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.
Browse full research report on Global Automotive Aftermarket: 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.
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
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- Asia Pacific
- China
- India
- Japan
- South America
- 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, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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