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.
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.
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