Aftermarket is a term used to describe the market for products and services that are not sold by the original manufacturer of a particular product. This term is commonly used in the automotive industry, but it can also be applied to other industries such as electronics and home appliances.
Definitions
The aftermarket refers to the market for replacement parts, accessories, and services that are not sold by the original equipment manufacturer (OEM). According to Investopedia, the aftermarket is “the sale of parts and accessories for vehicles after the original sale of the vehicle by the manufacturer.”
Origin
The term aftermarket originated in the automotive industry in the early 20th century. It was used to describe the market for replacement parts and accessories that were not sold by the original equipment manufacturer (OEM).
Meaning in different dictionaries
According to Merriam-Webster, the aftermarket is “the market for parts and accessories used in the repair or enhancement of a product, especially an automobile.” The Oxford English Dictionary defines it as “the market for goods and services that are not sold by the original manufacturer of a product.”
Associations
The aftermarket is often associated with the automotive industry, but it can also be applied to other industries such as electronics and home appliances. It is commonly associated with replacement parts, accessories, and services that are not sold by the original equipment manufacturer (OEM).
Synonyms
Some synonyms of aftermarket include:
- Replacement market.
- Secondary market.
- Non-OEM market.
- Independent market.
Antonyms
Antonyms of aftermarket include:
- Original equipment manufacturer (OEM) market.
- Primary market.
- Manufacturer market.
The same root words
The word aftermarket is composed of two root words: after and market. The word after means “following in time, order, or place,” while market refers to “a place where goods are bought and sold.” Therefore, the term aftermarket refers to the market that comes after the original sale of a product.
Example Sentences
- The aftermarket for car parts is a multi-billion dollar industry.
- Many consumers prefer aftermarket accessories over OEM ones because they are often cheaper.
- The company specializes in providing aftermarket services for electronics and appliances.
- The aftermarket for vintage cars is a niche market that caters to collectors and enthusiasts.