United Kingdom Automotive Aftermarket Market Share, Revenue, Growth Strategy, Business Challenges, Future Opportunities and Forecast till 2033
As opposed to the original equipment manufacturer (OEM) market, the automotive aftermarket is the secondary market for car parts, accessories, and services. It includes a broad spectrum of goods and services, such as chemicals, accessories, replacement parts, and maintenance and repair services for cars after they are sold and driven off the dealership lot. For car owners looking to improve, customize, repair, or maintain their vehicles, this market is essential. It provides services to fleet operators, auto body shops, and repair shops in addition to private customers. In addition to providing customers with a wider range of goods and services than those offered by the original manufacturers, the automotive aftermarket is essential to maintaining the longevity, functionality, and safety of automobiles.
According to SPER market research,?‘United Kingdom Automotive Aftermarket Market?Size-?By Replacement Parts, By Vehicle Type, By Certification, By Distribution Channel, By Service Channel?- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’?state that the United Kingdom Automotive Aftermarket Market is predicted to reach USD 30.79 billion by 2033 with a CAGR of 3.63%.
Drivers:
Consumer preference for online buying over traditional brick-and-mortar businesses is growing. This shift in consumer behavior can be attributed to how simple it is for customers to browse a wide range of products, assess prices, and finish transactions from the comfort of their homes.
One of the main factors propelling the automobile aftermarket industry's growth is the aging of automobiles. As cars get older, they need more frequent maintenance and repairs due to component deterioration. This ongoing demand for replacement parts and services sustains the aftermarket sector. With use and time, components like brakes, exhaust systems, and tires deteriorate, requiring replacements in older cars and driving market development.
Challenges:
The complexity and technological improvements in autos provide a major obstacle to the industry's progress.
Modern cars have an increasing amount of sophisticated systems and high-tech equipment fitted. Although this improves cars' efficiency and functioning, it presents difficulties for the aftermarket sector. Specialized knowledge and tools are frequently needed for the diagnosis, maintenance, and replacement of modern technology. Independent repair shops, distributors of automotive aftermarket products, and do-it-yourself enthusiasts may find it challenging to stay up to date with the quickly changing technological landscape. They might thus be compelled to depend on original equipment manufacturer (OEM) services or authorized dealerships.
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The COVID-19 epidemic caused substantial disruptions in various key categories within the UK vehicle aftermarket business. Travel limitations and unstable economic conditions led to a decline in consumer spending on auto maintenance and repair services. Auto parts production plant closures around the world disrupted the supply chain, raising costs and causing shortages of essential parts. Lockdown measures also decreased the number of cars on the road, which decreased the need for lubricants, tires, and other replacement parts.
Additionally, some of the market key players are; Euro Car Parts Ltd, Kwik-Fit (GB) Limited, National Tyres and Autocare Ltd, Compagnie Generale des Etablissements Michelin SCA.
United Kingdom Automotive Aftermarket Market Segmentation:
By Replacement Parts:?Based on the Perfume Type, United Kingdom Automotive Aftermarket Market is segmented as; Battery, Body Parts, Brake Parts, Exhaust Components, Filters, Lighting and Electronic Components, Tire, Turbochargers, Wheels.
By Vehicle Type:?Based on the Vehicle Type, United Kingdom Automotive Aftermarket Market is segmented as; Commercial Vehicles, Passenger Cars.
By Certification:?Based on the Vehicle Type, United Kingdom Automotive Aftermarket Market is segmented as; Certified Parts, Genuine Parts, Uncertified Parts.
By Distribution Channel:?Based on the Distribution Channel, United Kingdom Automotive Aftermarket Market is segmented as; Retailers, Wholesalers and Distributors.
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By Service:?Based on the Service, United Kingdom Automotive Aftermarket Market is segmented as; Delegation to OEM’s, Do it for me, Do it Yourself.
By Region:?This research also includes data for Eastern Region, Western Region, Northern Region, Southern Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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