Pune, April 17, 2020 (GLOBE NEWSWIRE) -- The global automotive aftermarket size is set to touch USD 288.20 billion by 2026, exhibiting a CAGR of 3.7% during the forecast period. Growing focus on digitization of aftersales services in the automotive industry will aid the growth of this market, states Fortune Business Insights™ in its report, titled “Automotive Aftermarket Size, Share & Industry Analysis, By Replacement Part Type (Battery, Brake Pads, Filters, Gaskets & Seals, Lighting Components, Body Parts, Wheels, Others), By Vehicle Type (Passenger Cars, Commercial Vehicles), and Regional Forecast, 2019-2026”. Automakers, components suppliers and distributors, and Original Equipment Manufacturers (OEMs) are intensely focused on utilizing digital means to optimize value chain processes. Digitization of channels and services will also enable consumers to deepen their research before purchasing or repairing their vehicle as well as provide them with necessary information about workshop quality, location, and availability of services.
Many suppliers are already taking steps toward digitization, which are driving the automotive aftermarket trends. For instance, in 2018, Hella KGaA Hueck & Co., the German automotive parts supplier, established a ‘Mobility Solutions’ unit to promote digital business models in the aftermarket domain.
The report further states that the value of this market stood at USD 215.32 billion in 2018. The other highlights of the report include:
In-depth analysis of the automotive aftermarket industry trends;
Comprehensive study of the market drivers and constraints;
Thorough research into the different market segments; and
Exhaustive evaluation of the regional and competitive dynamics shaping the market.
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