Automotive Aftermarket Size To Hit USD 513.8 Billion By 2027


 San Francisco, 27 Nov 2020: The Report Automotive Aftermarket Size, Share & Trends Analysis Report By Replacement Part (Tire, Battery, Filters), By Distribution Channel, By Service Channel, By Certification, By Region, And Segment Forecasts, 2020 - 2027

The global automotive aftermarket size is expected to reach USD 513.8 billion by 2027, registering a CAGR of 4.0% over the forecast period, according to a new report by Grand View Research, Inc. Digitalization of automotive repair and component sales, along with advanced technology incorporations in the automobile aftermarket component manufacturing, is expected to boost the market growth. Increasing adoption of semi-autonomous, electric vehicles, and hybrid and autonomous cars is further expected to bolster the market growth.

Increasing disposable income and improved lifestyle in developing countries such as India and Brazil are leading to increased vehicle penetration, which is expected to drive the market in the region. Growth in the automotive manufacturing sector across various regions, along with stringent emissions norms, are expected to drive the aftermarket component sales over the forecast period. Third party services and technological advancements offer new and profitable revenue streams to leverage these opportunities. In addition, the industry requires investment in product development, supply chain, organizational design, and pricing model to create significant surge in the demand.

Manufacturers in developing countries are adopting various strategies, including mergers, acquisitions, and partnerships to gain a strong foothold in the market. Asia Pacific is expected to be the fastest growing regional market owing to improving living standards and high automobile production. With increasing penetration and acceptance of gas and hybrid electric cars, specialized repair centers, dedicated toward repairing of particular vehicles, are expected to increase.

Access Research Report of Automotive Aftermarket @ https://www.grandviewresearch.com/industry-analysis/aftermarket-automotive-parts-market

 Further key findings from the report suggest:

  • The aftermarket is estimated to grow significantly over the forecast period owing to increasing number of lightweight vehicles along with increasing age of the light vehicle fleet
  • Innovative business models and solutions provided by the manufacturers and growing investments in the same, are expected to create sustainable growth opportunities for the market
  • North America has a higher technology adoption rate, which is anticipated to result in faster and higher adoption of hybrid electric automobiles in the region as compared to other geographies
  • The automotive aftermarket is anticipated to witness a phase change owing to the growing proportion of specialized automotive collision repair centers that are dedicated toward serving specific vehicles such as alternate fuel powered vehicles
  • Key industry participants include Magneti Marelli S.p.A., Continental AG, 3M Company, Federal-Mogul Corporation, Delphi Automotive PLC, Robert Bosch GmbH, and Denso Corporation.

Browse more reports of this category by Grand View Research at: https://www.grandviewresearch.com/industry/automotive-and-transportation

Grand View Research has segmented the global automotive aftermarket based on replacement part, distribution channel, service channel, certification, and region:

Automotive Aftermarket Replacement Part Outlook (Revenue, USD Billion, 2016 - 2027)

  • Tire
  • Battery
  • Brake parts
  • Filters
  • Body parts
  • Lighting & Electronic components
  • Wheels
  • Exhaust components
  • Turbochargers
  • Others

Automotive Aftermarket Distribution Channel Outlook (Revenue, USD Billion, 2016 - 2027)

  • Retailers
    • OEMs
    • Repair Shops
  • Wholesalers & Distributors

Automotive Aftermarket Service Channel Outlook (Revenue, USD Billion, 2016 - 2027)

  • DIY (Do It Yourself)
  • DIFM (Do It for Me)
  • OE (Delegating to OEM’s)

Automotive Aftermarket Certification Outlook (Revenue, USD Billion, 2016 -2027)

  • Genuine Parts
  • Certified Parts
  • Uncertified Parts

Automotive Aftermarket Regional Outlook (Revenue, USD Billion, 2016 - 2027)

  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

Access Press Release of Automotive Aftermarket @ https://www.grandviewresearch.com/press-release/global-automotive-aftermarket-industry

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com

Comments

Post a Comment

Popular posts from this blog

U.K. Point Of Sale Software Market To Expand Industry Growth At USD 1.05 Billion By 2028

Image
  San Francisco, 21 Jan 2022:   The Report  U.K. Point Of Sale Software Market  Size, Share & Trends Analysis Report By Application (Fixed POS, Mobile POS), By Deployment, By Organization Size, By End-user, And Segment Forecasts, 2021 - 2028 The global U.K. point of sale software market size is expected to reach USD 1.05 billion by 2028, expanding at a CAGR of 8.1% from 2021 to 2028, according to the new study conducted by Grand View Research, Inc. The integration of a Point-Of-Sale (POS) solution with capabilities such as sales reports monitoring, cash flow recording, product demand analysis, tracking delivery status, and inventory management ensure systematic functioning and upscaling of a business. The adoption of POS software is directly impacted by the demand for POS terminals, which is witnessing growth in demand due to changing lifestyles and government policies. However, the COVID-19 pandemic disrupted the industry's business, wherein retail stores, restaurants, and hot
Read more

Gas Detection Equipment Market Anticipated To Expand At A CAGR 9.7% From 2021 To 2028

  San Francisco, 5 May 2021:   The Report  Gas Detection Equipment Market  Size, Share & Trends Analysis Report By Product, By Technology (Infrared, Catalytic, PID), By End-use, By Region, And Segment Forecasts, 2021 - 2028 The global gas detection equipment market size is expected to reach USD 8.38 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 9.7% from 2021 to 2028. The market growth can be attributed to the growing awareness among governments regarding the harmful effects of greenhouse gases, coupled with their increased efforts toward protecting the environment. Major industries such as petroleum, oil, and gas, among others are needed to comply with safety and environmental regulations which are also major factors driving the market growth. Many companies are focused on introducing drone-based gas detection equipment, which is expected to create new opportunities for market growth in the coming years. For instan
Read more