Automotive Aftermarket Industry Size To Expand at a Notable CAGR Of 4.40% During 2019 -2023. The global automotive aftermarket industry is expected to post a CAGR of 4.40% and attain a valuation of USD 1,023.4 Bn by the end of the forecast period of 2017-2023, reveals Market Research Future (MRFR) in a detailed study. The global automotive aftermarket industry was valued at USD 800 Bn in 2018.
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OEMs are finding new opportunities in regions such as Asia Pacific (APAC), Latin America and the Middle East. The automotive industry is witnessing a shift from advanced economies to emerging markets. Sales remain moderate in Europe and North America while countries such as China, Mexico and India are being viewed as new pockets of growth for the automotive industry. These countries are an attractive prospect for both new car sales and aftermarket business. For many carmakers, aftermarket business is a key focus area as it allows creation of attractive revenues and profit margins. Fast-developing countries hold significant potential for aftermarket business, as reuse and refurbishing remain a prominent trend in such counties. By the year 2023, the market is likely to surpass a valuation of USD 1,000 Bn.
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Read More On Global Automotive Aftermarket Market: https://www.marketwatch.com/press-release/automotive-aftermarket-industry-2018-trends-statistics-size-share-key-companies-growth-and-regional-forecast-to-2023-2018-08-24
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