SAN FRANCISCO, Feb. 25, 2020 /PRNewswire/ -- The global automotive aftermarket size is expected to reach USD 513.8 billion by 2027, registering a CAGR of 4.0% over the forecast period, according to a new report by Grand View Research, Inc. Digitalization of automotive repair and component sales, along with advanced technology incorporations in the automobile aftermarket component manufacturing, is expected to boost the market growth. Increasing adoption of semi-autonomous, electric vehicles, and hybrid and autonomous cars is further expected to bolster the market growth.
Key suggestions from the report:
The aftermarket is estimated to grow significantly over the forecast period owing to increasing number of lightweight vehicles along with increasing age of the light vehicle fleet
Innovative business models and solutions provided by the manufacturers and growing investments in the same, are expected to create sustainable growth opportunities for the market
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 geographies
The automotive aftermarket is anticipated to witness a phase change owing to the growing proportion of specialized automotive collision repair centers that are dedicated toward 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.
Increasing disposable income and improved lifestyle in developing countries such as India and Brazil are leading to increased vehicle penetration, which is expected to drive the market in the region. Growth in the automotive manufacturing sector across various regions, along with stringent emissions norms, are expected to drive the aftermarket component sales over the forecast period. Third party services and technological advancements offer new and profitable revenue streams to leverage these opportunities. In addition, the industry requires investment in product development, supply chain, organizational design, and pricing model to create significant surge in the demand.
Manufacturers in developing countries are adopting various strategies, including mergers, acquisitions, and partnerships to gain a strong foothold in the market. Asia Pacific is expected to be the fastest growing regional market owing to improving living standards and high automobile production. With increasing penetration and acceptance of gas and hybrid electric cars, specialized repair centers, dedicated toward repairing of particular vehicles, are expected to increase.
Grand View Research has segmented the global automotive aftermarket based on replacement part, distribution channel, service channel, certification, and region:
Automotive Aftermarket Replacement Part Outlook (Revenue, USD Billion, 2016 - 2027)
Lighting & Electronic components
Automotive Aftermarket Distribution Channel Outlook (Revenue, USD Billion, 2016 - 2027)
Wholesalers & Distributors
Automotive Aftermarket Service Channel Outlook (Revenue, USD Billion, 2016 - 2027)
DIY (Do It Yourself)
DIFM (Do It for Me)
OE (Delegating to OEM's)
Automotive Aftermarket Certification Outlook (Revenue, USD Billion, 2016 -2027)
Automotive Aftermarket Regional Outlook (Revenue, USD Billion, 2016 - 2027)
Automotive Finance Market– A progressive increase in vehicle registration, a high percentage of automotive ownership per household, and increasing average price of advanced vehicles are the factors favoring the growth.
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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.
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