Automotive Aftermarket Industry Trends, Statistics, Analysis by 2024: Global Market Insights Inc.
The Research Report on“ Automotive Aftermarket Size By Vehicle Part( Replacement Parts [ Belt, Brake, Clutch, Lighting, Electrical, Engine & AC, Exhaust, Filters, Suspension, Transmission, Wiper ], Accessories), By Sales Outlet( Professional [ Garages & Service Stations, Automobile Dealerships, Government ], DIY, OEM), By Region( U. S., Canada, Germany, UK, Russia, China, India, South Korea, Japan, Indonesia, Thailand, Brazil, Mexico, Argentina, South Africa, GCC), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends & Forecast, 2016 – 2024”, Automotive Aftermarket Industry size is set to exceed USD 680 billion by 2024; according to a new research report by Global Market Insights, Inc
Shifting consumer preference towards vehicle comfort, enhancing efficiency and customization for aesthetically pleasant vehicles are the key factors driving the automotive aftermarket demand.
Increasing vehicle wear and tear due to poor road infrastructure particularly in developing countries have led to more replacement parts consumption which will support the product penetration. Rise in average distance driven per vehicle has resulted in increasing requirement for maintenance encouraging vehicle parts replacements.
Professional sales outlet is the major revenue generating segment for automotive aftermarket and was valued over USD 300 billion in 2015. Moreover, additional services provided by the outlets for customer delight including free periodic servicing, insurance to damaged parts and delivery facilities will fuel the automotive aftermarket industry growth.
Asia pacific, led by China, India and Thailand is estimated to witness CAGR over 6 % up to 2024. Growing consumer spending on automobiles coupled with rapid urbanization and increasing population are the key factors fueling regional demand. High economic resource availability, workforce and land availability in this region will propel the market growth.
Stringent regulations regarding emission control and safe transport has resulted in increased maintenance of the vehicle. Shifting trend for vehicle customization which includes lighting system, vehicle graphics, spoilers to achieve optimum performance is the key factor driving global automotive aftermarket demand.
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