Europe Automotive Aftermarket Market Size 2023, Share, Rising Trends, CAGR Status, Challenges, Opportunities and Forecast 2033: SPER Market Research
The automotive aftermarket includes the manufacturing, remanufacturing, distribution, redistribution, end-retail, reselling, and installation of automobiles. The aftermarket covers replacement, performance, appearance, and collision parts. The digitization of automotive repair and component sales has led to an increase in the popularity of the automotive aftermarket with the adoption of new technologies.
According to SPER market research, ‘Europe Automotive Aftermarket Market Size- By Type, By Application, By Distribution, By Vehicle Type, By Vehicle Type, By Position – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Europe Automotive Aftermarket Market is predicted to reach USD 435.54 billion by 2033 with a CAGR of 3.36%.
The European automotive aftermarket is expected to grow faster than average over the course of the forecast period due to a number of factors, including the expansion of vehicle customization combined with rising disposable income, strict government laws requiring the replacement or upgrading of vehicle components, and the development of post-sale services for cars. Nonetheless, over the forecast period, it is anticipated that rising demands for shared mobility and volatile raw material prices will impede the expansion of the global automotive aftermarket sector. Furthermore, it is anticipated that in the near future, the automotive aftermarket will profit from the expansion of automotive e-commerce and the rise in demand for technologically sophisticated features.
Automotive Aftermarket market in Europe has some challenges that hamper the market growth. More integrated sensors in cars will lead to safer driving and reduced wear and tear on the brakes and other parts as technology advances. The difficulty of replacing components is one of the factors hindering the growth of the automotive aftermarket.
To mitigate global warming and reduce carbon emissions, Icars are equipped with environmentally friendly components. It is not necessarily the consumers’ decision to replace parts that continuously harm the environment and raise carbon emissions. These factors therefore limit the automobile aftermarket.
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Impact of COVID-19 on Europe Automotive Aftermarket Market
The COVID-19 pandemic is expected to persist for several years, with uncertain ramifications for the automotive aftermarket. Global governments were forced to impose strict lockdowns and prohibit the import or export of vital raw materials due to the COVID-19 pandemic during the majority of 2020 and several months of 2021. Several government transportation organizations are relaxing the rules regarding technical controls and inspection schedules, and many people are delaying inspections or making optional repairs. Clients with lower incomes are also delaying preventable maintenance. Although garages, service stations, and repair shops are still able to easily obtain parts from distributors and are typically permitted to remain open, the number of people visiting these establishments is drastically declining as a result of these changes.
Europe Automotive Aftermarket Market Key Players:
Furthermore, Around 166 million vehicles are sold in developed Western European markets, including the UK, Germany, France, Italy, and Spain. On the other hand, the number of cars in use in these nations is only rising by 1% annually. Additionally, some of the market key players are ZF Friedrichschafen AG, Robert Bosch GmbH, Valeo SA, Faurecia and MAHLE are some key market participants in Europe.
Europe Automotive Aftermarket Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Application: Based on the Application, Europe Automotive Aftermarket Market is segmented as; Infotainment and Multimedia, Engine Component, Tires and Wheels, Electrical Products, Seat and Steering Covers, Others.
By Distribution Channel: Based on the Distribution Channel, Europe Automotive Aftermarket Market is segmented as; Domestic, International.
By Vehicle Type: Based on the Vehicle Type, Europe Automotive Aftermarket Market is segmented as; Two Wheeler, Passenger Car, Commercial Vehicle.
By Position: Based on the Position, Europe Automotive Aftermarket Market is segmented as; External Accessories, Internal Accessories.
By Region: This research also includes data for Eastern Region, Western Region, Southern Region, Northern Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Europe Automotive Aftermarket Market Growth
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