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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