CLEVELAND, Oct. 5, 2017 /PRNewswire/ -- Through 2021, aftermarket sales of electronic components in the US are forecast to rise 4.8% per annum to US$11.8 billion. While this growth is slower than in Canada and Mexico, the US will nonetheless account for 81% of all new demand in the North American region due to the large size of its light vehicle park. These and other trends are presented in Automotive Aftermarket for Electronic Components in North America, a new study from The Freedonia Group, a Cleveland-based industry research firm.
A trend toward increased OEM installations of electronics in late-model vehicles will have a mixed impact on aftermarket electronic component sales. On the one hand, competition from factory-installed units will reduce first-time aftermarket installations, limiting aftermarket sales to a degree in the short term. On the other hand, greater OEM installation of these products will create a larger stock of vehicles that may require component replacement – due to component failure or collision – over the longer term.
The domestic automotive electronics aftermarket will be buoyed by the increasing popularity of H/EVs, which are equipped with electro-hydraulic brake-by-wire braking systems that incorporate a number of electronic controls, modules, and sensors, as well as a number of electronic systems and components that govern engine management.
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About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Automotive & Transport studies can be purchased at www.freedoniagroup.com, www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group