Automotive aftermarket: Electrical products will witness a CAGR of 7.6% from 2022 to 2031

PORTLAND, ORAGON, USA, September 6, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled “Automotive Aftermarket“The Automotive Aftermarket was valued at $438.70 Billion in 2021 and is projected to reach $828.2 Billion by 2031, growing at a CAGR of 6.2% from 2022 to 2031. , constraints and opportunities

Increase in automotive aftermarket services, stringent government regulations for replacement or upgrade of vehicle components, and strong trend towards vehicle customization are driving the growth of the global automotive aftermarket. However, high demand for shared mobility solutions and fluctuating commodity prices are restraining the market growth. On the other hand, the booming e-commerce industry and increasing demand for technologically advanced features present new opportunities in the coming years.

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The electrical products segment to maintain its leading position during the forecast period

Based on applications, the electrical products segment accounted for the highest market share in 2021, contributing nearly a quarter of the global automotive aftermarket, and is expected to maintain its leading position during the period. forecast. Moreover, this segment is estimated to witness the highest CAGR of 7.6% from 2022 to 2031. This is due to the inclination of customers towards advanced electronic accessories, security, and convenience features. The report also analyzes segments including Infotainment & Multimedia, Engine Components, Tires & Wheels, Seat & Steering Covers, etc.

The third-party vendor segment to maintain its dominant share over the forecast period

On a distribution basis, the third-party supplier segment contributed the highest market share in 2021, accounting for nearly three-quarters of the global automotive aftermarket, and is expected to maintain its dominant share over the period. forecast. This segment is also expected to show the largest CAGR of 6.6% from 2022 to 2031. This is attributed to customers shifting towards e-commerce platform for convenience in shopping experience and fast delivery. The report also analyzes the OEM segment.

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The passenger car segment will continue its dominance during the forecast period

Based on vehicle type, the passenger car segment held the highest market share in 2021, contributing more than two-fifths of the global automotive aftermarket, and is expected to maintain its dominance over the period of forecast. Moreover, this segment is expected to register the highest CAGR of 7.0% during the forecast period. This is due to the increase in the adoption of smart technologies in passenger cars. The report also discusses segments including two-wheelers and commercial vehicles.

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External accessories segment held the highest market share in 2021

Based on position, the external accessories segment held the highest market share in 2021, accounting for more than half of the global automotive aftermarket. However, the internal accessories segment is expected to register the highest market share in terms of revenue by 2031. Also, this segment is expected to register the largest CAGR of 7.4% from 2022 to 2031, owing to the increasing demand for aesthetic appearance in Vehicles.

Asia-Pacific will maintain its leading status by 2031

Based on region, Asia-Pacific contributed the highest market share in 2021, holding more than a third of the global automotive aftermarket market, and is expected to maintain its leading status by now. 2031. Moreover, this region is expected to experience the fastest growth. CAGR of 6.9% from 2022 to 2031. This is due to the presence of a large fleet of passenger cars in the region and the increased involvement of original equipment manufacturers. The research also analyzes regions such as North America, Europe and LAMEA.

Main actors

Alpine electronics
Bridgestone Corporation
Continental
DENSO Corporation
Ford Motor Company
HARMAN International
Hella KGaA Hueck & Co.
Hyundai Mobi
michelin
Osram Licht AG
Panasonic Company
Pioneer company
Robert Bosch GmbH
The Goodyear Tire & Rubber Company
Yokohama Rubber Co.Ltd.
Visteon
Auto area

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Similar reports we have on the aftermarket industry:

Accessories for passenger cars – https://www.alliedmarketresearch.com/passenger-car-accessories-aftermarket-market-A06108

Aftermarket Electric Vacuum Pump Market – https://www.alliedmarketresearch.com/aftermarket-electric-vacuum-pump-market-A07967

About Us –

Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

Pawan Kumar, CEO of Allied Market Research, leads the organization in delivering high quality data and insights. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.

David Correa
Allied Analytics LLP
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