Global Automotive Aftermarket to Witness Huge Upswing in Near Future Says P&S Intelligence
NEW YORK, Nov. 25, 2020 /PRNewswire/ -- Due to the increase in the average age of vehicles, the demand for replacement components is expected to surge in the coming years, especially in emerging economies, such as those in Asia-Pacific (APAC) and Latin America, Middle East, and Africa (LAMEA). For instance, the average age of the vehicles is predicted to increase from four years to six years in China from 2010 to 2020, mainly due to huge improvements in the quality of the automobiles being manufactured, which is itself a result of the rapid adoption of advanced products.
The other major factors pushing the demand for automotive parts across the world are the burgeoning demand for electric vehicles, on account of the increasing implementation of government policies and regulations promoting the adoption of eco-friendly modes of transportation. Moreover, there has been a huge rise in green consciousness throughout the world since the last few years, which is boosting the popularity of electric vehicles. Fuelled by the above factors, the global automotive aftermarket is expected to grow from $803.22 billion in 2019 to $1,370.17 billion in 2030, with a CAGR of 5.07% between 2020 and 2030, according to the market research report published by P&S Intelligence.
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The biggest rage currently being witnessed in the automotive aftermarket is the rising number of joint ventures amongst the major vehicle manufacturing companies, vehicle repair service providers, and other stakeholders. This allows the major companies to transfer the vehicle manufacturing technology to the smaller service providers, manufacture new aftermarket devices, and penetrate the markets of developing nations. For instance, DENSO CORPORATION and Smiths Manufacturing (Pty.) Ltd. anounced a joint venture in July 2019, named DENSO Sales South Africa (Pty.) Ltd., in order to sell various aftermarket products and services in South Africa.
Browse report overview with detailed TOC on Automotive Aftermarket Research Report: By Component (Engine Parts, Drive Transmission and Steering Parts, Suspension and Braking Parts, Equipment, Electrical Parts), Distribution Channel (Offline Distribution Channel, Online Distribution Channel) - Industry Size, Trend, Growth and Demand Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/automotive-aftermarket
Geographically, the highest demand for vehicle component replacement was observed in Asia-Pacific (APAC) in 2019, and this trend is set to continue during the forecast period. This is primarily ascribed to the rapid rise in the number of vehicles in operation (VIO), especially in China and India. Moreover, the presence of major companies supplying automotive aftermarket components in APAC is predicted to further fuel the rise in the demand for these components in the region.
Therefore, it can be concluded that owing to the increasing sale of automobiles in various countries across the world, the demand for aftermarket components is expected to witness substantial growth in the coming years.
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Market Size Breakdown by Segment
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E-Commerce in Automotive Aftermarket
In the coming years, higher CAGR in the e-commerce in automotive aftermarket, of 25.8%, is expected to be observed by the direct-to-consumer bifurcation, under segmentation by channel. This would be on account of the changing consumer preference to shop online, and rise in the number of people who like to perform vehicle repairs and upgrades themselves.
Connected Car Market
Currently, the largest revenue contribution to the connected car market is made by North America, due to the early adoption of advanced technologies, such as the internet of things (IoT) and autonomous driving.
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