Automotive Aftermarket Industry to make a leap

The global Automotive Aftermarket Industry size is projected to reach USD 529.88 billion by 2028 and exhibit a CAGR of 3.8 percent during the forecast period.

FREMONT, CA: The Fortune Business Insights report explicit the growth of the Automotive Aftermarket Industry. It is predicted that the industry is inclined to reach USD 529.88 billion by 2028 and also is expected to exhibit a CAGR of 3.8 percent during the time of forecast. Customers are benefiting from more supplier diversity and price transparency by the digitization of automotive component delivery services. The market is expected to develop because of the increasing digitization of automotive component delivery services and the expansion of the automotive sector. The recent years have seen an increase in the OEM’s investments in customer experience optimization. The concept of differentiated aftermarket service offerings has enabled OEMs to retain customers and highlight decision-making regarding service repair. The expansion of aftermarket activities by OEMs is proposed to promote market growth in the following years.

The lockdowns and curfews during the pandemic brought about adverse effects on the automotive industry by mitigating the production level and also revenue. Restrictions on exports and imports, closure of the plants tampered with the growth of the industry which further got worsened when there was a sudden decline in the purchasing power of the consumers. Fortunately, the dust has settled and the market is in a recovering stage expecting better development. Thanks to digitization, manufacturers and suppliers have been able to conduct online sales channels. Now, customers choose their desired products and check price tags by browsing through a list of products on the internet. Thus, digitization has paved the way for supply diversity and transparency in the overall business. The global Automotive Aftermath Industry is anticipating a steady momentum with digitization.

According to forecasts, Asia Pacific is likely to secure the major portion of the global Automotive Aftermarket Industry share. The implementation of new tax regimes along with the budding sales of commercial vehicles and passenger cars contribute to the market growth.