noun
- markets for replacement parts, accessories, or services for products after their initial sale
Usage: business; economics
Examples
- The company expanded into aftermarkets by selling replacement parts for older car models.
- Aftermarkets for smartphones include cases, screen protectors, and repair services.
- Many manufacturers earn significant revenue from aftermarkets rather than initial product sales.
- The automotive aftermarkets industry is worth billions of dollars annually.
- Third-party companies often compete in aftermarkets with original equipment manufacturers.
- Aftermarkets provide consumers with more affordable alternatives to brand-name parts.