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.
In depth research report on Automotive Aftermarket
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
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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.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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