The aftermarket refers to the market for products and services that are used to upgrade, customize, repair, or maintain durable goods, such as vehicles or electronic devices. These products and services are complementary to the original durable goods and support their use. In some cases, the aftermarket can be a significant source of revenue, with sales of aftermarket products and services potentially exceeding those of the original durable goods. The aftermarket is an important part of the economy, as it provides consumers with options for maintaining and enhancing the products that they own and use.
Aftermarket products can be sold by both the original equipment manufacturer (OEM) and independent sellers. The OEM, or the company that originally produced the durable good, may see competition in the aftermarket as a positive, as it can extend the ecosystem of their product. For example, a mobile device may have a range of popular accessories available that enhance the overall customer experience. In order to improve the quality of aftermarket products, the OEM may offer a certification program, which typically involves fees and is a source of revenue. However, in some cases, the OEM may try to prevent competition in the aftermarket in order to control the market and charge higher prices. This type of behavior may be seen as anti-competitive in some circumstances.
Here are some examples of aftermarket products:
- Car parts and accessories: Aftermarket products for vehicles can include things like new tires, performance parts, and audio systems.
- Mobile phone cases and screen protectors: These are popular aftermarket products for smartphones.
- Computer peripherals: This can include things like printers, keyboards, and mice.
- Home appliances: Aftermarket products for appliances might include replacement parts or accessories, such as filters for a vacuum cleaner or extra shelves for a refrigerator.
- Sporting goods: Aftermarket products for sporting goods can include things like replacement grips for a tennis racket or new cleats for a soccer player.
- Musical instruments: Aftermarket products for musical instruments might include new strings for a guitar or a new mouthpiece for a trumpet.
- Toys: Aftermarket products for toys can include things like replacement parts or additional accessories, such as new figures or play sets for action figures.