After market refers to the sales of
any products supplementary or complementary parts while the product is rolled
over in market and has reached its end user. In terms of automobile industry,
automobile aftermarket included products such as lubricants, tires, rims,
batteries, GPS systems, interiors and many much more. According to US after market association, the
US auto after market alone stands at a whooping $250 billion.
It’s easily a trillion dollar
industry globally. With advent of recession, flattering economies in many
developed countries, sales in this sector has surprisingly seen increase. The
main reason is the reduction in consumer’s purchasing power for affording a new
car. This makes them maintain the car more thus increasing repair work.
Another
reason is the increased conscious for green environment. This also forces
people to increase spending in smoke reducing silencers which cleanse the smoke
from dangerous and environmental harming gases and particles. Increased in car
thefts, mainly in countries like South Africa and some others in general has
made security system including GPS very hot.
These are some of the reasons for
bubbling after market in the automobile world. And apparently no sooner ion
future, its seems to nose dive.
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