Germany Automotive Aftermarket Size Worth $23.4 Billion By 2025 “The Germany automotive aftermarket is projected to reach USD 23.4 billion by 2025 and expected to grow with the CAGR of 1.1% over the forecast period, from 2019 to 2025. Factors like rapidly evolving customer expectation, technological advancement, and increased intense competition among market players are expected to drive the automotive aftermarket growth in Germany.�
The Germany automotive aftermarket is projected to reach USD 23.4 billion by 2025 and expected to grow with the CAGR of 1.1% over the forecast period, from 2019 to 2025, according to Million Insights. Factors like rapidly evolving customer expectation, technological advancement, and increased intense competition among market players are expected to drive the automotive aftermarket growth in Germany. Germany is one of the most prominent manufacturers of automotive vehicles and reported high demand and sales for automobiles. Vehicle parc has observes considerable growth in recent years due to rising vehicle sales. Further, rising vehicle parc has led to increase replacement of several automotive parts; thereby expected to drive the market growth in the next few years. Furthermore, innovative business models and online tailored services is expected to boost the market growth during the forecast period. Market players from OESs and OEMs to workshops, insurers and wholesalers in the value chain are striving to get profit from online sales of automotive parts, which is anticipated to boost the market growth over the forecast period. Another factor boosting the sale of automotive parts is high penetration of internet, which is around 70% of people are using internet. Hence, online aftermarket channels is expected to grow vastly over online channels in this country and expected to open new avenues for spare parts and accessories providers. Some aftermarket players are engaged to develop online portals, which is based on online shops and offering through third-party retail providers. . This factor is expected to drive the aftermarket growth in the next few years. In distribution channel and sales, the aftermarket growth is expected to have significant on-going revolution. Small players are engaged in fulfilling the customer requirements to sustain in this competitive market. This requires electronic tools along with specialization in service models in order to strengthen their position in the market. Franchise operations, fast fitters, and automotive centres are emerging as a prominent service provider in the automotive aftermarket for certified automotive parts sales.
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