SAN FRANCISCO, March 6, 2018 /PRNewswire/ --
The global automotive aftermarket size is expected to reach USD 486.36 billion by 2025, according to a new report by Grand View Research, Inc., registering a 4.2% CAGR during the forecast period. Digitalization of automotive repair and component sales has been brought on by the incorporation of advanced technologies; this is slated to boost market growth. Surging reception of electric and hybrid vehicles as well as semi-autonomous and autonomous cars in the years to come is further expected to bolster market growth. Based on replacement parts, the market can be categorized into tire, battery, brake parts, filters, body parts, lighting and electronic components, wheels, exhaust components, and turbochargers.
Increasing vehicle sales are driven by overall improvement in living standards, especially in developing countries such as India and Brazil. This has driven the global automobile industry. Similar growth in automotive manufacturing across various regions, along with increasing stringent emissions norms, is expected to drive automotive aftermarket component sales over the forecast period.
Asia Pacific is expected to be the fastest growing market for automotive collision repair services over the forecast period, owing to high vehicle production, rising road accidents, and improving living standards of consumers. It is also anticipated to be the fastest-growing market in automobile production. With growing penetration and acceptance of gas and hybrid/ electric cars, specialized repair centers are expected to increase.
Browse full research report with TOC on "Automotive Aftermarket Size, Share & Trends Analysis Report By Replacement Part, By Distribution Channel (Retailers, Wholesalers & Distributors), By Service Channel (DIY, DIFM, OE), By Certification, And Segment Forecasts, 2018 - 2025" at: https://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 number of lightweight vehicles
- 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
- The global automotive aftermarket is anticipated to be driven by mushrooming specialized automotive collision repair centers 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.
Browse related reports by Grand View Research:
- Axles Market - The global axles market is expected to experience a substantial growth over the forecast period. Stringent government norms to curtail emissions and fuel usage calls for the development of efficient and light-weight vehicles, leading to research and development on vehicle components.
- Armored Vehicle Market - The global armored vehicle market size was estimated at USD 22.2 billion in 2014. Increasing focus to safeguard soldiers from any external and internal threat is anticipated to favor industry growth.
- Pneumatic Tire Market - The global pneumatic tire market size was valued at USD 192.40 billion in 2014 and is expected to witness significant growth over the forecast period on account rising demand from automotive industry.
- Connected Car Market - The global connected car market size was estimated at over USD 24 billion in 2014 and is expected to grow at a CAGR of approximately 28% over the forecast period.
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, 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 OEMs)
- 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
- 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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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