Automotive Aftermarket Service Market Size 2023, Global Industry Share, Revenue, Key Players, Challenges, Future Opportunities and Forecast Till 2033: SPER Market Research
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According to SPER market research, ‘Automotive Aftermarket Service Market Size- By Replacement Parts, By Vehicle Type, By Certification, By Distribution Channel, By Service Channel – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Automotive Aftermarket Service Market is predicted to reach USD 675.75 billion by 2033 with a CAGR of 4.25%.
There are numerous significant reasons are driving the growth and development of the global automotive aftermarket services business. The growing number of cars on the road has a big impact on the aftermarket services industry. As the number of vehicles in use increases, so does the need for maintenance, repairs, and replacement parts; this provides aftermarket service providers with a consistent flow of new business opportunities. Over time, the average age of cars and trucks on the road has increased. The necessity for more regular repairs and replacement parts for older cars raises the need for aftermarket services. As their vehicles age, owners often look for less expensive aftermarket options to replace costly OEM services.
The global automotive aftermarket services market needs to go over a lot of challenges in order to grow and function. The primary barrier is OEM Dominance. Original Equipment Manufacturers (OEMs) often maintain control over the aftermarket by promoting their own branded parts, diagnostic tools, and service networks. OEMs may impose restrictions on access to technical data, software, or parts, which makes it challenging for independent repair shops and aftermarket suppliers to compete fairly. One major issue is the availability of low-quality, counterfeit aftermarket parts. These parts might not meet quality or performance standards, which could lead to subpar performance and possible safety concerns that could affect customer satisfaction.
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The COVID-19 pandemic has caused significant harm to the worldwide automotive aftermarket services business. Vehicle use declined and maintenance and repairs were put off as a result of lockdowns, travel restrictions, and unstable finances. This led to a decline in the demand for the services offered by aftermarket service providers. Because of disruptions in the supply chain, aftermarket components were unavailable, which resulted in delays in repairs and replacements. The shift to remote work and reduced commuting significantly affected the demand for aftermarket services.
Furthermore, Asia Pacific held a dominant 28.5% market share in 2022 in terms of market size. It is projected that increased consumer and passenger car production and sales, the use of advanced technologies in the auto part fabrication process, and the digitization of automotive component delivery services will boost automotive sales in the area. In order to increase their market share, a number of businesses are concentrating on acquisitions. Additionally, some of the market key players are AISIN SEIKI CO., Continental AG, Cooper Tire & Rubber Company, Delphi Automotive PLC, Denso Corporation, Exide Technologies, Inc, Federal-Mogul Corporation, Hella KGaA Hueck & Co., Johnsons Controls Inc., Lear Corporation Goodyear Tire& Rubber Company.
Automotive Aftermarket Service Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Replacement Parts: Based on the Replacement Parts, Global Automotive Aftermarket Service Market is segmented as; Battery, Body Parts, Brake Parts, Exhaust Components, Filters, Lighting and Electronic Components, Tire, Turbochargers, Wheels.
By Vehicle Type: Based on the Vehicle Type, Global Automotive Aftermarket Service Industry is segmented as; Commercial Vehicles, Passenger Cars.
By Certification: Based on the Certification, Global Automotive Aftermarket Service Industry is segmented as; Certified Parts, Genuine Parts, Uncertified Parts.
By Distribution Channel: Based on the Distribution Channel, Global Automotive Aftermarket Service Industry is segmented as; Retailers (OEM’s, Repair Shops), Wholesalers and Distributors.
By Service Channel: Based on the Service Channel, Global Automotive Aftermarket Service Industry is segmented as; Delegation to OEM’s (OE), Do it for me (DIFM), Do it Yourself (DIY).
By Region: This report also provides the data for key regional segments of Asia-Pacific, Europe, Middle East and Africa, North America, Latin America.
For More Information, refer to below link:-
Automotive Aftermarket Service Industry Research Report
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