Automotive Aftermarket 2020-2026 – 3 pivotal trends likely to drive industry outlook
Automotive Aftermarket industry is projected to experience a healthy growth during 2021 to 2027 led by the launch of e-commerce websites for the purpose of attracting customers and increasing product penetration in the digital era.
Delaware, United States – July 21, 2021 /MarketersMedia/ —
Automotive aftermarket industry is likely to witness significant growth through 2026 driven by the launch of e-commerce websites for the purpose of attracting customers and increasing product penetration in the digital era. According to the latest research by Global Market Insights Inc., the global automotive aftermarket demand is anticipated to surpass USD 1.1 billion by 2026.
Citing an instance, Kuwait-based AUTO1 has recently launched its e-commerce website “auto1.online”, bringing its wide shopping experience completely online by offering an extensive range of products. These comprise trending automotive essentials, car care merchandise, and several other automotive aftermarket parts at amazing prices.
Additionally, the company’s website hosts multiple categories comprising Car Care, Accessories, Hardware & Tires, and Batteries, enabling the online purchase of Spare Parts, and also offering consultation with the aid of its dedicated technical support team. Similar initiatives by key automotive aftermarket companies are set to push industry demand, augmenting revenue expansion over the forthcoming years.
This growth is prominently attributed to the surging incorporation of safety features and technologies like ADAS on account of the increasing stringency in measures associated with vehicle safety. The rising adoption of ADAS is likely to bring about a reduction in the number of road accidents, propelling industry landscape through the forthcoming years.
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Few major trends impelling automotive aftermarket growth comprise:
Increasing preference for automotive parts offered by OEMs –
Multiple advantages provided by OEM outlets such as quality assurance and long-term warranty coverage are likely to stimulate automotive aftermarket industry expansion over the assessment span. Additionally, the surging usage of electronics and e-commerce by established OEM providers is also set to boost the demand for various automotive aftermarket products through 2026.
The OEM factory fill segment is estimated to witness an appreciable CAGR of nearly 4 per cent through the projected period. This augmentation is chiefly ascribed to the existing trust and consumer confidence towards the automotive parts provided by OEMs.
Increasing demand for exhaust systems in automobiles –
An upsurge in product demand has been instrumental in driving the growth of the exhaust segment in the automotive aftermarket industry through 2026. Primary components of exhaust systems comprise catalytic converter, muffler, engine downpipe, tailpipe, and engine manifold.
The system is also exposed to high temperatures, given the exit of the hot air from combustion engines. Furthermore, the component is subjected to be replaced by enthusiastic and high-end consumers for the enhancement of vehicle outlet acoustics.
Owing to such attributes, the exhaust segment is touted to exhibit a commendable CAGR of nearly 7 per cent through 2026.
Rising popularity of remote diagnostics
The real-time monitoring of numerous automobile parameters for the evaluation of its performance and quality of operations in line with predetermined benchmarks is instrumental in impelling the popularity of remote diagnostics over the anticipated span.
Additionally, more and more small-scale shop owners and service providers are entering into agreements with largescale fleet operators for the procurement of additional contracts for repair & maintenance, which is set to influence industry expansion through the estimated period.
In a nutshell, an increase in the escalation of the life of vehicles has led to an upsurge in the requirement for maintenance & repair services, positively influencing revenue augmentation over the ensuing years. Prominent automotive aftermarket companies include BASF, ZF Friedrichshafen AG, Continental AG, Federal-Mogul Holdings, 3M, and others.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., 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.
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Organization: Global Market Insights Inc.
Address: 4 North Main Street, Selbyville, Delaware 19975 USA
Phone: 1-302-846-7766
Website: https://www.gminsights.com/pressrelease/automotive-aftermarket
Source: MarketersMedia
Release ID: 89037792
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