Automotive Parts Aftermarket SWOT Analysis by Demand Analysis

The global automotive parts market is expected to grow at a CAGR of 5.4% over the forecast period 2021-2031, according to the latest analysis from Persistence Market Research.

This report provides in depth study of “Automotive Aftermarket” using SWOT analysis i.e. Strengths, Weaknesses, Opportunities and Threats to the organization. The Automotive Parts Aftermarket report also provides an in-depth investigation of major market players based on the various objectives of an organization such as profiling, product outline, production quantity, raw material required, and financial health of the organization.

The demand for auto parts in the aftermarket is driven by the increase in maintenance and repair activities performed by vehicle owners, as stock vehicle parts experience wear and tear over time. Air filters, fuel filters and spark plugs, as well as brake pads, are more likely to be replaced at regular intervals.

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Governments around the world have adopted strict automotive emission standards that require product manufacturers to provide environmentally sustainable and high-performance parts for local and international markets, which is expected to drive the demand for auto parts. The auto parts industry has witnessed significant expansion in recent years, with booming economies such as China, India, and Brazil expected to drive the growth of the global market.

Market players are rapidly innovating and introducing new advanced parts to the aftermarket:
• In June 2021, Michelin launched new winter tires for trucks, named “Michelin X Multi Grip”. These tires offer better performance and guarantee maximum safety in extreme weather conditions such as snowy and slush-covered roads as well as wet roads.
• In February 2021, Gabriel India Limited developed the first electronically adjustable hydraulic shock absorber for a leading SUV vehicle in the aftermarket sector.

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Key insights from market research
• With a CAGR of 6.7%, electrical parts are expected to be the fastest growing product segment through 2031.
• Tires are expected to have the highest market share in the product segment, with nearly 42% market share by 2031.
• By vehicle, passenger cars are expected to lead the segment with a market share of over 64%.
• By region, Europe is expected to have the highest share of the global market at over 34%. Germany is expected to hold almost 29% of the European market share by 2031.
• The Middle East and Africa region market is expected to grow at the fastest CAGR of 6.2%
• The United States is expected to register the highest absolute dollar opportunity of over US$44 billion from 2021 to 2031.
• By sales channel, authorized resellers should lead with more than 45% market share.

Market landscape identified as quite competitive
On a regional, national and global basis, the global automotive parts market is highly competitive and fragmented.
Some of the major players included in the report are Robert Bosch GmbH, ZF Friedrichshafen AG, Hella KGaA Hueck & Co., NGK Spark Plug, Exide Technologies, Gabriel India Limited, Hitachi Astemo, Ltd., KYB Corporation, Tenneco, Inc., Denso Corporation, Magna International, Continental AG, Valeo SA, Bridgestone, Michelin, Goodyear, Pirelli, Mahle GmbH, BorgWarner, OSRAM Licht AG, Knorr-Bremse and Aisin Corporation.

Conclusion
The auto parts aftermarket is characterized by the presence of a few key players from North America, Europe and China. Growing demand for passenger cars and commercial vehicles equipped with advanced technologies such as clean mobility, all over the world is expected to propel the demand for technologically advanced products in the coming years.

Technological developments along with collaborations and mergers and acquisitions by major market players are expected to fuel the sales of auto parts in the aftermarket industry.

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Related reports:
• European automotive parts remanufacturing market
The European auto parts remanufacturing market is expected to be valued at over US$44 billion by 2031, according to the latest research from Persistence Market Research, a research and advisory firm. The report estimates that the market will grow at a stable CAGR of almost 7% during the period 2021-2031.

• Bicycle bearing market
Bicycle bearings will take a prominent place via the secondary market and would reach a value of over US$8 billion in 2027, expanding at a robust CAGR during the forecast period 2017-2027.

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This press release was published on openPR.

About Dwight E. McCray

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