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Aftermarket automotive parts and components market size to grow by USD 86.64 billion from 2022 to 2027: A descriptive analysis of customer landscape, vendor assessment, and market dynamics - Technavio


NEW YORK, Jan. 31, 2023 /PRNewswire/ -- The global aftermarket automotive parts and components market size is estimated to increase by USD 86.64 billion from 2022 to 2027. The market's growth momentum will accelerate at a CAGR of 3.54% during the forecast period. The growing availability of aftermarket automotive parts and components on e-commerce platforms is a key trend in the market. There has been a shift toward online platforms, with the increasing online retail parts sales. The advantages of using e-commerce platforms for aftermarket automotive parts and components, such as the ability to research and compare products, access to detailed product specifications, and ease of purchase, are driving the revenues generated through online sales. This, in turn, will support the growth of the market during the forecast period. - Request a sample report

Global aftermarket automotive parts and components market - Customer landscape
To help companies evaluate and develop growth strategies, the report outlines ?

Global Aftermarket automotive parts and components market ? Vendor Analysis
Vendor offerings -

Vendor landscape

The global aftermarket automotive parts and components market is fragmented, with the presence of some well-diversified international and a few regional players. A few prominent vendors that offer aftermarket automotive parts and components in the market are 3M Co., Aisin World Corp. of America, ANAND Group, BorgWarner Inc., Continental AG, Delphi Technologies Plc, DENSO Corp., DRiV Incorporated, HELLA GmbH and Co. KGaA, Hitachi Astemo Ltd., Knorr Bremse AG, MagnetiMarelliS.p.A, MAHLE GmbH, Motherson Sumi Systems Ltd., NGK Spark Plugs USA, Inc., OSRAM GmbH, Robert Bosch GmbH, Tenneco Inc., Valeo SA, and ZF Friedrichshafen AG  and others.

There is intense competition among market players. Key vendors in the market are increasing their investments in new technologies. The global aftermarket automotive parts and components market has a large number of aftermarket automotive part and component providers. It is characterized by several technological innovations, which are expected to increase during the forecast period. Moreover, investments in developing innovative features and designs are expected to continue. This will intensify competition among existing and new players.

Global aftermarket automotive parts and components market - segmentation Assessment

Segment overview
Technavio has segmented the market based on product (tire, brake parts, battery, filter, and others) and distribution channel (retail and wholesale). 

Geography overview
Based on geography, the global aftermarket automotive parts and components market is segmented into APAC, North America, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global aftermarket automotive parts and components market.

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Global aftermarket automotive parts and components market ? Market dynamics

Leading drivers - The increasing number of vehicles globally is driving market growth. The demand for automotive repair and maintenance services is rising, with the increase in the lifespan of vehicles. In addition, passenger cars and utility vehicles, such as sports-utility vehicles (SUVs), multi-purpose vehicles (MPVs), crossovers, and pickup trucks, are popular in the global automotive market. These vehicles need regular maintenance to function properly. Such factors will positively impact the growth of the market during the forecast period.

Major challenges - The growing shortage of skilled automotive technicians is challenging the market growth. The shortage is a result of the lack of a strong career path, the disparity in pay packages, and long working hours, which are making it difficult for professional automotive repair shops to attract and retain skilled technicians. According to the US Bureau of Labor Statistics, the automotive industry in the US will need about 46,000 skilled automotive technicians by 2026. This shortage is expected to increase, as the demand for automotive repair and maintenance services continues to rise. Therefore, the shortage of skilled automotive technicians will negatively impact the growth of the market during the forecast period.

Drivers and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

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Aftermarket Automotive Parts and Components Market Scope

Report Coverage

Details

Page number

167

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 3.54%

Market growth 2023-2027

USD 86.64 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

2.87

Regional analysis

APAC, North America, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 38%

Key countries

US, China, Japan, India, and Germany

Competitive landscape

Leading vendors, market positioning of vendors, competitive strategies, and industry risks

Key companies profiled

3M Co., Aisin World Corp. of America, ANAND Group, BorgWarner Inc., Continental AG, Delphi Technologies Plc, DENSO Corp., DRiV Incorporated, HELLA GmbH and Co. KGaA, Hitachi Astemo Ltd., Knorr Bremse AG, MagnetiMarelliS.p.A, MAHLE GmbH, Motherson Sumi Systems Ltd., NGK Spark Plugs USA, Inc., OSRAM GmbH, Robert Bosch GmbH, Tenneco Inc., Valeo SA, and ZF Friedrichshafen AG 

Market dynamics

Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product

7 Market Segmentation by Distribution Channel

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio


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