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Aftermarket Summary
The automotive aftermarket market is predicted to grow from its current value of around USD 1 trillion to over USD 1.42 trillion by 2024; according to a new research report by Global Market Insights, Inc. Increasing necessity for maintenance and scheduled servicing requirements for enhancing aging vehicles life will drive the industry. Growing customer expectations, ongoing technological innovation, and rising competition across automotive industry are the major factors fueling industry expansion. Increasing penetration of OEMs into aftermarket activities along with the consolidation of parts distributors will also provide a positive outlook for automotive aftermarket industry development. The positive direction of this market globally provides great opportunities for Spain locally.
vehicles life will drive the industry. Growing customer expectations, ongoing technological innovation, and rising competition across automotive industry are the major factors fueling industry expansion. Increasing penetration of OEMs into aftermarket activities along with the consolidation of parts distributors will also provide a positive outlook for automotive aftermarket industry development. The positive direction of this market globally provides great opportunities for Spain locally.
Electric Vehicles Market
As a member of the European Union, Spain has committed to reducing its greenhouse gas emissions by 26 percent in 2030, and by 80 to 95 percent before 2050. Among other measures, the country will need to change its vehicles and, above all, expand its electric charging infrastructure. Aside from electric vehicle prices and autonomy, extending the charging network is one of the most significant changes necessary for electric mobility to become a reality in the coming years.
To comply with the EU’s objectives, some 300,000 electric cars will be needed by 2020, as well as 11,000 fast or semi-fast charging stations, as reported by the consultancy firm Deloitte. Further growth will be exponential: estimates show that by 2030, there should be close to six million electric vehicles and 50,000 charging points.
Heavy Duty Market
The total number of newly registered heavy trucks and buses in the EU was 0.4 million in 2017. The truck market in the EU is dominated by only five manufacturers, together accounting for nearly 100 % of all sales. Due to these numbers, it does not seem like there is huge room for new opportunities to penetrate this market as it is heavily controlled by an oligopoly.
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Best Prospects for U.S. Exports
best prospects