Europe Automotive Aftermarket Market Share, Trends, Revenue, Growth Drivers, CAGR Status, Challenges and Future Investment Strategies Till 2033

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Europe Automotive Aftermarket Market Share, Trends, Revenue, Growth Drivers, CAGR Status, Challenges and Future Investment Strategies Till 2033: SPER Market Research



 Published: Dec-2023
 Author: SPER Analyst


Europe Automotive Aftermarket Market is projected to be worth USD 435.54 billion by 2033 and is anticipated to surge at a CAGR of 3.36%.

The producing, remanufacturing, distribution, redistribution, end-retail, reselling, and installation of automobiles are all included in the automotive aftermarket. Replacing, collision, appearance, and performance parts are all included in the aftermarket. With the adoption of new technologies, the automotive aftermarket has become more popular as a result of the digitization of automotive repair and component sales.

Europe Automotive Aftermarket Market Driving Factors and Challenges
The development of post-sale services for cars, stringent government laws requiring the replacement or upgrading of vehicle components, and the expanding trend of vehicle customization coupled with rising disposable income are all contributing to the projected faster-than-average growth of the European automotive aftermarket during the forecast period. Still, it is expected that growing demands for shared mobility and fluctuating raw material prices will hinder the global automotive aftermarket industry's growth over the given period. Additionally, it is projected that the growth of automotive e-commerce and the rise in demand for technologically advanced features will benefit the automotive aftermarket in the near future.

As technology develops, cars with more integrated sensors will drive safer and experience less wear and tear on their brakes and other components. Because of this, the growth of the automotive aftermarket is hampered by the difficulty of replacing components. Eco-friendly components are installed on Icars to lower carbon emissions and manage global warming. Whether or not to replace parts that consistently damage the environment and increase carbon emissions is not always up to the consumers. As a result, these elements restrict the auto aftermarket.


Impact of COVID-19 on Europe Automotive Aftermarket Market 
The COVID-19 pandemic is predicted to last for a number of years, with unclear consequences for the auto aftermarket. For most of 2020 and a few months of 2021, the COVID-19 pandemic compelled governments worldwide to implement stringent lockdowns and forbid the import or export of essential raw materials. A great deal of people are putting off inspections or making optional repairs, and several government transportation organizations are loosening the rules regarding technical controls and inspection schedules. Less well-off clients are also postponing maintenance that is avoidable. These changes are drastically lowering the number of people who visit garages, service stations, and repair shops—even though they are usually allowed to remain open and can still easily obtain parts from distributors.

Europe Automotive Aftermarket 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; Magna International Inc., Continental AG, Magneti Marelli S.p.A., ZF Friedrichschafen AG, Robert Bosch GmbH, Valeo SA, Faurecia and MAHLE are some key market participants in Europe.


Europe Automotive Aftermarket Market Segmentation:

By Application: Based on the Application, Europe Automotive Aftermarket Market is segmented as; Infotainment and Multimedia, Engine Component, Tires and Wheels, Electrical Products, Seat and Steering Covers, Others.

By Distribution Channel: Based on the Distribution Channel, Europe Automotive Aftermarket Market is segmented as; Domestic, International.

By Vehicle Type: Based on the Vehicle Type, Europe Automotive Aftermarket Market is segmented as; Two Wheeler, Passenger Car, Commercial Vehicle.

By Position: Based on the Position, Europe Automotive Aftermarket Market is segmented as; External Accessories, Internal Accessories.

By Region: This research also includes data for Eastern Region, Western Region, Southern Region, Northern Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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