According to ReportLinker’s findings, the Automotive Aftermarket in the United States is anticipated to expand by $114.1 billion. The ideal definition of the automotive aftermarket would be the secondary market for auto parts for repair and maintenance. After the OEM (original equipment manufacturer) sells a vehicle to the consumer, the industry is responsible for manufacturing, retailing, installing, and distributing all vehicle equipment, accessories, parts, and chemicals. Federal-Mogul, CARDONE Industries, General Motors, Standard Motor Products, and Denso are among the aftermarket automobile manufacturers. Having said that, the following are some essential facts about the automotive aftermarket:

Parts from the Aftermarket

According to a report from the Department of Commerce’s International Trade Administration, there are two distinct types of aftermarket parts: accessories and replacement parts.

Parts called “replacement components” are made or designed to replace original equipment parts that become worn or damaged. Know more about aftermarket car parts

Accessories are made for convenience, safety, comfort, customization, or performance parts from the aftermarket. Most of these parts are made to be added after the vehicle is sold.

Components for collision, performance, appearance, and replacement make up the automotive aftermarket. It sells a wide range of parts for almost every model and make of vehicle at varying prices and quality. Electronic components, powertrain components, brake parts, filters, ignition, and battery systems are the five markets that Freedonia research breaks down aftermarket trends into.

Size of the Automotive Aftermarket

The automotive aftermarket in the United States was anticipated to grow to $318.2 billion by 2013, contributing more than 2.3% of GDP. Approximately 4.2 people are employed in the aftermarket at distributors, retailers, repair facilities, and manufacturers. Online sales have outpaced those made at brick-and-mortar stores in recent years in the United States.

Despite not having a single automobile industry, Singapore is one of the most important destinations for exporting auto parts and accessories. This is probably due to the country’s strict driving regulations, which cause a high rate of vehicle turnover. Vehicle owners in Singapore are required to dispose of their vehicles after ten years of use under driving law. Ideally, a low demand for reconditioned and manufactured components would be indicated by a higher turnover rate and a preference for brand-new components.

The aftermarket also expands exponentially due to a strong demand for prestige items, accessories, original spare parts, and car care products. Due to the establishment of numerous large multinational corporations’ procurement and distribution centers, Singapore’s aftermarket is substantial and rapidly expanding to become a significant automotive destination. As a result, the automotive aftermarket industry in Canada employs over 420,000 people and is worth $19.4 million.

It is said that online sales of automotive aftermarket products are rising, particularly in the United States. In terms of revenue and units sold, eBay Motors and Amazon are among the largest sellers of automotive aftermarket components and accessories in the United States.