The U.S. automotive aftermarket size is projected to touch USD 86.2 billion by the year 2025, according to a new report by Million Insights. It is anticipated to grow at a CAGR of 1.8% through the forecast period of 2019-2025. The market is anticipated to grow because of rising adaption of automotive technologies like safety and exhaust technologies along with several other aspects that influence vehicular performance. The market is anticipated to grow owing to introduction of metals and new chemicals that provide weight reduction and cost-effectiveness in automobiles. Additionally, the rising vehicle age and vehicle parts in the U.S. are anticipated to propel the demand for replacing parts, therefore, driving the growth of the market in the country.
Increasing disposable income of consumers in the U.S. is positively impacting the sales outlook of passenger cars. The growing sales of passenger cars is directly proportional to the rising demand for aftermarket parts. Further, factors like rising adaption of modern lifestyle and developing infrastructure are contributing in propelling the growth of the market. Huge investments in R&D by automakers and advancement of technology are anticipated to propel the demand for heavy commercial vehicles. As a result of which, there would be rise in demand for products like tires, wheels, towing and several other miscellaneous accessories, thus driving the growth of the market in the coming years.
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Efforts are taken by manufacturers to make these aftermarket products available in required quantities and improving quality of recycled products are driving the demand for alternate parts like engines, transmissions, door assemblies, metal sheet products like light assemblies, fenders, hoods, trunk lids, and bumpers. Additionally, controlling and maintaining a large inventory along with wide distribution network is allowing them to retain high fulfillment rates, which also drives the sales of alternative parts. However, rising adoption of electric and hybrid vehicles is having a negative impact on the market, mainly on exhaust components. As a consequence of which, there’s a constant threat of alternatives for aftermarket parts over the forecast period.
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Further key findings from the report suggest:
• The increasing sales of automobiles, rising purchasing power, and improving living standards of people are driving the growth of the automotive aftermarket.
• Rising awareness of consumers with regards to protection of environment and usage of eco-friendly products with less of carbon footprints is driving the growth of the market.
• The tire segment is expected to domineer the market by 2025 owing to recurring change of tires when compared to other automotive component counterparts.
• The market is inclining towards the automation of several processes and functions as automation enhances efficiency, increases accuracy, reduces human errors and improves the safety of the workplace.
• The ongoing trend of combining operational technology and information technology with Industry 4.0 has aided a landscape controlled by digitalization of supply chain, having a positive impact on the industry.
Million Insights has segmented the U.S. automotive aftermarket on the basis on replacement part, distribution channel, service channel, and certification
U.S. Automotive Aftermarket Replacement Part Outlook (Revenue, USD Billion, 2014 – 2025)
• Brake Parts
• Body Parts
• Lighting & Electronic Components
• Exhaust Components
U.S. Automotive Aftermarket Distribution Channel Outlook (Revenue, USD Billion, 2014 – 2025)
• Wholesalers & Distributors
U.S. Automotive Aftermarket Service Channel Outlook (Revenue, USD Billion, 2014 – 2025)
• DIY (Do it Yourself)
• DIFM (Do it for Me)
U.S. Automotive Aftermarket Certification Outlook (Revenue, USD Billion, 2014 – 2025)
• Genuine Parts
• Certified Parts
• Uncertified Parts
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