The global automotive aftermarket size is projected to reach USD 529.8 billion by 2028 and exhibit a CAGR of 3.8% during the forecast period. The digitization of automotive component delivery services results in greater supply diversity and higher price transparency for customers. The growing digitization of automotive component delivery services and the expansion of the automotive industry are likely to bolster the growth of the market. Fortune Business Insights™ has presented this information in its report titled, “Automotive Aftermarket, 2021-2028”. The market size stood at USD 392.35 billion in 2020. OEM’s investments in customer experience optimization have risen in recent years. The introduction of differentiated aftermarket service offerings helps OEMs retain customers and enhance their decision-making regarding service repair. The surging expansion of aftermarket activities by OEMs is likely to stimulate market growth in the coming years.

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Key Players in the Global Automotive Aftermarket are:

Robert Bosch GmbH
Denso Corporation
Magna International Inc.
Continental AG
ZF Friedrichshafen AG
Aisin Seiki Co.
Lear Corp.
Valeo SA
Bridgestone Corporation
Faurecia
Drivers & Restraints-

Expansion of Automotive Industry to Propel Market Growth

The swift digitization in developed and developing countries has enabled manufacturers and suppliers to provide consumers the desired product through online sales channels. Customers can use these channels to gather information about parts' price and use these channels to determine the vehicle’s parts to buy. The digitization of automotive component delivery services results in greater supply diversity and higher price transparency for customers. The growing digitization of automotive component delivery services is likely to bolster the global automotive aftermarket growth.

The original equipment manufacturers (OEMs) are improving and expanding their aftermarket activities within the automotive aftermarket parts value chain. The introduction of differentiated aftermarket service offerings helps OEMs enhance their decision-making regarding service repair and retain customers. The surging expansion of aftermarket activities by OEMs is likely to stimulate market growth in the coming years.

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Regional Insights-

Increasing Vehicle Sales to Accumulate Growth in Asia Pacific

Asia Pacific is anticipated to gain the largest portion of the global automotive aftermarket share. The increasing sales of commercial vehicles and passenger cars are expected to boost the market’s growth. Additionally, the implementation of new tax regimes and the rising consolidation amongst automotive aftermarket parts distributors are likely to complement the market growth. Europe is projected to witness the second-highest growth in the global market due to surging digitization of automotive component delivery services. Moreover, the use of advanced technology in automotive parts fabrication is likely to augment the market growth.

Industry Developments-

November 2020: FullSpeed Automotive from CenterOak Partners was acquired by MidOcean Partners to fulfill the company’s aggressive growth plan by strategic acquisition & merger and universal organic activities.
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