The automotive aftermarket industry is slated to cross US$ 1.43 tillion by 2026, according to growth forecast analysis by Global Market Insights, Inc. Aging vehicles are likely to spend more on maintenance and repairing of vehicle parts owing to high wear & tear. The average age for on-road vehicles has significantly increased across the globe. According to National Household Travel Survey, 2017 conducted by the U.S. Department of Transportation the vehicle with age 10 and above represent 48.9% of the total household vehicle population in the U.S. Further, rising ownership of pre-owned vehicles will escalate the automotive aftermarket growth over the study timeframe.

Shifting consumer inclination towards vehicle customization and upgradation with additional accessories will positively influence the industry proliferation. Increasing number of aftermarket service providers along with penetration of new market entrants will significantly augment the product demand over the forecast timeframe.

Supportive government policies and initiatives for reducing the carbon emissions is primarily augmenting the sales of replacement auto parts. For instance, the U.S. Environmental Protection Agency (EPA) regulates emissions-related aftermarket parts for ensuring high level safety and product functionality. Performance requirements and test procedures are specified by regional regulatory bodies for efficient vehicle operation.

The replacement parts segment will account for a significant share in automotive aftermarket with the growing presence of service providers offering long term service warranties and cost-effective maintenance services. Increased risk of accidents owing to growing road traffic density is propelling the demand for replacement bodywork and structural parts. Moreover, availability of numerous replacement parts offering high quality and extended service life will significantly drive the industry size.

Browse key industry insights spread across 254 pages with 264 market data tables & 14 figures & charts from the report, “Automotive Aftermarket Size By Product (Replacement Parts [Belt, Brakes, Clutch, Electrical Parts, Lighting, Electrical & AC Parts, Exhaust, Filters, Suspensions, Transmission, Wiper Parts], Accessories [Car Exteriors, Car Interiors]), By Sales Outlet (Professional [Quick Lubes, Garages & Service Stations, Automobile Dealerships, Government, Commercial Fleets & Other Professional Outlets], DIY [Discount Department Stores, Auto Parts Stores], OEM Factory Fill ), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:

Rising automotive production and vehicle ownerships in China is anticipated to escalate the automotive aftermarket share. The country has manufacturing bases for multiple automotive OEMs, including SAIC Motors, Dongfeng, FAW, and Chang’an, among others. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2017, China led the region with production of around 29 million passenger and commercial vehicles across the country. New generation car models are equipped with advanced propulsion systems, drivetrains, suspension systems and accessories. Growing demand for periodic repair and maintenance of automotive parts for smooth and efficient operation of vehicles is propelling the industry size over the study timeframe.

In September 2018, Delphi Technologies introduced diagnostics tool for accurate and fast diagnostics of the automobiles. Further, the company launched a full-service solution for a faster steering service to boost service efficiency. Industry participants are adopting tools to enhance the service offerings and repair efficiency. Key players in automotive aftermarket share include BASF, ZF Friedrichshafen AG, Cooper Tire & Rubber Company, Denso Corporation, Lear Corporation, Magnetic Marelli, Robert Bosch and Magna International among others.    Growing demand for vehicle upgradation along with digitization of distribution channels

Browse Related Report:E-commerce Automotive Aftermarket Size By E-Commerce Retail (Third Party Retailers, Direct To Customer), By Parts (Braking [Brake Pads, Hydraulics & Hardware, Rotor & Drum], Steering & Suspension [Control Arms, Ball Joints, Tie Rods, Sway Bar Links, Bushings, Bearings/Seals, Coil Springs], Hub Assemblies, Universal Joints, Gaskets, Wipers, Filters, Lighting, Spark Plug), By Consumer (B2C, B to Big B, B to Small B) Industry Analysis Report, Regional Outlook (U.S., Canada, France, Germany, Poland, UK, Spain, Russia, Benelux, Nordics, China, India, Japan, South Korea, Mexico, Argentina, Brazil, KSA, South Africa, UAE), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2025

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