Automotive Aftermarket Industry Set to Reach USD 1,023.4 Bn by the End of 2023. Automotive Aftermarket Report: Information by Offering (Parts, Services), Channel (Authorized Repair, Independent Repair), Vehicle Age (0-4 years, 4-8 years, above 8 years) and Vehicle Type (Passenger Vehicle, Commercial Vehicle) – Forecast till 2023.
The key players in the global automotive aftermarket industry include 3M (U.S.), Aisin Seiki Co., Ltd. (Japan), Schaeffler AG (Germany), Robert Bosch GmbH (Germany), Cooper Tire & Rubber Company (U.S.), Federal-Mogul Corporation (U.S.), Magneti Marelli S.p.A. (Italy), Aptiv PLC (U.K.), ACDelco, Inc. (U.S.), Denso Corporation (Japan), Valeo (France), Continental AG (Germany),ZF Friedrichshafen AG (Germany), MAHLE GmbH (Germany), and Sumitomo Electric Industries Ltd. (Japan).
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The global automotive aftermarket is currently valued at over USD 800 Bn. It is expected to capture a steady CAGR during the review period (2017-2023). OEMs are finding new opportunities in regions such as Asia Pacific (APAC), Latin America and the Middle East. The automotive industry is witnessing a shift from advanced economies to emerging markets. Sales remain moderate in Europe and North America while countries such as China, Mexico and India are being viewed as new pockets of growth for the automotive industry. These countries are an attractive prospect for both new car sales and aftermarket business. For many carmakers, aftermarket business is a key focus area as it allows creation of attractive revenues and profit margins. Fast-developing countries hold significant potential for aftermarket business, as reuse and refurbishing remain a prominent trend in such counties. By the year 2023, the market is likely to surpass a valuation of USD 1,000 Bn.
By region, the global automotive aftermarket industry has been segmented into North America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
North America, led by the US, currently accounts for the foremost share of the global automotive aftermarket industry. High sales of passenger as well as commercial cars in the region, present significant opportunities for the growth of the automotive aftermarket industry. The US is marked by the presence of various automotive aftermarket manufacturers which positions the US as a major automotive aftermarket hub. Canada too is a significant destination for market players.
Europe follows North America closely driven by surging demand for automotive aftermarket products and the growing trend of reuse. Moreover, Europe is home to some of the prominent automotive aftermarket manufacturers which support the growth of the market.
For Information visit: https://www.marketwatch.com/press-release/automotive-aftermarket-industry-2018-global-market-size-trends-share-competitive-analysis-opportunities-growth-and-regional-forecast-to-2023-2018-12-05
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