Yahoo Finance Wholesale and Distribution Automotive Aftermarket Global Market Report 2022
Major players in the wholesale and distribution automotive aftermarket market are 3M Company, Continental AG, Denso Corporation, Robert Bosch GmbH, Magneti Marelli S. p. A. , Delphi Automotive PLC, Federal-Mogul Corporation, The Goodyear Tire & Rubber Company, ZF Friedrichshafen AG, and DRiV Incorporated.
New York, Oct. 04, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wholesale and Distribution Automotive Aftermarket Global Market Report 2022" - https://www.reportlinker.com/p06325441/?utm_source=GNW
The global wholesale and distribution automotive aftermarket market is expected to grow from $195.95 billion in 2021 to $217.93 billion in 2022 at a compound annual growth rate (CAGR) of 10.7%. The wholesale and distribution automotive market is expected to reach $288.10 billion in 2026 at a CAGR of 7.2%.
The wholesale and distribution automotive aftermarket consists of sales of products and services by entities (organizations, sole traders, and partnerships) that refers to the secondary market for the automotive that focuses on the wholesale and distribution of automobiles, their parts and related services after the original equipment manufacturer has sold the automobile to the consumer, whether or not those parts were made by the OEM. It includes producing, remanufacturing, distributing, and installing all chemicals, tools, equipment, and accessories for light and heavy vehicles.
The main replacement parts in the wholesale and distribution automotive aftermarket market include tires, batteries, brake parts, filters, body parts, lighting and electronic components, wheels, exhaust components, and other replacement parts.The tire refers to the wholesale and distribution of automotive tires in the aftermarket.
The tire is a robust, flexible rubber casing affixed to a wheel rim.A moving vehicle’s wheels benefit from the cushioning and traction that tires offer.
Tires can be found on cars, trucks, buses, bicycles, motorbikes, and other automobiles.The different types of products offered in wholesale and distribution automotive aftermarket include genuine parts, certified parts, and uncertified parts.
They are distributed through retailers, wholesalers, and distributors channels.
North America was the largest region in the wholesale and distribution automotive aftermarket market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the wholesale and distribution automotive aftermarket market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The wholesale and distribution automotive aftermarket market research report is one of a series of new reports that provides wholesale and distribution automotive aftermarket market statistics, including wholesale and distribution automotive aftermarket industry global market size, regional shares, competitors with a wholesale and distribution automotive aftermarket market share, detailed wholesale and distribution automotive aftermarket market segments, market trends and opportunities, and any further data you may need to thrive in the wholesale and distribution automotive aftermarket industry. This wholesale and distribution automotive aftermarket market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The growing automotive industry is driving the wholesale and distribution automotive aftermarket.The automotive industry comprises a diverse group of businesses and institutions engaged in the design, development, production, marketing, and sale of automobiles.
Consumers’ changing interest and preference motivates automobile manufacturers to manufacture various styles and lines of automobiles.Technological advancement and the rise in economic conditions also lead to growth in the automotive industry.
Automotive aftermarket aids the automobile industry by providing the spare parts needed by the customers when they buy a new or existing automobile.For instance, in 2021, according to a report published by the International Energy Agency (IEA), a Paris-based autonomous intergovernmental organization, the worldwide electric car stock reached the 10 million mark in 2020, showing a 43% increase over 2019, following a decade of strong development.
Furthermore, in 2021, according to the Society of Indian Automobile Manufacturers (SIAM), a not-for-profit apex national body representing all primary vehicle and vehicular engines, the automotive industry produced a total of approximately 23 million vehicles from April 2021 to March 2022, including passenger cars, commercial trucks, three-wheelers, two-wheelers, and quadricycles, compared to approximately 22.6 million units from April 2020 to March 2021. Therefore, the growing automotive industry is expected to propel the growth of the wholesale and distribution automotive aftermarket.
The increasing digitalization of automotive repair & maintenance services is a key trend in the wholesale and distribution of automotive aftermarket.Automotive aftermarket product and service producers now provide online platforms for information, guidance, and instruction on proper installation and troubleshooting, as well as digital tools for a product selection like electronic catalogs, video libraries for tutorials and product showcases and video libraries for tutorials.
For instance, in September 2021, MAHLE Aftermarket Inc., a Germany-based automotive aftermarket company, introduced an eCatalog to help customers make product choices. This catalog uses digital technology that helps aftermarket users, distributors, and technicians look up and request items from anywhere globally. The site contains a search engine to find the optimum solution based on vehicle application and is divided up by specialty area for quick access to the newest parts. Catalog users can also search for products by passenger car, commercial vehicle, light commercial vehicle (LCV), and power sports manufacturer, model, and kind of vehicle.
In February 2021, Goodyear Tire & Rubber Company, a US-based manufacturing company that develops, manufactures, distributes, and sells tires, acquired Cooper Tire & Rubber Company.Through this acquisition, Goodyear will better serve more customers globally and has more scale to support more significant investments in new fleet and mobility solutions.
With the union of these two top tire businesses, the global tire industry will gain a more decisive U.S.-based leader with complementary product portfolios, services, and capabilities. Cooper Tire & Rubber Company is a US-based manufacturing company that designs, markets, and distributes replacement automobile and truck tires.
The countries covered in the wholesale and distribution automotive aftermarket market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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