SAN FRANCISCO, May 8, 2019 /PRNewswire/ -- The global automotive aftermarket size is expected to reach USD 486.4 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.9% over the forecast period. Digitalization of auto repair and component sales, complemented by advanced technology incorporations in automobile aftermarket component manufacturing, is expected to benefit market expansion. Surging reception of semi-autonomous, electric vehicles, and hybrid and autonomous cars is further expected to bolster the new component market growth in the years to come. The market can be categorized, based on replacement parts, into tire, battery, brake parts, filters, body parts, lighting and electronic components, wheels, exhaust components, and turbochargers.
Key suggestions from the report:
- The market is estimated to grow significantly over the forecast period, owing to an increase in number of lightweight vehicles, coupled with 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 other geographical regions
- The market is anticipated to witness a phase change owing to growing proportion of specialized auto collision repair centers that are dedicated to serving specific vehicles, such as alternate fuel powered vehicles
- 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.
Read 100 page research report with TOC on "Automotive Aftermarket Size, Share & Trends Analysis Report By Service Channel (OE, DIY), By Replacement Part (Tire, Battery), By Certification, By Distribution Channel, By Region, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/aftermarket-automotive-parts-market
Increasing vehicle penetration is driven by overall improvement of lifestyle in developing countries such as India and Brazil and is expected to drive the automobile industry. Similar surges in the auto manufacturing sector across various regions, along with increasing stringent emissions norms, are expected to drive aftermarket component sales over the forecast period.
Asia Pacific is expected to emerge as the fastest-growing regional 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 increasing penetration and acceptance of gas and hybrid electric cars, specialized repair centers dedicated to repair particular vehicles are expected to increase. The market is also expected to witness tremendous growth due to an upsurge in the number of vehicle collisions, along with inclination of owners towards repair of their automobiles.
Grand View Research has segmented the global automotive aftermarket on the basis of replacement part, distribution channel, service channel, certification, and region:
- Automotive Aftermarket Replacement Part Outlook (Revenue, USD Billion, 2014 - 2025)
- Brake parts
- Body parts
- Lighting & electronic components
- Exhaust components
- Automotive Aftermarket Distribution Channel Outlook (Revenue, USD Billion, 2014 - 2025)
- Repair Shops
- Wholesalers & Distributors
- Automotive Aftermarket Service Channel Outlook (Revenue, USD Billion, 2014 - 2025)
- DIY (Do It Yourself)
- DIFM (Do It for Me)
- OE (Delegating to OEM's)
- Automotive Aftermarket Certification Outlook (Revenue, USD Billion, 2014 - 2025)
- Genuine Parts
- Certified Parts
- Uncertified Parts
- Automotive Aftermarket Regional Outlook (Revenue, USD Billion, 2014 - 2025)
- North America
- Asia Pacific
- South America
Find more research reports on Automotive & Transportation Industry, by Grand View Research:
- Heavy Duty Aftermarket – Global aftermarket demand is expected to be supported by aging vehicles. Market growth is directly related to infrastructural development activities.
- Automotive Steering Systems Market – Automotive steering systems have undergone a paradigm shift from rigid and arduous manual to more sophisticated, easy-to-use and reliable assisted systems.
- Hybrid Vehicles Market – The global hybrid vehicles market is poised for substantial growth over the forecast period owing to the need for addressing consumers' needs pertaining to fuel expenditure reduction and mandatory compliance with CO2 emissions norms.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519
Follow Us: LinkedIn | Twitter
SOURCE Grand View Research, Inc.