Passenger Cars After Market Global Market Report 2023
Major players in the passenger car aftermarket market are Denso Corporation, Robert Bosch Gmbh, Continental AG, 3M company, Delphi Automotive PLC., ZF friedrichshafen AG, Magneti Marelli S.p.A, Cooper tire & Rubber Company, Federal -Mogul Corporation, Goodyear tire & rubber company, Aisin Seiki Co, Valeo, Sumitomo Electric Industries Ltd, Aptiv PLC, MAHLE GmbH, Schaeffler AG, ACDelco, Mobileye, Eaton, Schaeffler Technologies AG, Lear Corporation, Yazaki Corp, Akebono Brake Corporation, American Axle & Manufacturing, Bridgestone Corporation, Gates Corporation, Hyundai Mobis Co.
New York, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Passenger Cars After Market Global Market Report 2023" - https://www.reportlinker.com/p06229759/?utm_source=GNW
Ltd, Kumho Tires, Exide Technologies and Pirelli & C. S.p.A.
The global passenger cars aftermarket is expected to grow from $216.18 billion in 2021 to $226.33 billion in 2022 at a compound annual growth rate (CAGR) of 4.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The passenger car aftermarket market is expected to reach $289.37 billion in 2026 at a CAGR of 5.3%.
The passenger car aftermarket market includes revenues earned by entities by providing services such as manufacturing, distribution, retailing, installation, and remanufacturing of all vehicle parts and accessories.Revenues include fees, interest payments, commissions or transaction charges.
The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Passenger car aftermarket refers to services that provide manufacturing, remanufacturing, distribution, retailing, and installation of replacement, equipment, service repair, and automotive accessories.
Asia Pacific was the largest region in the passenger car aftermarket market in 2022.North America was the second-largest region in the passenger car aftermarket market.
The regions covered in the passenger car aftermarket market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of passenger car aftermarket are tires, batteries, brake parts, filters, body parts, lighting, wheels, exhaust components, turbochargers, and others.A tire, sometimes known as a tire, is a ring-shaped device that covers the rim of a wheel to carry a vehicle’s load from the axle to the ground while also providing grip on the surface over which the wheel moves.
The different Certifications include genuine parts, certified parts, and uncertified parts and are available through various distribution channels such as retailers (OEMs, repair shops), wholesalers, and distributors.
Increasing the average lifespan of a car is one of the major drivers of the passenger car aftermarket as it leads to an increase in consumers’ 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.
Many companies are offering extended warranties to third parties on vehicle parts or services which in turn is hampering the growth of independent service providers.Extended warranties are given on a vehicle part/service to increase the lifetime of a vehicle which leads to free service or discounts for the consumer.
Since all warranty repairs are performed by the OEM (Original Equipment Manufacturers) only, the aftermarket sales and services market which is generated majorly from dealer service centers suffers a loss. According to the Motor & Equipment Manufacturers Association (MEMA), in California for all light-duty vehicles extended warranties did not affect independent repair shops.
The passenger car aftermarket is using 3D printing technology also called Additive Manufacturing (AM) to make high-quality off-the-shelf car parts using 3D printers that are capable of printing in metals and alloys. 3D printing works by making a virtual 2D object in the software and constructing the 3D framework by using the printer. The use of 3D printing in producing automobile parts increases efficiency and raises the production standards of companies. Companies (original equipment manufacturers) such as General Motors, BMW, Ford, and Porsche have already started investing in this trend.
The industry is regulated by several regulations governed by multiple international and country-specific agencies. One example of a such regulatory body is the National Highway Traffic Safety Administration (NHTSA) of the U.S. Standard number 108 of section 571 under Title -49 "Transportation" mentioned in the Code of Federal Regulations (CFR), states the requirements for original and replacement lamps, reflective devices, and associated lighting equipment for passenger cars as well as other multipurpose passenger vehicles. As defined in CFR, the purpose of section 571 is to set regulatory standards relating to lighting equipment in vehicles to be followed by motor vehicles including passenger cars. The standards also specify points where equipment such as Headlamps should be mounted in vehicles to make them easily visible on public roads both in daylight and in darkness or other conditions of reduced visibility thus reducing traffic accidents and deaths and injuries.
In October 2021, Motus, Toyota, a South Africa-based automotive company, acquired FAI Automotive plc.As a result of the acquisition, Motus will strengthen its international presence in the UK and expand its aftermarket parts business.
FAI Automotive plc is a UK-based distributor of premium aftermarket automotive components. It is a leading supplier of high-quality engine and chassis components to the UK and international aftermarket, providing repair solutions for a wide range of vehicles.
The countries covered in the passenger car aftermarket report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The passenger car aftermarket market research report is one of a series of new reports that provides passenger car aftermarket market statistics, including passenger car aftermarket industry global market size, regional shares, competitors with a passenger car aftermarket market share, detailed passenger car aftermarket market segments, market trends and opportunities, and any further data you may need to thrive in the passenger car aftermarket industry. This passenger car aftermarket market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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