Automotive Aftermarket and Car Dealerships

The aftermarket for automobiles is now under greater scrutiny as the industry struggles to recover. The recession has reduced vehicle miles traveled and curbs customer foot traffic. This physical distancing has resulted in shifting consumer demand and the decline of aftermarket revenue. The slow economic recovery could delay the return to precrisis levels. To account for the potential decrease in vehicle miles and crashes, aftermarket players will need to adjust their revenue plans. Should you have any kind of concerns with regards to exactly where and also how to utilize Car mats, you can contact us from our own site.

E-commerce has made it easier for consumers to find parts for their cars online. A study from 2019 found that 49% are open to buying their car online. This has helped to accelerate the evolution of automotive sales and created new online markets for automotive parts. This transformation has not only made the industry more efficient but also changed consumer preferences. Customers can now browse, research, review and get fast delivery by going online.

The automotive aftermarket is fueled by a variety of distribution channels. Some customers prefer to install their own parts, while others prefer to hire professionals. The automotive aftermarket allows cars to be kept on the road. It also gives car owners a range of options when it is time to customize their vehicles. DIY and DIFM firms account for 20%, respectively, of total automotive aftermarket. Automotive companies can increase their sales, profitability, as well as revenue by having a strong aftermarket.

The automotive aftermarket is comprised of three major categories: performance parts, accessories, and OEM replacement parts. Some of these categories include auto parts produced by vehicle manufacturers and other companies. The auto aftermarket is a multi-billion dollar industry. Let’s take a look at the top companies involved in the automotive aftermarket to better understand the industry. These companies are long-standing in the industry. These are the things you should know if you’re interested in a career within the auto parts industry.

The automotive aftermarket is expected to grow strongly between 2020 and 2026. Consumer-driven factors drive its demand. The changing consumer demand drives manufacturers to create more economically-priced goods for global markets. Technology has made it possible for manufacturers to deliver quality products to consumers faster and farther. There are many factors that have contributed to the expansion of the aftermarket. North America, the largest hub for automotive parts manufacturing in the United States is a major player. Mexico’s growing automotive parts industry is another important growth driver.

Three main regions dominate the automotive industry’s aftermarket. The North American region is projected to account for the largest share of the global market by 2028, while the Asia Pacific region is projected to grow at a 7% CAGR through 2028. The region’s growth is primarily driven by rising vehicle sales and increased popularity of energy efficient vehicles. Due to growing demand for electronic gadgets, Australia, South Korea, Japan, and South Korea will see substantial growth in the aftermarket automotive market.

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