SAN FRANCISCO, Aug. 3, 2021 / PRNewswire / – A new market place study published through Global Industry Analysts Inc. , (GIA), the leading market place research firm, released its report titled “Automotive Aftermarket – Global Market Trajectory”
FACTS IN AN ITEdit WEIGHT: 15; Release: May 2021 Executive Group: 23217Company: 186 – Covered players come with 3M Company; ACDElco; Akebono Brake Corporation; American axis
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ABSTRACT-
Global automotive aftermarket will succeed by $542. 1 billion through 2026
The increase in the vehicle fleet, the increase in the life expectancy of the vehicles and the increase in the useful life of the vehicles continue to drive the expansion of the global automotive aftermarket. The growing percentage of electronic content in cars, coupled with the trend of fashionable customers for in-car infotainment technologies, provides many opportunities for expansion. Automotive electronics such as night vision devices, global positioning systems (GPS), and parking and front assist systems will be popular targets for market expansion. Rising visitor expectations, technological inventions and the expansion of the festival are among the driving forces behind the expansion of the industry. More and more OEMs are entering the aftermarket. Increased customer awareness of periodic maintenance, safety, installation of new internal and external accessories, convenience, and complementary facilities would also drive business expansion. The online platform for the sale of auto parts will also be more popular in the coming years. Online platforms would allow customers to compare costs and product features before making a purchasing decision.
Amid the COVID-19 crisis, the global automotive aftermarket, estimated at US$438. 8 billion in 2020, is expected to succeed in a revised length of US$542. 1 billion through 2026, with expansion at a compound annual rate of 3. 6% over research. Mechanical products, one of the segments analyzed in the report, are expected to grow at a compound annual rate of 3. 2% to $228 billion through the end of the IP. induced by the economic crisis, the expansion of the external and structural products segment is readjusted at a revised annual compound rate of 3. 1% for the next 7-year period, which lately represents a percentage of 18. 7% of the global automotive aftermarket. Situations and the accumulation of automotive injuries generate a demand for tires, rims and other mechanical products related to wheel assembly. The vehicle’s exterior and structural products, such as windows and laminated glass, are among the top non-unusual products that take a step forward with complex versions.
The U. S. market is estimated at $118. 8 billion in 2021, while China is expected to succeed at $98. 5 billion through 2026.
The auto parts market place in the United States is estimated at US $ 118. 8 billion in 2021. The country lately represents a percentage of 26. 61% of the world market place. China, the world’s second-largest economy, is expected to succeed in a market position estimated at $ 98. 5 billion in 2026, at a CAGR of 6. 3% in the research era. Other noteworthy geographic market locations are Japan and Canada, each forecasting expansion of 1. 9% and 2. 4%, respectively, during the research era. In Europe, Germany is expected to grow around 2. 9% CAGR, while the rest of the European market (as explained in the study) will succeed at $ 104. 4 billion until the end of the research era. Increased demand for accessories that meet the traditional desires for comfort and appearance, ie traditional seats, car tents, hands-free phones, bluetooth car kits, and auto repair tools. In Europe, on the other hand, responses from products that enhance vehicle functionality and agility, such as steel-belted radial tires, will be the maxims adopted. In emerging countries, strong automotive demand would stimulate expansion in the auto parts market. Government regulations in those regions are also putting pressure on auto component brands to offer highly effective and environmentally friendly components.
The electric products segment will be successful at $ 93. 9 billion through 2026. The developing highway vehicle population base provides a steady stream of cars in the aftermarket place for upgrades and replacements. The growing call from customers to upgrade their lighting systems for advanced aesthetic appeal is also creating a call for electrical connections and accessories for lighting systems. In the global electrical products segment, the United States, Canada, Japan, China and Europe will lead the estimated CAGR of 4. 1% for this segment. These regional market cords representing a combined length of a market place of US $ 58. 9 billion in 2020 will be successful in a projected duration of US $ 78 billion to the end of the investigation period. China will continue to be one of the fastest developing countries in this organization of regional market places. Led through countries such as Australia, India and South Korea, the Asia Pacific market is expected to be successful at $ 6. 7 billion through 2026, while Latin America will grow at a CAGR of 3% over the period. research. Next
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SOURCE Global Industry Analysts, Inc.