Aftermarket Automotive Parts And Components Market Size to grow by USD 80 billion between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Aftermarket Automotive Parts And Components Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by manufacturers of automotive components and equipment. Key growth drivers for the global automotive parts and equipment market include the escalating demand for electronic components in automobiles, such as electronic control units (ECUs) and other electrical components, fueled by the increasing sales of electric vehicles, motorcycles, and passenger cars over the past decade. - The Aftermarket Automotive Parts And Components Market is experiencing significant growth, fueled by the Convenience of purchasing automotive products online. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Convenience of purchasing automotive products online
  • High adoption of vehicle parts
  • High price sensitivity leading to margin pressure on e-retailers
  • Growing adoption of public transportation impacting personal vehicle mile travel
• Growth Projections

The market size is estimated to grow by USD 80 billion, at a CAGR of 3.2% during the forecast period. The global aftermarket automotive parts and components market is undergoing significant transformation, with online sales channels gaining increasing prominence. E-commerce platforms are spearheading this shift, contributing significantly to the market's revenue growth. In recent years, online sales of aftermarket automotive parts and components have surpassed traditional brick-and-mortar sales, fueled by the advantages of digitalization. Key benefits, such as convenience, competitive pricing, and a wider selection of offerings, are driving consumers to purchase through e-commerce channels. This paradigm shift is set to continue, as the aftermarket automotive parts and components industry embraces the digital age.

For insights on company offerings- Request a sample report!

• Regional Insights

The Aftermarket Automotive Parts and Components Market represents a significant business opportunity, driven by the increasing demand for vehicle maintenance and repair services. This sector caters to the requirement for replacement parts and components for various makes and models, ensuring seamless operation and longevity of vehicles. Market growth is fueled by factors such as rising vehicle parc, increasing vehicle age, and growing consumer preference for customization.

About Technavio                                                                        

Technavio is a global market research company offering comprehensive reports and insights on various industries. Our research helps businesses make informed decisions by providing actionable data and trends. Technavio is based on four simple principles: easy-to-access reports, robust industry coverage, a focus on new and emerging technologies, and competitive pricing. We believe in helping companies and executives become better equipped to make faster, sounder, and more effective decisions. Technavio is one of the most influential market research and advisory firms in the world. We work with business and technology leaders to provide cutting-edge market research and insights to companies. 

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/