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Automotive Parts Aftermarket Market in US Research Report 2022
The U . S . Automotive Parts Aftermarket Market in US is anticipated to rise at little over 2 percent CAGR during 2014 to 2018 . One of the significant factors positively influencing the market includes aftermarket parts being priced lower than original machinery components . The market has been experiencing augmenting ‘ mean age ’ of light weight automobiles .
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However , rising susceptibility of U . S . auto parts may hinder the market in the near future . The ‘ Joint Channel Forecast Model ’ of 2014 expected global market revenues to increase from USD 238 billion in 2013 to USD 273 billion by 2017 . It also stated that new automobiles generated robust sales . The model also projected stable expansion in the U . S . Automotive Parts Aftermarket Market in US during the coming years .
The mean age of automobiles is 11.4 years , the oldest ever . The age mixture of automobiles supports older automobiles . This leads to effective repair & service stations springing up . The said model also explained that burgeoning incomes , populace , & employment should cause a boost in miles driven & automobiles on roads . The same would also result in continuing expansion across this market .
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The ‘ Joint Channel Forecast Model ’ served as a means of aiding players attain that growth in spite of the market encountering issues . Some of these issues were novel-model developments , vehicular technological expansion , automobile telematics , and ‘ parts ’ promotions . Aftermarket producers normally provide substitution components for sales to autonomous repair shops or general public .
Due to warranty periods on new vehicles , substitution parts are essentially bought from ‘ original equipment automobile ’ wholesalers . Post the vehicles turning older than 3 years , proprietors generally buy repair or substitution parts from aftermarket amenities & organizations . Growing age of vehicles is a major trend , propelling the U . S . Automotive Parts Aftermarket Market in US .
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