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.
U.S. automotive aftermarket by replacement part, 2014 -
2025 (USD Billion)
Browse full research report on Automotive
Aftermarket Industry Analysis:
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.
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