Published Date: Oct 2019 | Report ID: GMI1166 | Authors: Kiran Pulidindi, Hemant Pandey
Automotive Aftermarket size valued at USD 923.1 billion in 2018 and will grow at a CAGR of 5.5% from 2019 to 2026.
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Automotive aftermarket, frequently referred to as secondary market, manufactures and supplies spare parts, accessories and other components for various automobiles. Aftermarket industry provides services such as repair and maintenance for the vehicles. It is highly consumer driven and undergoing changes with evolving consumer expectations, technological advancement and changing dynamics. Shifts in competitive power in emerging economies contribute to transforming the industry landscape periodically. New technology in terms of innovative components and logistics are set to reduce gap between OEM and aftermarket offerings.
Surging pre-owned vehicle sales in turn help propel the repair and maintenance side of the