Automotive aftermarket set to swell
The global automotive aftermarket market is expected to reach more than $519bn by 2026 with a CAGR of four per cent.
This is according to a new study released by Polaris Market Research, which provides an extensive analysis of present market dynamics and predicted future trends.
The key factors driving growth include the rising average age of vehicles, growing awareness about proper maintenance, as well as technological advancements in telematics, greater need for long distance travel, and changing lifestyles.
Meanwhile, new emerging markets, sales through online channels, and emerging consumer demographics are expected to offer a new avenue for growth in the coming years.
The automotive aftermarket can be divided into tire, battery, wheels, exhaust components, lighting, telematics, accessories, body parts, and others. The tire segment is expected to dominate the market during the forecast period, as they require periodic replacement.
