Overview and Scope
Passenger car aftermarket refers to services that provide manufacturing, remanufacturing, distribution, retailing, and installation of replacement, equipment, service repair, and automotive accessories.
Sizing and Forecast
The passenger cars after market market size has grown strongly in recent years. It will grow from $250.68 billion in 2023 to $263.87 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to changing consumer preferences, vehicle longevity, economic factors, diy trend, regulatory changes.
The passenger cars after market market size is expected to see steady growth in the next few years. It will grow to $318.38 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to aging vehicle fleet, environmental awareness, customization trends, emerging markets, electric vehicles transition. Major trends in the forecast period include focus on sustainable and green products, diy (do-it-yourself) repair and maintenance, augmented reality (ar) for maintenance, increased demand for performance upgrades, retrofitting for autonomous features.
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Segmentation & Regional Insights
The passenger cars after market market covered in this report is segmented –
1) By Type: Tires, Battery, Brake parts, Filters, Body parts, Lighting, Wheels, Exhaust components, Turbochargers, Other Types
2) By Certifiations: Genuine Parts, Certified Parts, Uncertified Parts
3) By Distribution Channel: Retailers (OEM’s, Repiar Shops), Wholesalers & Distributors
Asia-Pacific was the largest region in the passenger car aftermarket market in 2023. North America was the second-largest region in the global passenger car aftermarket market share. The regions covered in the passenger cars after market market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increasing the average lifespan of a car is one of the major drivers of the passenger car aftermarket market as it leads to an increase in consumers’â„¢ regular maintenance and scheduled servicing of the vehicle. The lifespan of the car describes the maximum service life in terms of mileage and time. Changing wheels, batteries, spark plugs, and air filters play a significant role in prolonging the life of a vehicle. According to IHS automotive Markit in 2021, the typical age of cars on the road in the US increased to 12.1 years from 11.9 years old in 2020. Thus, increasing the average lifespan of a car is propelling a passenger car aftermarket market.
Key Industry Players
Major companies operating in the passenger cars aftermarket market report are Robert Bosch Gmbh, JTEKT Corporation, ZF friedrichshafen AG, Denso Corporation, Continental AG, Hyundai Mobis Co. Ltd., Aisin Corporation, 3M company, Bridgestone Corporation, Sumitomo Electric Industries Ltd., Valeo SA, Lear Corporation, Goodyear tire & rubber company, Eaton Corporation PLC, Aptiv PLC, Schaeffler Technologies AG & Co. KG, BorgWarner Inc., Mahle GmbH, Marelli Europe S.p.A., Federal -Mogul Corporation, Pirelli & C. S.p.A., Hella GmbH & Co. KGaA, American Axle & Manufacturing Inc., Gates Corporation, Kumho Tire Co. Inc., Cooper tire & Rubber Company, Exide Industries Ltd., Yazaki Corp., Akebono Brake Corporation Ltd., ACDelco, NSK Ltd.
The passenger cars after market market report table of contents includes:
1. Executive Summary
2. Passenger Cars After Market Characteristics
3. Passenger Cars After Market Trends And Strategies
4. Passenger Cars After Market – Macro Economic Scenario
5. Global Passenger Cars After Market Size and Growth
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31. Passenger Cars After Market Other Major And Innovative Companies
32. Global Passenger Cars After Market Competitive Benchmarking
33. Global Passenger Cars After Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Passenger Cars After Market
35. Passenger Cars After Market Future Outlook and Potential Analysis
36.Appendix
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