automotive parts in the aftermarket," says a Persistence Market Research analyst.
Market Landscape Identified to Be Fairly Competitive
On a regional, national, and global basis, the worldwide automotive parts aftermarket is highly competitive and fragmented.
Some of the key players included in the report are Robert Bosch GmbH, ZF Friedrichshafen AG, Hella KGaA Hueck & Co., NGK Spark Plug, Exide Technologies, Gabriel India Limited, Hitachi Astemo, Ltd., KYB Corporation, Tenneco, Inc., Denso Corporation, Magna International, Continental AG, Valeo SA, Bridgestone, Michelin, Goodyear, Pirelli, Mahle GmbH, BorgWarner, OSRAM Licht AG, Knorr-Bremse, and Aisin Corporation.
Conclusion
The automotive parts aftermarket is characterized by the presence of a few key players from North America, Europe, and China. Growing demand for passenger cars and commercial vehicles equipped with advanced technologies such as clean mobility, around the globe, is expected to propel demand for technologically advanced products over the coming years.
Technological developments along with collaborations & mergers and acquisitions by key market participants are expected to fuel sales of automotive parts in the aftermarket industry.
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Want to Know More?
Persistence Market Research, a research and consulting firm, has published a revised market research report on the automotive parts aftermarket that contains global industry analysis of 2016-2020 and opportunity assessment for 2021-2031. The report provides in-depth analysis of the market through different segments, namely, product, vehicle, sales channel, and region.
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