Dec 27, 2022 SOURCE: BusinessWire

Insights on the Automotive Aftermarket Global Market to 2031 - Customer Inclination Toward Installation of Advanced Components in Vehicles Drives Growth - ResearchAndMarkets.com

The "Automotive Aftermarket By Application, By Distribution, By Vehicle Type, By Position: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.

According to this report the automotive aftermarket was valued at $438.70 billion in 2021, and is estimated to reach $828.2 billion by 2031, growing at a CAGR of 6.2% from 2022 to 2031.

Aftermarket refers to the secondary market of the automotive industry, which is concerned with manufacturing, remanufacturing, distribution, and retailing. The aftermarket offers numerous choices to customers, where they can get their vehicles serviced, maintained, or customized. The aftermarket is gaining traction, owing to customer inclination toward installation of advanced components in vehicles to improve vehicle comfort and ensure safety while driving.

Moreover, the global automotive industry has experienced tremendous transformation in the past few years. The rise in inclination among customers leads to growth of aftermarket services, which is expected to eventually lead to growth of the market in the future.

Moreover, the COVID-19 pandemic is making the vehicle manufacturers focus on development of alternate sales channel with minimum contact. The consumer inclination towards online sales channel owing to its ease is anticipated to fortify the demand for automotive aftermarket up to a great degree during the forecast period.

The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights key areas of investments.

In addition, it includes Porter's five forces analysis to understand competitive scenario of the industry and role of each stakeholder. The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights competitive landscape of key players to increase their market share and sustain intense competition in the industry.

Key Benefits

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the automotive aftermarket analysis from 2021 to 2031 to identify the prevailing automotive aftermarket opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the automotive aftermarket segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global automotive aftermarket trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Application