Global Automotive Aftermarket Trends and Analysis Report 2022-2030: Digitization of Automotive Repair and Maintenance Services Gains Momentum – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Analysis Report of Automotive Aftermarket Size, Share and Trends by Replacement Part (Tire, Battery, Brake Parts, Filters), by Distribution Channel, by service, by certification, by region and segment forecast, 2022-2030” report has been added to from ResearchAndMarkets.com offer.

The global automotive aftermarket market size is expected to reach USD 559.9 billion by 2030 and is expected to grow at a CAGR of 3.4% from 2022 to 2030

The digitization of auto repair and component sales, complemented by the incorporation of advanced technologies in automotive aftermarket component manufacturing, is expected to drive the market growth. The growing reception of semi-autonomous, electric vehicles and hybrid and self-driving cars, in the coming years, is expected to further boost the demand for new components.

Furthermore, the increasing penetration of vehicles is driven by the overall improvement in lifestyle in developing countries, such as India and Brazil, and is expected to boost the growth of the automotive industry in the region. Similar surges in the automotive manufacturing sector in various regions, along with increasingly stringent emission standards, are expected to boost the component sales growth over the forecast period.

Third-party services and technologies offer new profitable revenue streams to take advantage of all these opportunities. Also, the industry requires investment in product development, supply chain, organizational design, and pricing model to create a surge in demand. The rise of digital channels or social media influence is also fueling sales. These online channels provide customers with all the information regarding the past price and past user experience, which facilitates the buying process.

To support initiatives aimed at gaining a foothold in the market, manufacturers in developing countries are adopting various strategies, including mergers, acquisitions and partnerships. The Asia-Pacific regional market is expected to be the fastest growing market for secondary markets over the forecast period, owing to its rising living standards and high vehicle production.

It is also expected to be the fastest growing market for automotive production. With the increasing penetration and acceptance of gasoline-powered and hybrid electric cars, specialized repair centers dedicated to the repair of passenger vehicles are expected to increase. The global aftermarket is expected to witness phenomenal growth owing to an increase in the number of vehicle collisions as well as the inclination of owners towards repairing their automobiles.

Automotive Aftermarket Report Highlights

  • The industry is estimated to witness significant growth over the forecast period, owing to an increase in the number of light-duty vehicles coupled with the increasing age of the light-duty vehicle fleet.

  • As technological advancements have erupted, so have the challenges and disruptions for the manufacturing industry. However, it also brought opportunities and real growth.

  • Innovative business models and solutions provided by manufacturers and increasing investments in them are expected to create sustainable growth opportunities for the market.

  • North America has a higher rate of technology adoption, which is expected to lead to faster and higher adoption of hybrid electric automobiles in the region compared to other geographies.

  • The global aftermarket is expected to experience a phase shift attributable to the growing proportion of specialized auto collision repair centers that focus on specific vehicles such as alternative fuel vehicles.

Market dynamics

Market Driver Analysis

  • Using advanced technology in manufacturing auto parts

  • Increase in production of consumer and passenger cars

  • Digitization of automotive repair and maintenance services

  • Increasingly stringent emissions and fuel efficiency regulations and downsizing of engines

Market Restriction Analysis

  • Counterfeit automotive components

  • Growing demand for electric vehicles

Competitive landscape

  • 3M

  • Continental SA

  • Cooper Tire & Rubber Co.

  • Delphi automotive automaton

  • Denso Company

  • Federal Mogul Corporation

  • Magneti Marelli SpA

  • Robert Bosch GmbH

  • The Goodyear Tire & Rubber Company

  • ZF Friedrichshafen AG (ZF TRW)

For more information about this report visit https://www.researchandmarkets.com/r/517wuh

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