Automobile parts and components are those that are installed after the manufacturer has shipped the car. The sale of equipment, service repair, collision repair, aftermarket accessories, replacement tyres, and equipment are all included in this sector. It encompasses companies involved in the manufacture, distribution, installation, sale, and remanufacture of all car components and accessories. The digitalization of car repairs and component sales brought about by advancements in technology has sped up the expansion of the automotive aftermarket industry. Automotive aftermarket activities include the manufacture, remanufacturing, distribution, redistribution, end-retail, resale, and installation of a vehicle. Replacement, collision, aesthetic, and performance parts are all included in the aftermarket. The digitization of automotive component sales and maintenance brought about by the employment of cutting-edge technology has enhanced the aftermarket's profile.
The worldwide integrated automobile industry was severely and quickly impacted by the COVID-19 issue. The automobile sector is already under tremendous strain from a downturn in global demand, but the closure of vehicle assembly factories, widespread production disruptions, and disruption in the export of aftermarket components all adding to the problem. Due to COVID-19, less people are driving since they remain at home and the economy has entered a recession, which means that their automobiles last longer. In Past Years, the COVID-19 pandemic had an effect on the sales of aftermarket automobile components. However, it is anticipated that in the upcoming years, the fleet of aged vehicles would increase demand for these automotive parts.
Automotive Parts and Components Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; 3M Company, Continental AG, Cooper Tire & Rubber Company, Delphi Automotive PLC, Denco Corporation, Federal-Mogul Corporation, Hella KGaA Huek & Co, Robert Bosch GmbH, Valeo Group, ZF Friedchshafen
Global Automotive Parts and Accessories Market Segmentation:
By Product: Based on the Product, Global Automotive Aftermarket Service and Parts is segmented as; Battery, Body parts, Brake Parts, Filters, Lighting & Electronic Components, Tire, Turbochargers, Wheels, Others
By Application: Based on the Application, Global Automotive Aftermarket Service and Parts is segmented as; DIFM (Do it for Me), DIY (Do it Yourself), OE (Delegating to OEM’s)
By Distribution Channel: Based on the Distribution Channel, Global Automotive Aftermarket Service and Parts is segmented as; {Retailers (OEMs, Repair Shops), Wholesale & Distributers}
By Certification: Based on the Certification, Global Automotive Aftermarket Service and Part is segmented as; Certified Parts, Genuine parts, Uncertified parts
By Region: This report also provides the data for key regional segments of Asia-Pacific, Europe, Middle East and Africa, North America, Latin America
This study also encompasses various market drivers and restraining factors for the forecast period. Various growth opportunities are also discussed in the report.