The Automotive Aftermarket and the Car Dealership
The automotive aftermarket was a stable sector in the past. However, the recession rocked the sector and many companies were forced to close their doors. Even though Europe’s economy experienced a much slower growth rate, the drop in vehicle sales in America and Europe is quite severe. These markets will experience further vehicle sales declines if the coronavirus spreads. But in 2022, Vishal Pandey expects a recovery in this market. He sees signs that the industry is recovering in China and the United States. These regions are expanding and will continue to hide the effects of the declining vehicle sales. If you have any kind of queries with regards to exactly where along with the best way to make use of Hyundai Car Mats, you’ll be able to email us at our own website.
The automotive aftermarket’s overall market size will increase by almost 10% between 2018-2028. This is due to consumer awareness about vehicle care. A growing number of vehicles means that there will be more demand for replacement parts and regular repairs. Automotive aftermarket parts will be more in demand as vehicles become more customizable. These services and products are becoming increasingly popular in the automotive industry and are used more frequently by consumers around the world.
The automotive aftermarket comprises two types of consumers: those who can perform repairs on their vehicles themselves and those who prefer to have professionals install parts and accessories. In either case, the aftermarket helps consumers keep their cars on the road by offering a variety of customization options and service providers. The automotive aftermarket accounts for approximately 20% of parts sales. This segment also includes independent motorfactor businesses that sell and manufacture parts.
With the increasing importance of scheduled maintenance and scheduled service, the automotive aftermarket is expected reach $722.8 million by 2020. This increased awareness is good news both for dealers and manufacturers. It is predicted that light duty automotive parts sales could reach $341 million by 2022. Additionally, the industry is expected grow at 4% per annual.
The automotive aftermarket is a multi-billion-dollar industry and is the most vital segment of the auto industry. Its members are auto parts suppliers and specialty dealers as well as parts distributors. There are more than 2,500 manufacturers in the automotive aftermarket, and there are 47,000+ buyers. The AAPEX will have everything you need to support the aftermarket vehicle industry. The auto parts industry is more profitable than ever.
There are many variations between OEM and Aftermarket parts. Aftermarket parts are made by a different company. OEM parts are produced by the manufacturer of your car. Aftermarket parts often have lower quality materials and don’t offer the same superior fit as OEM parts. As a result, aftermarket parts can often fail sooner or later. This difference in cost makes OEMs a better choice for many drivers. If you are looking for aftermarket parts for your car, don’t hesitate to contact us.
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