The global automotive aftermarket is expected to reach USD 486.36
billion by 2025, according to a new report by Grand View Research, Inc.
Digitalization of automotive repair & component sales complemented by
advanced technology incorporations in the automobile aftermarket component
manufacturing is expected to boost the market growth. The surging reception of semi-autonomous,
electric vehicles, and hybrid & autonomous cars, in the years to come, is
further expected to bolster the new component market growth. The market can be
categorized, based on replacement parts, into tire, battery, brake parts,
filters, body parts, lighting & electronic components, wheels, and exhaust
components.
The increasing vehicle penetration is driven by the overall improvement of
lifestyle in the developing countries, such as India and Brazil, and is
expected to drive the growth of the automobile industry in the region. Similar
surges in the automotive manufacturing sector across various regions along with
the increasing stringent emissions norms are expected to drive the growth of
automotive aftermarket component sales over the forecast period.
The Asia-Pacific regional market is expected to be the fastest growing
market for automotive collision repair services over the forecast period, owing
to its developing living standards and high vehicle production. It is also
anticipated to be the fastest-growing market in automobile production. With the
growing penetration and acceptance of gas and hybrid electric cars, specialized
repair centers dedicated toward repair of particular vehicles are expected to
increase.
The global automotive aftermarket is expected to witness tremendous growth
due to an upsurge in the number of vehicle collisions along with the
inclination of owners toward repair of their automobiles.
View summary of this report @ http://www.grandviewresearch.com/industry-analysis/aftermarket-automotive-parts-market
Further key findings from the report suggest:
- The automotive aftermarket is estimated to grow significantly over the forecast period, owing to an increase in the number of lightweight vehicles coupled with the increasing age of the light vehicle fleet
- North America has a higher technology adoption rate, which is anticipated to result in faster and higher adoption of hybrid electric automobiles in the region as compared to the other geographies
- The global automotive aftermarket is anticipated to witness a phase change attributable to the growing proportion of specialized automotive collision repair centers that are dedicated toward serving specific vehicles such as alternate fuel powered vehicles
- The key industry participants include Magneti Marelli S.p.A., Continental AG, 3M Company, Federal-Mogul Corporation, Delphi Automotive PLC, Robert Bosch GmbH, and Denso Corporation.
Read our blog on automotive aftermarket market: http://www.grandviewresearch.com/blog/automotive-aftermarket-industry-size-share
Grand View Research has segmented the automotive aftermarket based on replacement part and region:
Automotive Aftermarket Replacement Part Outlook (Revenue, USD Billion, 2014 - 2025)
·
Tire
·
Battery
·
Brake parts
·
Filters
·
Body parts
·
Lighting & Electronic components
·
Wheels
·
Exhaust components
·
Others
Automotive Aftermarket Regional Outlook (Revenue, USD Billion, 2014
- 2025)
·
North America
o
U.S.
o
Canada
o
Mexico
·
Europe
o
Germany
o
UK
·
Asia Pacific
o
China
o
India
o
Japan
·
South America
o
Brazil
·
The Middle East & Africa
About Grand View
Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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