Rising demand for the vehicle durability has increased the scheduled maintenance frequency to achieve better performance. This has resulted in increasing replacement of original parts driving the automobile aftermarket industry size.
DIY automotive aftermarket industry generated revenue over 100 billion in 2015. Low operation cost is the substantial factor driving the product development in this segment. Rising consumer awareness pertaining to online maintenance tutorials is the key factor positively influencing the market growth.
U. S Automotive Aftermarket Size, by Product, 2013-2024( USD Billion)
Favorable FDI policies in developing countries has led to increasing number of manufacturing plants. Additionally, rising customer base of international market players across the globe along with increasing number of service centers are the driving factors for the automobile aftermarket industry growth.
Legal issues regarding patent and copyright infringement are restraining factors to automotive aftermarket industry. Increasing on-road vehicle usage coupled with rising vehicle average age are the key factors driving the global automotive aftermarket demand. Tires, electrical parts and brakes are among the highest revenue generating parts accounting for over 50 % of total revenue generated from replacement part segment.
Easy replacement parts availability accompanied by ease in operations like changing oil, tires, mirrors with minimum requirement of tools are driving the DIY sales outlet market size. Mexico is one of the major exporters of the vehicle replacement components particularly for the U. S. with favorable import policies will positively influence the automotive aftermarket demand.
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