Europe Automotive Aftermarket Industry Growth, Size, Revenue, Share, Upcoming Trends, Challenges and Competitive Analysis 2024-2033: SPER Market Research
The automotive aftermarket is the automotive industry’s secondary market, which includes the manufacturing, remanufacturing, distribution, retailing, and installation of all vehicle parts, chemicals, equipment, and accessories after the original equipment manufacturer (OEM) sells the automobile to the consumer. It encompasses replacement parts, performance parts, accessories, and other items used to maintain, repair, or improve cars. Parts makers, wholesalers, retailers, and service repair facilities, such as independent garages, chain service centers, and dealership service departments, are all major players in the automotive aftermarket. The sector is critical for automobile owners because it offers a more cost-effective alternative to parts from the original equipment and services, frequently leading in significant savings and additional options for consumers.
According to SPER Market Research, ‘Europe Automotive Aftermarket Market Size- By Type, By Application, By Distribution, By Vehicle Type, By Position- Regional Outlook, Competitive Strategies and Segment Forecast to 2033′ states that the Europe Automotive Aftermarket market is estimated to reach USD 435.54 billion by 2033 with a CAGR of 3.36%.
The increasing average age of vehicles on the road is driving up demand for replacement components and maintenance services, resulting in the rise of the European automobile aftermarket market. Another important factor is technical improvement. The incorporation of technological systems into vehicles, such as technological Driver Assistance Systems (ADAS), hybrid and electric powertrains, and connected car features, has broadened the scope of aftermarket services. These technologies involve specific parts and qualified technicians, resulting in increased demand for aftermarket solutions. Consumer behaviour shifts play an important impact. DIY (Do-It-Yourself) and DIFM (Do-It-For-Me) maintenance procedures are becoming more popular, owing to greater technical expertise and online part availability. The proliferation of e-commerce platforms for automobile parts has made it easier for customers to obtain the components.
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One significant problem in the European automotive aftermarket sector is the disruption produced by the rapid adoption of electric cars and innovative technologies, which modify the traditional value chain. As electric cars and connected cars grow more common, specific skills and equipment are necessary for maintenance and repair, posing a challenge to traditional workshops and parts wholesalers. Another pressing concern is the rising cost of energy and resources. Wholesale electricity rates in Europe are much higher, driving up manufacturing costs and lowering European industries’ competitiveness. Furthermore, geopolitical tensions and supply chain disruptions, worsened by Europe’s reliance on timely delivery from international markets, are serious threats. Inflation and growing labor costs are also having a greater impact on the business in Europe, putting additional strain on profitability and operational efficiency.
Impact of COVID-19 on Europe Automotive Aftermarket Market
The COVID-19 epidemic had a significant influence on Europe’s automobile aftermarket. Initially, the pandemic caused a significant drop in vehicle sales and manufacturing in Europe during the first few months of 2020. This resulted in fewer visits to garages and workshops, as many customers postponed non-essential repairs and maintenance. Additionally, government relaxations on technical inspections reduced demand for aftermarket services. The pandemic also accelerated the migration to digital channels and e-commerce, as more people began purchasing car components online because of curfews and shuttered stores. This practice was already gaining hold in B2B industries before spreading to B2C during the epidemic.
Europe Automotive Aftermarket Market Key Players:
Germany dominates the European automobile aftermarket market due to its advanced automotive sector and solid infrastructure. Some of the key players are – Continental AG, Magneti Marelli S.p.A., Magna International Inc., ZF Friedrichschafen AG, Robert Bosch GmbH.
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Europe Automotive Aftermarket Market Outlook
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