The global automotive aftermarket is expected to reach $486.36 billion USD by 2025, according to a new report by Grand View Research Inc.
Digitalization of automotive repair and component sales complemented by advanced technology incorporations in automobile aftermarket component manufacturing is expected to boost the market growth. The surging reception of semi-autonomous, electric vehicles, and hybrid and autonomous cars, in the years to come, is further expected to bolster the new component market growth. The market can be categorized, based on replacement parts, into tire, battery, brake parts, filters, body parts, lighting and electronic components, wheels and exhaust components.
The increasing vehicle penetration is driven by the overall improvement of lifestyle in the developing countries, such as India and Brazil, and is expected to drive the growth of the automobile industry in the region. Similar surges in the automotive manufacturing sector across various regions along with the increasing stringent emissions norms are expected to drive the growth of automotive aftermarket component sales over the forecast period.
The Asia-Pacific regional market is expected to be the fastest growing market for automotive collision repair services over the forecast period, owing to its developing living standards and high vehicle production. It also is anticipated to be the fastest-growing market in automobile production. With the growing penetration and acceptance of gas and hybrid electric cars, specialized repair centers dedicated toward repair of particular vehicles are expected to increase.
The global automotive aftermarket is expected to witness tremendous growth due to an upsurge in the number of vehicle collisions along with the inclination of owners toward repair of their automobiles.
Further key findings from the report suggest:
- The automotive aftermarket is estimated to grow significantly over the forecast period, owing to an increase in the number of lightweight vehicles coupled with the increasing age of the light vehicle fleet
- 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 the other geographies
- The global automotive aftermarket is anticipated to witness a phase change attributable to the growing proportion of specialized automotive collision repair centers that are dedicated toward serving specific vehicles such as alternate fuel powered vehicles