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Europe Automotive Aftermarket size surpassed USD 162.2 billion in 2020 and is anticipated to witness over 5.7% CAGR from 2021 to 2027. The growing dependence on road transportation across Europe will drive the market demand.
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The European economy is highly driven by the automotive sector owing to the significant presence of industry players in the region. Automotive sales including aftermarket and OEM parts have observed a notable growth in the past few years. Increasing component production to meet the rising demand has fueled the growth of the regional industry.
The rising vehicle age has resulted in the need for these aftermarket parts due to excess wear & tear. This has paved an opportunistic way for Europe automotive aftermarket participants. The presence of older cars will provide a better opportunity for market players. European auto part suppliers are focusing on the usage of modern and standardized architecture for distributing various vehicle components as customers prefer to avail products from around the world.
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The brakes segment will showcase 7.4% growth rate during the forecast timeline, owing to the increasing demand for replacement hydraulics & hardware, rotors & drums, and brake pads in aging cars. For instance, rotors require regular replacement as they wear out quickly. In addition, the increasing trend of lightweight car components has led to the installation of lighter & thinner brake parts by OEMs.
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The DIY segment held over 25% Europe automotive aftermarket share in 2020. The Do It Yourself (DIY) segment has observed significant growth during the COVID-19 period as consumers have started at-home projects. Since people have more free time on their hands, they are trying easy tasks such as changing oil & filters, washing, polishing, and waxing their vehicles. In addition, the Internet also provides vital information on how to touch up chipped auto paint and car wash.
The rising consumer awareness of product pricing coupled with improved service experience in the aftermarket will escalate the market growth. Furthermore, the increasing average lifecycle of vehicles will propel the requirement for these solutions.
The Europe automotive aftermarket is a highly competitive with the presence of several players, offering identical products. The competition is increasing with improving distribution channels of market participants and the entry of new players in the market. Some of the key industry players are Continental AG, Magna International, MAHLE, Robert Bosch GmbH, ZF Friedrichshafen AG, Magna International Inc., Faurecia, Valeo SA, and Magneti Marelli S.p.A.
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