Why is Global Automotive Aftermarket Predicted to Boom in Future?

The International Energy Agency (IEA) estimates that the stock of plug-in hybrid electric vehicles (PHEVs) (cars) and battery electric vehicles (BEVs) (cars) will mount to 44,355,904 and 79,975,992, respectively, by 2030. Furthermore, the IEA forecasts that the stock of BEV vans and PHEV vans will reach 11,041,648 and 1,959,625, respectively, by 2030. The soaring demand for electric vehicles (EVs) and increasing electrification of powertrain systems across the world, owing to the rising implementation of favorable government initiatives and mounting awareness about air pollution mitigation, will create a huge requirement for aftermarket vehicle parts.

Additionally, the increasing vehicle age, especially in the developing countries of Asia-Pacific (APAC) and Latin America, Middle East, and Africa (LAMEA), will aid the automotive aftermarket in advancing at a 5.07% CAGR during 2020–2030. Owing to this reason, the market revenue will escalate from $803.22 billion in 2019 to $1,370.17 billion by 2030. For instance, the International Trade Administration forecasts that the average age of a car in China is projected to surge from 4.6 years in 2018 to 5.5 years in 2023 owing to the increasing integration of technologically advanced components.

Geographically, APAC led the automotive aftermarket in the recent past, and it is expected to retain its dominance in the foreseeable future. This can be primarily attributed to the surging number of vehicles on the road, especially in India and China, and the increasing presence of prominent tier-1 suppliers in the region. Furthermore, the region is expected to advance at the highest rate in the upcoming years due to the soaring number of passenger cars in India, China, Japan, and South Korea, and the increasing requirement for vehicle repair and maintenance services in the region.

Therefore, the burgeoning EV sales and increasing vehicle age in developing nations will create a huge requirement for aftermarket automotive components in the forthcoming years.  


Comments

Post a Comment

Popular posts from this blog

Vertical Farming Market- High Investment in the Vertical Farming

Image
GLOBAL VERTICAL FARMING MARKET  By Component ·          Hardware o     Lighting §   Grow Lights §   Grow Light Reflectors §   Grow Light Ballasts o     Hydroponic Components §   Pumps and Irrigation §   Meters and Solutions §   Water Filters §   Others (includes Timer and Delivery System) o     Climate Control §   Ventilation Fans §   Air Purification/ Control §   Others (includes Condenser and HVAC System) o     Sensors §   Temperature Sensors §   CO2 Sensors §   Nutrient Sensors §   PH Sensors §   Crop Sensors §   Others (Biosensors and Electronics Nose) ·          Software Global  vertical farming market  is expected to reach $6,372.5 million by 2023, witnessing CAGR of 24.2% on account of increasing awareness levels among consumers and rising disposable income, leading to the consumption of high value crops. Adoption of organic foods, rising urban population, growing focus towards efficient production of fresh fruits and vegetabl
Read more

CBD Oil Market Assess the Trends, Opportunities and Competition in the Market

Image
With its plethora of health benefits and close association with cannabis or marijuana, as it is popularly known, cannabidiol (CBD) oil is one such controversial substance that makes doctors and medical researchers come face to face with the conservative figureheads of the society. However, with growing public awareness and government support, the stigma associated with CBD oil is rapidly going away and the product is finding more and more consumers all over the world. In the recent times, many countries such as the U.S. and Canada have legalized the usage of the compound and in the coming years, many more will follow. Several countries in Asia-Pacific (APAC), Europe, and Latin America (LATAM) such as the U.K., Norway, Spain, South Korea, Thailand, Japan, Mexico, South Africa, and Brazil have followed the U.S. and Canada and allowed the complete or partial sale of various cannabidiol-containing items in the last few years. Request to Get the Sample Report@  https://www.psmarketrese
Read more

Automotive HMI Market Opportunities, Trends, Growth Analysis | Forecast – 2030

Image
According to a report by P&S Intelligence, the global automotive HMI market is projected to generate a revenue of $55,318.4 million by 2030, increasing from $18,822.3 million in 2019, progressing at a 10.8% CAGR during the forecast period (2020–2030). The market is registering growth due to the advancements in the augmented reality, connectivity, virtual reality, and IoT technologies and the incorporation of these technologies in HMI solutions. Moreover, the swift digitization is also predicted to result in the growth of the market. Geographically, Asia-Pacific (APAC) dominated the market in 2019, in terms of value, due to the higher sales of passenger cars in the region in comparison to other regions. As the spending power of consumers is rising, the adoption of HMI-equipped vehicles is projected to rise as well. In addition to this, the Chinese automotive domain is registering considerable growth in the demand and sales of premium cars, which is further leading to the growth of
Read more