Latest News- Aftermarket Automotive Parts And Components Market: Tire is expected to lead the Product segment during 2024-2028

The Aftermarket Automotive Parts And Components Market is being driven by Convenience of purchasing automotive products online

The Aftermarket Automotive Parts And Components Market is expected to grow at a CAGR of 3.2% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 80 billion. 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 retail sales of aftermarket automotive parts and components have surpassed traditional brick-and-mortar sales due to the digitalization trend. The advantages of e-commerce platforms, such as convenience, competitive pricing, and a wider selection of products, are driving this paradigm shift and fueling the market's expansion. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Tire
  • Brake parts
  • Battery
  • Filter
  • Others
• Distribution Channel
  • Retail
  • Wholesale
• Geography
  • APAC
    • China
    • India
    • Japan
  • North America
    • US
  • Europe
    • Germany
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Convenience of purchasing automotive products online
• High adoption of vehicle parts
• Growing demand for vehicle customization

However, the market also witnesses some limitations, which are as follows:

• High price sensitivity leading to margin pressure on e-retailers
• Growing adoption of public transportation impacting personal vehicle mile travel
• Availability of counterfeit automotive parts

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Market Scope in Aftermarket Automotive Parts And Components Market Research Report

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Research Analysis Overview

The Aftermarket Automotive Parts and Components industry encompasses the sale of CarParts for Automobile drivers, ranging from fuel-efficient and environmentally friendly components like electronic chips, catalytic converters, and automobile engine clutches, to luxury items such as exhaust systems for millionaires seeking unique exhaust sounds and speed enhancements. New technologies, including the Internet-of-Things and connected vehicles, are driving demand for electric components and regulatory factors. Automakers provide Original replacement parts, while e-commerce platforms and 3D printing offer alternatives for used cars and hybrid/all-electric vehicles. Regulatory compliance, logistics, and e-commerce are key challenges for this market. Continental, a leading automotive supplier, is investing in innovative solutions for the future of the Aftermarket Automotive Parts and Components industry.

Market Research Overview

The global automotive parts and equipment market encompasses businesses producing components 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's size is determined by the consolidated revenue generated by manufacturers of automotive components and equipment. Key growth drivers in this sector include the surge in electronic components utilization in automobiles, fueled by the rising sales of electric vehicles, motorcycles, and passenger cars over the past decade. This trend has significantly boosted the demand for electronic control units (ECUs) and other electronic chips. Additionally, the increasing focus on fuel-efficient, environmentally friendly vehicles has led to a growing market for catalytic converters and other emission control technologies.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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