Selbyville, Delaware, April 06, 2022 (GLOBE NEWSWIRE) —
The automotive aftermarket is anticipated to surpass USD 855 billion by 2028, as reported in a research study by Global Market Insights Inc. The industry growth can be attributed to the increasing need for maintenance & scheduled servicing to enhance an aging vehicle’s lifetime.
Rising vehicle accidents coupled with increasing demand for modified vehicle components is anticipated to further increased product demand in the market. The easy availability of automotive replacement parts along with the development of e-commerce platforms has increased product availability. Service providers are expanding their distribution networks to support the industry expansion.
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The automotive aftermarket from DIY is predicted to generate USD 237 billion in revenue by 2028. Do-It-Yourself (DIY) is one of the emerging categories due to the cost-effective products provided and the growing demand for modified cars among consumers. Various industry players are providing new & easy-to-use repair kits, thereby propelling the market revenue. Other factors include an increase in per capita income and an increase in the sale of old & new cars. Moreover, easily available at lower price at discount department stores shall also contribute to the market demand.
The North American automotive aftermarket growth will be supported by an increase in the average number of miles driven annually. The US held the largest net gain in 2021 in the industry. North American held a market share of over 30% in 2021 and is anticipated to exhibit a CAGR of over 6% through 2028.
Some major findings of the automotive aftermarket report include:
- The increasing need for maintenance & scheduled servicing to enhance an aging vehicle’s lifetime will drive the industry statistics.
- Shifting consumer preferences to upgrade existing cars with new technologies are also expected to propel the market size.
- The rising demand for superior braking & acceleration features among the young generation is likely to favor segment demand.
- The low operating cost is a considerable factor driving product development in the DIY segment. Growing consumer awareness of online upkeep tutorials is one of the key factors positively influencing the automotive aftermarket revenue.
- Asia Pacific is expected to witness the fastest growth owing to increasing consumer preferences for high-performance and aesthetics in their vehicles. This will create a positive business outlook for distributors who offer high-performance solutions such as brakes, suspensions & transmissions, or high-end audio systems.
- The industry is highly competitive owing to the presence of major players including Bridgestone Corporation, Continental AG, Magna International, Inc., Robert Bosch GmbH, Toyota Motor Corporation, and ZF Friedrichshafen AG.
- The adoption of new strategies including partnerships, long-term contracts, and new product developments to gain high visibility in the market will result in intense competition among market players.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Automotive aftermarket industry 3600 synopsis, 2018 – 2028
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Sales outlet trends
2.1.4 Regional trends
Chapter 3 Automotive Aftermarket Industry Insights
3.1 Industry Segmentation
3.2 Industry size & forecast, 2018 – 2028, (USD Billion)
3.3 COVID-19 impact on industry landscape
3.4 Industry Ecosystem Analysis
3.5 Technology & innovation landscape
3.6 Regulatory landscape
3.7 Global automotive industry overview
3.8 Industry impact forces
3.8.1 Growth drivers
22.214.171.124 Growing demand for vehicle upgradation along with digitization of distribution channels
126.96.36.199 Increasing vehicle sales of new and preowned vehicles
188.8.131.52 Aging vehicle fleet along with poor road infrastructure
3.8.2 Industry pitfalls & challenges
184.108.40.206 Adoption of vehicle safety technologies and electric vehicle sales
3.9 Growth Potential Analysis, 2021
3.10 Porter’s Analysis
3.11 Competitive landscape, 2021
3.12 PESTLE Analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, US, is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.