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Furthermore increasing vehicle density, especially in the emerging economies of the globe present lucrative growth opportunities to the global automotive aftermarket industry. Vehicle more than the age of 8 years induce heightened demand for the service segment. Additionally, the rise in a number of aged vehicles has initiated demand within the global automotive aftermarket industry.
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Motivated by increased consumer inclination towards aftermarket, automotive OEMs are aggressively expanding their aftermarket activities to secure core business and strengthen their position in the market which has been a major driver for the growth of the global automotive aftermarket industry. Aftermarket industry offers repairs and replacements at reduced parts along with the liberty to choose services as per their requirements at a much more affordable price which has resulted in higher consumer affinity towards aftermarket components. The global automotive aftermarket industry was valued at USD 800 Bn in 2018.Ĭonsumers are exhibiting greater interest in aftermarket automotive components due to the transparent nature of the aftermarket industry. 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. Pune, India, January 2019/MRFR Press Release/- Market Research Future has published a cooked research report on the Global Automotive Aftermarket Market
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