The global wholesale & distribution automotive aftermarket is expected to reach USD 277.37 billion by 2025, according to a new report conducted by Grand View Research.
Digitalization of automotive repair and component sales, complemented with advanced technology incorporations in the automobile aftermarket component manufacturing, is expected to boost the market growth. The surging reception of semi-autonomous, electric vehicles, and hybrid & autonomous cars in the years to come is further expected to bolster the new component market growth.
The market has been categorized based on replacement parts into tire, battery, brake parts, filters, body parts, lighting & electronic components, wheels, exhaust components and other replacement parts.
The increasing vehicle penetration is driven by the overall improvement of lifestyle in developing countries, such as India and Brazil, and is expected to drive the growth of the automobile industry in these countries. Similar surges in the automotive manufacturing sector across various regions, along with increasingly stringent norms regarding emissions, 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 is also anticipated to be the fastest-growing market in automobile production. With the growing penetration and acceptance of gas and hybrid electric cars, the number of specialized repair centers dedicated toward repair of particular vehicles is expected to increase.
The wholesale & distribution 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 repairing automobiles.
Further key findings from the report suggest:
- The wholesale & distribution 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 light vehicle fleet.
- North America has witnessed a higher technology adoption rate, which, in turn, is anticipated to result in a faster and higher adoption of hybrid electric automobiles in the region as compared to other geographies.
- The wholesale & distribution automotive aftermarket is anticipated to witness a phase change attributable to the growing proportion of specialized automotive collision repair centers that are dedicated to serving specific vehicles, such as alternate fuel powered vehicles.
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Key industry participants include Magneti Marelli S.p.A., Continental AG, 3M Company, Federal-Mogul Corporation, Delphi Automotive PLC, Robert Bosch GmbH, and Denso Corporation.
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