San Francisco, 18 Dec 2018 - “Automotive After market Size, Share & Trends Analysis Report By Replacement Part, By Distribution Channel (Retailers, Wholesalers & Distributors), By Service Channel (DIY, DIFM, OE), By Certification, And Segment Forecasts, 2018 - 2025” According to a report published by Grand View Research, Inc.; the global automotive aftermarket is anticipated to reach around USD 486.36 billion by 2025. Rising vehicle sales and implementation of strict regulatory policies about safety of vehicle are projected to drive the market. In addition, increasing consumer demand to improve appearance and performance of vehicles is also expected to boost the market over the forecast period (2014 to 2025). Demand for aftermarket services to improve sound, speed, exhaust components, wheels, battery, tire, and body parts is anticipated to bode well for market growth in near future.
Implementation of stern regulatory policies formed by government authorities is anticipated to boost production of eco-friendly and high-efficient vehicle components. Introduction of Electric Vehicles (EV), hybrid vehicles, and autonomous and semi-autonomous vehicles are also projected to create growth avenues. Growing digitization and use of online portal for sales and services will also support market growth in the years to come.
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The worldwide automotive aftermarket is segmented on the basis of replacement part, service channel, distribution channel, certification, and region. As per replacement part, the market is categorized into battery, tire, brake parts, filters, turbochargers, body parts, wheels, lighting and electronic components, exhaust components, and others. The tire segment is expected to continue leading the market through 2025. This can be attributed to ow replacement cycle of tires in comparison to other components.
Based on service channel, the market can be split into Do It Yourself (DIY), Do It For Me (DIFM), and Original Equipment (delegating to OEMs). The OE segment is projected to lead in terms of market size over the forecast period. In terms of revenue, the DIY segment is anticipated to display the fastest growth through to 2025. High interest and technical knowledge about repairing their own cars.
As per distribution channel, the market is categorized into retailers, OEMs, repair shops, and wholesalers and distributors. In terms of size, the retailers segment is likely to lead the market during the forecast period. The wholesale and distribution segment is anticipated to display stronger CAGR in terms of revenue from 2017 to 2025.
Based on certification, the market is trifurcated into genuine, certified, and uncertified parts. In terms of size, the genuine parts segment is likely to emerge dominant over the forecast period. Genuine automotive parts are created by car manufacturers or OEMs. These parts come with warranty and need to be purchased from dealers. The uncertified segment, on the other hand, is anticipated to display rapid CAGR in terms of revenue over the forecast period. Certified vehicle parts are cost-effective substitutes to genuine parts. These parts are tested by certified organizations.
Geographically, the automotive after market is divided into North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America was the leading regional market in terms of revenue in 2016. Utilization of novel technologies to manufacture auto parts, growth in sale of automobiles, and digitization of auto component delivery services are likely to fuel the regional expansion. High demand for hybrid/electric vehicles is also projected to bode well for overall growth.
Asia Pacific is projected to be the fastest growing market during the estimated period ascribed to rise in vehicle production and sale as a result of high disposable income and improved standard of living. Rising road accidents are expected to drive demand for aftermarket services in the region. Demand for specialized repair centers is expected to witness growth owing to adoption of gas and hybrid/ electric cars. In addition, presence of leading automotive manufacturers in China and India is expected to boost regional market.
Some of the key players operating in the automotive after market include Robert Bosch GmbH., Federal-Mogul Corporation, Denso Corporation, Continental AG, and 3M Company.
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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, 2014 - 2025)
- Tire
- Battery
- Brake parts
- Filters
- Body parts
- Lighting & Electronic components
- Wheels
- Exhaust components
- Turbochargers
- Others
Automotive Aftermarket Distribution Channel Outlook(Revenue, USD Billion, 2014 - 2025)
- Retailers
- OEMs
- Repair Shops
- Wholesalers & Distributors
Automotive Aftermarket Service Channel Outlook(Revenue, USD Billion, 2014 - 2025)
- DIY (Do It Yourself)
- DIFM (Do It for Me)
- OE (Delegating to OEMs)
Automotive Aftermarket Certification Outlook (Revenue, USD Billion, 2014 - 2025)
- Genuine Parts
- Certified Parts
- Uncertified Parts
Automotive Aftermarket Regional Outlook (Revenue, USD Billion, 2014 - 2025)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- South America
- Brazil
- Middle East & Africa
Browse Press Release of this Report: www.grandviewresearch.com/industry-analysis/aftermarket-automotive-parts-market
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.
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