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 substantially 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 digitalization and its associated benefits. The advantages of e-commerce platforms, such as convenience, accessibility, and competitive pricing, are driving the market's paradigm shift towards online sales. This trend is expected to continue, with e-commerce sales in the aftermarket automotive parts and components market poised for continued growth. 

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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 Market encompasses a wide range of products, including engine rebuild kits, exhaust systems, air filters, oil filters, fuel filters, brake pads, brake rotors, shock absorbers, windshield wipers, car audio, navigation systems, interior and exterior accessories, performance tuning, engine upgrades, suspension upgrades, brake upgrades, vehicle personalization, classic car parts, vintage parts, performance enhancements, fuel efficiency, emissions reduction, safety features, driver assistance systems, vehicle tracking, remote diagnostics, vehicle health monitoring, parts inventory management, supply chain optimization, customer relationship management, online reviews, social media marketing, content marketing, search engine optimization, pay-per-click advertising, email marketing, and mobile apps. These components cater to various automotive needs, from routine maintenance to customization and performance upgrades.

Market Research Overview

The global automotive parts and equipment market encompasses businesses producing components and accessories for various automobile categories, 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 in the automotive parts and equipment market include the rising demand for electronic components in automobiles, such as electronic control units (ECUs) and other electrical components, fueled by the increasing sales of EVs, motorcycles, and PCs over the past decade.. 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/