The automotive aftermarket is the segment of the automobile industry that sells parts and accessories for vehicles. It is not tied to an original equipment producer, but depends on the economy and independent suppliers. Due to this, the aftermarket is one of the most recession-resistant sectors of the automotive industry. Because it isn’t directly dependent upon new vehicle sales, the aftermarket doesn’t experience as much economic stress as the OEM. But, slow economic recovery might delay the return back to pre-pandemic levels. In case you have any questions concerning in which and also how you can employ Toyota Car Mats, it is possible to email us with our site.
E-commerce entities in the automotive aftermarket have transformed the sales experience. E-commerce platforms such as Amazon Marketplace and visit eBay Motors have made it easy to buy and sell automotive parts and accessories. These websites not only offer fast delivery and product reviews but also provide the best both of them. As a result, these new digital platforms have emerged as a lucrative business opportunity for automotive aftermarket players. Automotive aftermarket companies need to be prepared for the new reality.
The automotive aftermarket includes a wide variety of companies, with a growing number of online businesses. This has resulted in a proliferation of parts and accessories stores. The aftermarket is now more popular than ever. Consumers have a wide range of choices, from small tire shops to large dealerships, when it comes to automotive parts and online retailers. The aftermarket will continue to exist regardless of how vehicle owners shop for parts.
AAG is a key player in the automotive aftermarket. It owns a majority of several online and motor factor retailers. The company works at all levels in the supply chain, linking parts suppliers to repairers through national and regional distribution centres. The association also runs distributor outlets that provide services to more than 35,000 garages in Canada and the United States. To get more information about this dynamic industry, visit their website at automotiveaftermarket.com.
The global automotive market is expected to grow at 6.4% CAGR in the forecast period. It is mainly driven primarily by increased vehicle ownership, and an increase in the demand for replacement part. Some parts made by original equipment manufacturers can go up to $100,000. Replacement parts, however, are considerably cheaper and thus more affordable. The growth of the automotive aftermarket is being driven by the rising popularity of used cars. This is a highly competitive industry.
Both auto dealers and manufacturers have found the automotive aftermarket a significant source of revenue. The automotive aftermarket covers many types of accessories, replacement parts, as well as collision repair. There are several types of aftermarket businesses, including retailers, manufacturers and remanufacturers. The type of parts used in the aftermarket can also be a factor. Additionally, there are segments that concentrate on the type and availability of accessories and parts.
The US’ second largest industry is the automotive aftermarket. It employs 4.5 millions people. People are employed by parts manufacturers, automobile dealerships and automotive wholesale distributors. The industry is still huge, even though the demand for automotive technicians has been outpacing employment growth over the last decade. Personal consumption of automotive components grew by 8.8% in October 2020. In 2022, light-duty auto parts will surpass $341 million.
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