The global automotive aftermarket sector is experiencing significant transformation, driven by the increasing demand for vehicle customisation, performance enhancement, and prolonged safety and functionality. The latest report from 360iResearch, a market research and business consulting company, delves into key industry trends, challenges, and the critical role of aftermarket parts and services in enhancing vehicle performance and safety.
Key Trends
The aftermarket sector caters to the diverse needs of vehicle owners, offering various products and services to extend vehicle lifespan and optimise performance. Challenges such as counterfeit parts and evolving regulations underscore the importance of agility and innovation within the market's supply chains. There is a growing trend toward recycling and reusing reusable parts, highlighting the sector's commitment to sustainability.
Navigating Surge In Used Vehicle Sales, Aging Fleets
The increase in used vehicle sales and the aging vehicle fleet globally has intensified the demand for aftermarket parts and services. Consumers prioritise cost-effectiveness and value, leading to a heightened necessity for aftermarket interventions to enhance vehicle performance and longevity.
Enhancing Vehicle Performance and Safety
Replacement parts play a crucial role in vehicle maintenance, safety, and aesthetics. From batteries to body components, brake parts, exhaust system components, and filters, aftermarket parts contribute to optimal vehicle performance and adherence to safety and regulatory standards.
Prominent players in the automotive aftermarket market, including Robert Bosch GmbH, Bridgestone Corporation, and ZF Friedrichshafen AG, focus on expansions, acquisitions, and new product development to strengthen their market positions.
Introducing ThinkMi
ThinkMi, an AI-powered market intelligence tool, by 360iResearch offers insights into the automotive aftermarket sector. Designed to provide precise, relevant answers and empower decision-making, ThinkMi ensures businesses stay ahead in this competitive market landscape.
The global automotive aftermarket sector continues to evolve, driven by changing consumer preferences, technological advancements, and sustainability initiatives. With the rise in used vehicle sales and aging fleets, the aftermarket plays a crucial role in ensuring vehicle safety, functionality, and longevity.
Courtesy: 360iResearch. Photo is representational.