The main players in the passenger car aftermarket are Denso Corporation, Robert Bosch Gmbh, Continental AG, 3M Company and Delphi Automotive PLC. The global passenger car aftermarket is expected to grow by $ 230.
New York, September 30, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Passenger Cars After Market Global Market Report 2021: COVID-19 Growth And Change To 2030” – https://www.reportlinker.com/p06151567/?utm_source=GNW
$ 17 billion in 2020 to $ 247.49 billion in 2021 at a compound annual growth rate (CAGR) of 7.5%. The growth is primarily driven by businesses resuming operations and adjusting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, the remote work and closure of business activities which resulted in operational challenges. The market is expected to reach $ 289.37 billion in 2025 at a CAGR of 4%.
The passenger car secondary market includes sales of spare parts and services for passenger cars. accessories.
The market includes sales of tires, batteries, brake parts, filters, lights and electronic components.
The passenger car aftermarket covered in this report is segmented by type into tires, battery, brake parts, filters, body parts, lighting, wheels, exhaust components, turbochargers, etc. It is also segmented by distribution channel into retailers (OEMs, repair shops), wholesalers and distributors and by certifications into original parts, certified parts, non-certified parts.
The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East & Africa.
Many companies offer extended warranties to third parties on vehicle parts or services, which in turn hinders the growth of independent service providers. Extended warranties are given on a vehicle part / service to increase the life of a vehicle, which leads to free service or discounts. towards the consumer.
Since all warranty repairs are performed only by the OEM (Original Equipment Manufacturers), the aftermarket sales and service market, generated primarily by dealer service centers, suffers a loss. According to the Motor & Equipment Manufacturers Association (MEMA) in California, for all light vehicles, extended warranties have not had an effect on independent repair shops.
The passenger car aftermarket uses 3D printing technology, also known as additive manufacturing (AM), to manufacture high-quality, out-of-the-box auto parts using 3D printers capable of printing into metals and alloys. 3D printing works by creating a virtual 2D object in software and building the 3D frame using the printer. The use of 3D printing in the production of auto parts increases efficiency and raises the production standards of companies. Companies (original equipment manufacturers) like General Motors, BMW, Ford and Porsche have already started to invest in this trend.
In 2018, Tenneco acquired Federal-Mogul for $ 5.4 billion from Carl Icahn. The purchase included a cash payment of $ 800 million and 29.5 million shares of Tenneco, including non-voting shares. Federal-Mogul Corporation was founded in 1899 and is headquartered in Southfield, Michigan, United States. It is a company that develops, manufactures and supplies products for automotive, commercial, aerospace, marine, rail and all-terrain vehicles. Federal Mogul holds a strong position in the manufacture and supply of various auto parts all over the world. The acquisition benefited Tonneco with an increase in its automotive parts portfolio in the global automotive aftermarket. With this acquisition, Tonneco plans to provide technical solutions that meet fuel economy, power output and pollution requirements for diesel, gasoline and electrified vehicles.
Increasing the average lifespan of a car is one of the main drivers of the passenger car aftermarket as it leads to an increase in regular consumer maintenance and scheduled vehicle maintenance. Car life describes the maximum life span in terms of mileage and time.
Changing wheels, batteries, spark plugs, air filters play an important role in extending the life of a vehicle. According to the 2019 IHS Automotive Survey, the typical car on the road in the United States is 11.8 years old. On top of that, based on a USA Today article, the number of vintage vehicles on the road totals up to 278 million in 2019.
The industry is regulated by several regulations governed by multiple international and national agencies. One example of such a regulatory body is the United States National Highway Traffic Safety Administration (NHTSA). lamps, reflective devices and associated lighting equipment for passenger cars as well as other multi-purpose passenger vehicles. As defined in the CFR, the purpose of section 571 is to establish regulatory standards relating to lighting equipment in vehicles to be followed by motor vehicles, including passenger cars. The standards also specify the points where equipment such as headlights must be mounted in vehicles so as to make them easily visible on public roads both in daylight and in the dark or in other driving conditions. reduced visibility, thus reducing traffic accidents, fatalities and injuries.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom and United States.
Read the full report: https://www.reportlinker.com/p06151567/?utm_source=GNW
On Report link
ReportLinker is an award winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
CONTACT: Clare: [email protected] US: (339)-368-6001 Intl: +1 339-368-6001