United Kingdom (UK) Automotive Aftermarket present significant opportunities, with over millions of passenger vehicles are currently out of warranty in 2023, and the passenger cars with an out of warranty population is projected to grow at a robust CAGR from 2023-2031.
The UK Automotive Aftermarket is witnessing considerable growth propelled by different foremost aspects. These include the speedy enlargement of the car parc and the effective augment in the average age of vehicles, which leads to higher requirements for maintenance and repair services. Moreover, the continuously growing sales of automobiles and the rising acceptance of vehicles in the United Kingdom have introduced new market opportunities within the emerging insight of the automotive aftermarket in response to transforming customer preferences and vehicle technologies.
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It is evident that different aspects, such as growing automobile sales, requirements for international brands, technological innovations, and internet penetration, are propelling the automotive market. Customer awareness about vehicle maintenance is also predicted to underwrite market growth. In addition, continuous research and development efforts in the industry are reshaping market opportunities, and online sales of automotive components are probably to play an efficient role in meeting the market demands. Owing to the easier client experience, firms are now shifting to the digital platform. During 2022, over 750,000 cars, 101,000 commercial vehicles, and more than 1.4 million engines were built in the UK. During 2019, the UK Automotive Manufacturing Industry invested nearly £3 billion in net capital, and more than £3.7 billion in R&D due to which the growth of the UK Automotive Aftermarket Industry fosters speedily. Indeed, the digital revolution within the automotive industry is already in advance. For instance, in the UK, there are more than 2,500 Automotive component providers who are functioning efficiently to grow the number of sales of automobiles in the UK.
Nonetheless, the efficient growth in the prevalence of fabricated products around the market poses big hurdles and obstacles to market growth. There is a growing existence of international faking networks that have false a shadow economy potentially valued in the trillions of dollars during the review period. Within this insight, the UK Automotive Industry Analysis stands out as one of the most worthwhile segments for fraudsters.
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This showcases a collaborative effort between different Car Companies in UK to foster the country’s automotive segment and meet evolving aftermarket customer requirements with a variety of vehicles.
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The UK Automotive Aftermarket has been segmented on the basis of vehicle type, replacement parts, certification. Based on the vehicle type, the market has been segmented into commercial vehicles and passenger vehicles. By replacement parts, the market is segmented into tire, battery, brake parts, filters, Lighting Components, Electronic components, Lubricants, Clutch Parts, Engine Components and others. Based on certification, the market has been segmented into Genuine Parts, Certified Parts, Counterfeit Parts, Others.
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