The Automotive Aftermarket Parts Market industry experienced significant growth in 2020, and is expected to continue growing at a rapid pace between 2021 and 2028. This growth can be attributed to increasing demand from vehicle owners for improved performance in terms of appearance, speed, and exhaust sound, as well as regulations aimed at reducing the environmental impact of automotive components.
The Automotive Aftermarket Parts Market is a secondary market for automobile companies, focused on after-sales replacement of components or parts to maintain the usability and functionality of a vehicle throughout its life. This market includes emergency service providers, repairers, parts and device manufacturers, components vendors, and knowledge providers. The industry aims to provide customers with options for customizing, maintaining, or servicing their vehicles to keep them on the road for longer.
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Drivers of growth in the Automotive Aftermarket Parts Market include increasing awareness of the importance of proper vehicle repair and replacement, the popularity of crossover cars and long-distance travel leading to more frequent repairs, and the need for ecologically friendly vehicles. Owners' desire to add new features to older vehicles and government regulations for environmentally friendly components are also driving growth.
Factors that may limit growth in the Automotive Aftermarket Parts Market include high costs of parts replacements and modifications, use of sensors in vehicles leading to reduced wear and tear, and ongoing research and development efforts to improve vehicle parts.
Some of The Driving Factors of the Automotive Aftermarket
- Increasing demand from automobile drivers for improved vehicle performance in terms of appearance, speed, and exhaust sound parameters.
- Regulatory bodies of various countries implementing strict norms to reduce environmental impacts related to automotive component functioning.
- Rising awareness regarding the importance of appropriate vehicle repair and replacement among customers to sustain their proper functioning.
- High popularity of crossover cars and surging trend of long-distance travel, necessitating more frequent vehicle repairs and replacements.
- Increasing demand for aftermarket equipment, such as electronic chips and catalytic converters, to enhance fuel economy in older vehicles.
- Owners' desire to add new amenities to their older vehicles.
- Government laws creating pressure on industry players to create environmentally friendly and high-efficiency vehicle components for both domestic and foreign markets.
Some of the notable innovations in the Automotive Aftermarket
Advanced Driver Assistance Systems (ADAS): These systems help drivers with tasks such as parking, lane departure warnings, and collision avoidance. They are designed to improve safety and reduce accidents.
Connected Car Technology: This technology allows drivers to monitor their vehicles remotely, and can provide real-time data on the vehicle's performance and condition. It can also be used for predictive maintenance, alerting drivers when maintenance is needed before a breakdown occurs.
Electric Vehicle (EV) Charging Stations: With the increasing popularity of electric vehicles, there has been a growing demand for EV charging stations in public places, businesses, and homes.
3D Printing: 3D printing technology has been increasingly used in the aftermarket to create customized parts and components. This allows for greater flexibility and faster turnaround times.
Augmented Reality (AR): AR technology is being used in the aftermarket to provide visual aids for repairs and maintenance. It can help mechanics and DIY enthusiasts to identify parts and diagnose problems more easily.
Eco-friendly Products: The Automotive Aftermarket Parts Market is also seeing a rise in eco-friendly products such as biodegradable car wash soaps, organic cleaning solutions, and sustainable replacement parts made from recycled materials.
Key companies in the global market
Tata Auto Component Systems, Minda Industries Limited, 3M, Continental AG, Delphi Automotive PLC, Denso Corporation, Federal-Mogul Corporation, Magneti Marelli S.p.A., Goodyear Tire Rubber Company, ZF Friedrichshafen AG, COOPER TIRE RUBBER COMPANY, and Robert Bosch GmbH.
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