Although the automotive aftermarket used to be a relatively stable market, visit my web site it was shaken by the recession, which saw a large number of businesses go out of business. The drop in vehicle sales in Europe and the United States is particularly devastating, even though Europe’s economy was on a more modest growth path before the coronavirus. These markets may see more vehicle sales declines as the coronavirus spreads. Vishal Pandey predicts that this market will recover in 2022. He also sees signs of an industry resurgence in China and the United States. These areas are expanding, and they will continue to mask the negative impact of declining vehicle sales. When you have just about any queries regarding where by and how to work with Car mats, you’ll be able to e mail us in our own page.

The automotive aftermarket’s overall market size will increase by almost 10% between 2018-2028. This is due to consumer awareness about vehicle care. In addition, there will be an increase in the number of vehicles on the roads which will lead to a greater demand for parts and repairs. Automotive aftermarket parts will be more in demand as vehicles become more customizable. These products and services are becoming more popular worldwide and play an increasing role in the overall automotive industry.

The automotive aftermarket caters to two types: those who can fix their vehicles by themselves and those who prefer professionals installing parts and accessories. With a range of customization options available and service providers, consumers can keep their cars on-the-road by using the aftermarket. The DIY and DIFM segments collectively account for around 20% of the automotive aftermarket’s market share in parts sales. This segment also includes independent motor factor businesses that manufacture and sell parts.

The Automotive Aftermarket and the Car Dealership 1

The increasing awareness regarding the importance and benefits of scheduled maintenance is helping to propel the automotive aftermarket to $722.8billion by 2020. Manufacturers and dealers alike are benefiting from this growing awareness. The industry will grow at 4% annually, with light duty parts sales expected to reach $341 billion in 2022.

The automotive aftermarket, which is worth multi-billions of dollars, is the most important segment in the auto industry. Its members include auto parts suppliers, specialty dealers, and parts distributors. It features over 2,500 manufacturers representing the automotive aftermarket as well as targeted buyers of 47,000+. You can expect to find everything you need for the vehicle aftermarket at the AAPEX. In case you were wondering, the auto parts business is now more lucrative than ever.

There are many distinctions between OEM parts and aftermarket pieces. Aftermarket parts can be made by a different company. Aftermarket parts can be made of lower quality materials, and may not fit as well as OEM parts. Because of this, aftermarket parts may fail sooner or later. Because of this difference in cost, OEMs are a better option for many drivers. Look no further if you’re looking for automotive aftermarket part.

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The Automotive Aftermarket and the Car Dealership
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