The worldwide Automotive Wholesale And Distribution Aftermarket Market is anticipated to reach over USD 295.2 billion by 2026 according to new research published by Polaris Market Research.
The expanding global automotive industry, along with the increasing average age of vehicles majorly drives the automotive wholesale and distribution aftermarket growth.
The increasing sale of passenger vehicles, especially form the emerging economies of Asia-Pacific, and the use of advanced technology for the fabrication of auto parts boosts growth in this market.
Consumers are increasingly becoming aware of proper maintenance and repair of vehicles, which supports market growth. Other factors driving the market growth include a greater need for long-distance travel, technological advancements in telematics technologies, and changing lifestyles.
New emerging markets and emerging consumer demographics would provide growth opportunities for automotive wholesale and distribution aftermarket market in the coming years.
In 2017, North America accounted for the highest share in the global automotive wholesale and distribution aftermarket market.
The established automotive industry, technological advancements, and high investment in R&D are factors expected to drive the market growth in the region. Asia-Pacific is expected to grow at the highest CAGR during the forecast period. This is due to economic growth in countries such as China and India, leading to rising living standards and increasing disposable income.
Expansion of global players into these countries to tap market potential is also a big boost. Favorable regulations for the production of automotive wholesale and distribution aftermarket components, and poor road infrastructure in developing countries such as India, and Pakistan are expected to augment Automotive Wholesale And Distribution Aftermarket during the forecast period.
The companies operating in the market include Denso Corporation, Robert Bosch GmbH, ZF Friedrichshafen AG, Continental AG, 3M Company, Delphi Automotive PLC, Magneti Marelli S.p.A, Goodyear Tire & Rubber Company, Cooper Tire & Rubber Company, and Federal-Mogul Corporation.
These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.