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Key Trends and Opportunities that will Shape the Growth Pipeline of the Aftersales Business in 2021 and Beyond
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This study identifies the size of the global automotive parts and services aftermarket and its growth opportunities in 2021, based on how the market performed in 2020 during the COVID-19 pandemic. The study provides detailed analysis of key trends influencing the aftermarket, market revenues of major part categories, ownership behavior of customers, and identifies major opportunity areas for various stakeholders. These analyses are provided for major automotive markets: North America, Latin America, Europe, China, and India. At the global level, the study discusses how 2020 shaped up for the automotive aftermarket, analyzing both qualitative and quantitative aspects. It also provides an outlook for the year ahead, thereby, discussing all major trends and key business models expected as an outcome.According to Frost and Sullivan’s analysis, aftermarket replacement revenue from parts and accessories sales dipped by 8.8% in 2020. The serious contraction in demand was primarily due to the restraints imposed by the COVID-19 pandemic which crippled the mobility demand. Work from home, higher adoption of the online channel for retail purchases, and large-scale unemployment meant vehicles were used less frequently for personal mobility across segments. Recessionary scenarios pertaining to the economy added to the woes of market participants. On the flip side, the situation pushed market participants to innovate and invest in increasing the effectiveness of their solutions. As a result, in 2021, Frost and Sullivan expects growth of aftermarket revenue to be 7.1%, making up for some of the revenues that were eroded in the previous year.Author: Anuj Monga
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