Automotive Aftermarket size worth over $1,430bn by 2026

Automotive Aftermarket size will likely reach USD 1,430 billion by 2026; according to a new research report by Global Market Insights, Inc.
 

Aging vehicles to escalate revenue generation in the coming years

Aging vehicles are likely to spend more on maintenance and repairing of vehicle parts owing to high wear & tear. The average age for on-road vehicles has significantly increased across the globe. According to National Household Travel Survey, 2017 conducted by the U.S. Department of Transportation the vehicle with age 10 and above represent 48.9% of the total household vehicle population in the U.S. Further, rising ownership of pre-owned vehicles will escalate the automotive aftermarket growth over the study timeframe.

 

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Shifting consumer inclination towards vehicle customization and upgradation with additional accessories will positively influence the industry proliferation. Increasing number of aftermarket service providers along with penetration of new market entrants will significantly augment the product demand over the forecast timeframe. Further, surge in internet usage along with healthy economic conditions are prominently contributing towards e-commerce growth in emerging economies. Rising investment in auto parts e-commerce firms is attributed to growing digital literacy and favorable start up policies implemented by regional government bodies. Growing consumer awareness regarding multiple benefits of online trading will propel the automotive aftermarket over the forecast timeframe.
 

U.S. Automotive Aftermarket By Sales Outlet, 2018 & 2026 (USD Million)
U.S. Automotive Aftermarket By Sales Outlet, 2018 & 2026 (USD Million)

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Supportive government policies and initiatives for reducing the carbon emissions is primarily augmenting the sales of replacement auto parts. For instance, the U.S. Environmental Protection Agency (EPA) regulates emissions-related aftermarket parts for ensuring high level safety and product functionality. Performance requirements and test procedures are specified by regional regulatory bodies for efficient vehicle operation.
 

Browse key industry insights spread across 254 pages with 264 market data tables & 14 figures & charts from the report, “Automotive Aftermarket Size By Product (Replacement Parts [Belt, Brakes, Clutch, Electrical Parts, Lighting, Electrical & AC Parts, Exhaust, Filters, Suspensions, Transmission, Wiper Parts], Accessories [Car Exteriors, Car Interiors]), By Sales Outlet (Professional [Quick Lubes, Garages & Service Stations, Automobile Dealerships, Government, Commercial Fleets & Other Professional Outlets], DIY [Discount Department Stores, Auto Parts Stores], OEM Factory Fill ), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/automotive-aftermarket
 

The replacement parts segment will account for a significant share in automotive aftermarket with the growing presence of service providers offering long term service warranties and cost-effective maintenance services. Increased risk of accidents owing to growing road traffic density is propelling the demand for replacement bodywork and structural parts. Moreover, availability of numerous replacement parts offering high quality and extended service life will significantly drive the industry size.
 

The professional sales have substantial growth potential owing to requirement of periodic maintenance along with rising vehicle collision incidents. The professional outlets include garages & service stations, automobile dealerships, commercial fleet, and quick lubes. The presence of several independent professionals along with customer centric services provided by them will enhance the segment revenue.
 

China to bank upon increasing vehicle ownership

Rising automotive production and vehicle ownerships in China is anticipated to escalate the automotive aftermarket share. The country has manufacturing bases for multiple automotive OEMs, including SAIC Motors, Dongfeng, FAW, and Chang’an, among others. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2017, China led the region with production of around 29 million passenger and commercial vehicles across the country. New generation car models are equipped with advanced propulsion systems, drivetrains, suspension systems and accessories. Growing demand for periodic repair and maintenance of automotive parts for smooth and efficient operation of vehicles is propelling the industry size over the study timeframe.
 

Service providers developing innovative tools to gain competitive edge

In September 2018, Delphi Technologies introduced diagnostics tool for accurate and fast diagnostics of the automobiles. Further, the company launched a full-service solution for a faster steering service to boost service efficiency. Industry participants are adopting tools to enhance the service offerings and repair efficiency. Key players in automotive aftermarket share include BASF, ZF Friedrichshafen AG, Cooper Tire & Rubber Company, Denso Corporation, Lear Corporation, Magnetic Marelli, Robert Bosch and Magna International among others.
 

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