The automotive parts aftermarket in U.S. is expected to grow by $11.16 billion during 2021-2025, expanding at a CAGR of more than 1%, according to a new report from Technavio. 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.
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.
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 U.S.
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 3-D 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.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
To learn more about Technavio’s Report, go to: www.technavio.com/report/automotive-parts-aftermarket-market-in-us-industry-analysis.