Automotive Parts Aftermarket in US to Grow by USD 11.16 Billion at over 1% CAGR During 2021-2025 | Technavio

NEW YORK, March 31, 2021 /PRNewswire/ -- 

The automotive parts aftermarket in US is expected to grow by USD 11.16 billion during 2021-2025, expanding at a CAGR of over 1%. The report throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect.

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Original replacement automotive parts available in the market generally come with a warranty period ranging from 1 year to 3 years. They also adhere to quality standards and specifications as needed. In addition, some vendors offer a limited warranty against defects or malfunctioning, which increases confidence among buyers in the commercial market. All these benefits are helping in driving the growth of the automotive parts aftermarket in the US.

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In this report, Technavio highlights the growing availability of automotive aftermarket parts in e-commerce platforms as one of the key emerging trends in the automotive parts aftermarket in the US.

Automotive Parts Aftermarket in US: Growing Availability of Automotive Aftermarket Parts on E-Commerce Platforms
Over the years, the market has witnessed significant growth in the sales of aftermarket automotive parts through online platforms. Online platforms allow customers to study and research about the products and components in detail before making a purchase. They also help customers to compare the prices of automobile components offered by other websites. Such benefits offered by online platforms have outpaced the sales of automotive parts through traditional brick and mortar stores. This trend is expected to have a positive impact on the growth of the automotive parts aftermarket in the US during the forecast period.

"Emergence of 3D printing in the automotive aftermarket industry and the growing demand for hybrid and all-electric vehicles will further boost market growth during the forecast period", says a senior analyst at Technavio.

Automotive Parts Aftermarket in US: Segmentation Analysis
This market report segments the automotive parts aftermarket in US by distribution channel (offline and online) and type (passenger vehicles and commercial vehicles).

The offline segment led the automotive parts aftermarket in 2020. The dominance of the segment can be attributed to the benefits associated with purchasing through an offline store such as the look and feel factor and the proliferation of physical stores that sell aftermarket automotive parts.

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Related Reports on Consumer Discretionary Include:
Global Automotive Radiator Aftermarket – Global automotive radiator aftermarket is segmented by vehicle type (passenger cars and commercial vehicles) and geography (APAC, North America, Europe, South America, and MEA).

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Global Automotive Brake Components Aftermarket – Global automotive brake components aftermarket is segmented by product (brake pads, brake shoes, brake calipers, brake rotors, brake drums, and brake hoses), geography (APAC, Europe, North America, MEA, and South America), and type (passenger cars and commercial vehicles).

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Some of the key topics covered in the report include:

Market Challenges

Market Drivers

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Report: www.technavio.com/report/automotive-parts-aftermarket-market-in-us-industry-analysis

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