Automotive Aftermarket To Witness Commendable Growth With Revenue $513.8 Billion By 2027

Growth of automotive manufacturing across the globe along with strict norms regarding harmful gas emission is
anticipated to boost the demand for aftermarket component sales during the projected years. Moreover, technological
advancement and increasing penetration of third-party services are expected to open new avenues for automotive
aftermarket growth. Growing pre-owned vehicle sales is expected to surge the market growth in order to improve the
vehicle performance, as owners of pre-owned vehicles would prefer aftermarket components or parts which are
cheaper than the stock component but equivalent in quality and performance. In addition, ageing vehicle fleet along
with increasing demand for replacement parts is expected to escalate the revenue generation in this industry.
In developing regions, market players are implementing several strategies such as partnerships, mergers, and
acquisitions to strengthen their position in the automotive aftermarket. Asia Pacific is projected to emerge as the
fastest-growing region due to high production rate of automobile in the region.
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Further key findings from the report suggest:
• The market is expected to witness significant growth over the forecast period due to increasing requirement for timely
maintenance of vehicle parts.
• Growing investment by manufacturers for product innovations is expected to open new market growth opportunities
over the forecast period.
• Europe is early adopter of new technologies in automotive industry which is expected to witness high adoption rate of
hybrid vehicles than other regions.
• This market is expected to gain traction due to rising number of collision repair centres across the globe.