BusinessGlobeNewswireAutomotive Aftermarket Size to Reach US$ 513.1 Billion by 2027
The global automotive aftermarket size is anticipated to reach over US$ 513.1 billion by 2027 with a noteworthy CAGR of 3.8% over forecast period 2020 to 2027. OTTAWA, Oct. 29, 2020 (GLOBE NEWSWIRE) -- The global automotive aftermarket size was valued at US$ 381.4 Billion in 2019, according to a new report by Precedence Research. View full report@ https://www.precedenceresearch.com/aftermarket-automotive-parts-marketAutomotive aftermarket includes post-sales replacement of vehicle parts or components to maintain the efficiency and its mobility affordable throughout the life of a vehicle. There are chain of operators in the automotive aftermarket that include multi-brand repairers, providers of technical information, parts distributors, tools manufacturers, parts manufacturers, and roadside rescue service providers.Growth FactorsIncreasing sales of pre-owned and new vehicles, ageing of vehicles, and poor road conditions are some of the prominent factors that spur the growth of automotive aftermarket. As per Bureau of Transportation Statistics U.S., average age of passenger vehicles is 12 years. Thus, automotive components or parts demand replacement, thereby fuelling the growth of the market. In addition, Integration of advanced technologies such as Internet of Things (IoT), big data, and analytics in the distribution mode triggers the trend for online sales of automotive components. Besides this, rising adoption of electric vehicle and safety technologies offer significant challenge for the component replacement.Get the Sample Pages of Report for More Understanding@ https://www.precedenceresearch.com/sample/1111Report Highlights * In 2019, the Asia Pacific led the automotive aftermarket in terms of revenue in 2019 and analyzed to witness prominent growth over the forecast period. Surge in demand for passenger cars, use of advanced technology while fabrication of auto parts, and digitalization of component delivery services projected to spur the market growth in the region. * Europe is a matured market and contribute prominent revenue share in the global automotive aftermarket owing to a regional home for several automotive OEM manufacturers. Additionally, green revolution has transformed the transportation sector of the region into an environment-friendly solution this significantly spurs the market growth. * In terms of revenue, tire dominated the global automotive aftermarket and anticipated to continue its dominance over the forecast period due to small replacement cycle compared to its counterparts. * On the basis of distribution channel, retailer segment projected to lead the market, whereas wholesale and distribution segment witness the fastest growth over the projected years. Rising digitization and trend for online platform are some of the major factors that uplift the wholesale and distribution segment in the coming years. * By sales channel, Original Equipment (delegating to OEMs) expected to dominate the automotive aftermarket in the years to come. Brand name and consumer loyalty are the major factors that propel the market growth for OE segment. Besides this, Do It Yourself (DIY) experience lucrative growth over the forecast period. This is mainly due to the rising technical knowledge of the consumer and their keen interest to repair, maintain, and upgrade their cars by their own. Full Report is Ready and Can be dispatched you immediately after Payment Confirmation | Buy this Premium Research Report@ https://www.precedenceresearch.com/checkout/1111Regional SnapshotsIn terms of market value, the Asia Pacific led the automotive aftermarket in 2019 and anticipated to register lucrative growth in the coming years. This is attributed to the rising sale and production of both passenger and commercial vehicles in the region. Dramatic changes in the transportation sector offer significant opportunity for the market players to maintain strong footprint in the region. Furthermore, the automotive aftermarket in the Asia Pacific region experience major consolidation from organized and new entrants by replacing current and unorganized players. In addition, implementation of new tax reforms from government enable the market to shift from unorganized management to organized and digitized platforms. Escalating disposable wages in emerging nations, such as Brazil and China is anticipated to have a progressive influence on the aftermarket sector.On the other end, Europe and North America are the matured markets and seek lucrative growth for new technology integration in the existing platform. The public is also more experienced and prefer Do It Yourself (DIY) sales channel that again boost the market growth. In addition, high purchasing power in the regions triggered the sales of premium and luxury vehicles that cost higher for aftermarket component replacement, thus offer lucrative growth for Do It Yourself (DIY).Browse more Automotive Industry Research Reports@ https://www.precedenceresearch.com/industry/automotiveKey Players & StrategiesThe global automotive aftermarket is highly competitive due to the presence of large number of players. In addition, advent of new technologies in the automotive components and the market shifts are compelling industry participants in aftermarket to evaluate their position and be strategic for maintaining position in the fast-changing environment. For the same, major market players such as 3M Company, Continental AG, Denso Corp., and Robert Bosch GmbH among others are investing prominently to upgrade their products to cater the consumer need and expectations. Other than major aftermarket players, small and new entrants are also gaining significant momentum in the aftermarket for automotive components by integrating high-end technologies such as IoT, big data, and blockchain among others.Market SegmentationBy Replacement Part * Battery * Tire * Filters * Brake Parts * Turbochargers * Lighting & Electronic Components * Body Parts * Exhaust Components * Wheels * OthersBy Service Channel * DIFM (Do it for Me) * DIY (Do it Yourself) * OE (Delegating to OEM’s) By Distribution Channel * Wholesalers & Distributors * RetailersBy Certification * Certified Parts * Genuine Parts * Uncertified Parts By Regional Outlook * North America * Europe * Asia Pacific * Rest of the WorldGet Customization on this Research Report@ https://www.precedenceresearch.com/customization/1111Full Report is Ready | Buy this Premium Research Report@ https://www.precedenceresearch.com/checkout/1111You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 774 402 6168About UsPrecedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.For Latest Update Follow Us:https://www.linkedin.com/company/precedence-research/
BusinessAutocar IndiaRally inspired Porsche 911 inches towards reality
In 2018 we brought you a global exclusive, that Porsche were toying with the idea of a jacked-up 911. Chatting with us about the famed 911 Safari edition rally cars, at the Los Angeles Motor Show 2018, Detlev von Platen, Member of the Executive Board for Sales and Marketing, Porsche AG said, “Taking the 911 and making an SUV out of it? Taking it higher? That could be a good idea, and of course it (a 911 on stilts) won't be a model range but it will be a limited, a very niche product.” It now appears that work on the off-road version of the 911 has begun. Recently surfaced spy-shots show a current 992 – generation 911 with a massively raised ride height and wheel arches filled in by some temporary add-on cladding. The increase in ride height isn’t to the level of most SUV’s, but it’s significant enough and would be more than sufficient for a rough road rally style car that the 911 would turn out to be. Nothing more is known about the car, though you can expect more sightings and details to trickle out in the days to come. If indeed the car makes it to production, this would be the only off-road 911 after the company’s one-off rally or ‘Safari’ special 911’s from the 70’s and 80’s. Also See: 2020 Porsche 911 Turbo S priced at Rs 3.08 crore 2020 Porsche 911 Turbo S review, test drive Porsche Cayenne Coupe India video review Porsche Cayenne Coupe India review, test drive 2021 Porsche Panamera facelift revealed
BusinessReutersGeely's EV maker Polestar recalls all Polestar 2 sedans again
Electric vehicle maker Polestar, owned by Volvo Cars and its parent China's Geely, is recalling its new Polestar 2 cars for the second time in a month, it said on Thursday. The company, which made its last recall on Oct. 2 after several cars had lost power and stopped running, is recalling close to 4,600 vehicles due to a faulty component. "Polestar has initiated a voluntary safety recall and a service campaign that contains a number of updates for Polestar 2 vehicles," the firm said in statement.
