The light-vehicle market has been the most resilient segment in the automotive aftermarket. Its size is affected by the number of vehicles on the roads and new vehicle sales. However, as new vehicle sales are slowing, so are repairs on existing vehicles. A weak economy makes these jobs more important. Despite economic decline, the light vehicle aftermarket is expected to grow. In case you have just about any inquiries about exactly where and the way to work with Hyundai Car Mats, you can call us in our own web page.
Digital channels are driving transformation in the automotive aftermarket and providing new opportunities to companies to engage consumers. Autodata provides the best in-class industry data and consumer insights. Each day, there are over 200 million automotive parts and accessories sold around the world. Autodata’s data collection and analysis helps organizations understand trends and predict future business strategies. It provides a complete view of the U.S. automotive aftermarket market.
As used car sales continue to increase, the automotive aftermarket is thriving to meet these needs. Off-road enthusiasts continue to purchase lift packs, wheel and tire sets, new bumpers, and side steps/running boards. Specialty Equipment Market Association says that cloth interiors and blacked-out accessories are popular upgrades. SEMA Show is the perfect show for enthusiasts of automotive aftermarket.
In addition to new car purchases, the aftermarket also serves a vital role for commercial companies. Over the past decade, the average American car fleet age has increased by 17%. With increased vehicle ownership, the average age of car fleets has also risen to a record high. Aftermarket parts are now available to help keep cars on the road and give consumers the ability to customize their vehicles. Among the automotive aftermarket segments, the DIY and DIFM sectors represent around 20% and 80% of the total market by parts and services purchased.
Between 2015-2028, the Automotive Aftermarket segment will grow at 7.4% CAGR. This is largely due to the fact that auto manufacturers have stepped up their efforts in the automotive parts aftermarket by establishing a network of non-car-brand-specific repair shops. These segments will see a rise in their growth rates due to improved service quality and availability of high-quality components.
The automotive aftermarket is growing across the world. The aftermarket market is growing thanks to new technology in the automotive industry. As vehicle sales continue to rise, so will the demand for parts replacements. Consumer expectations are driving simply click the following post internet, bypassing traditional channels of distribution. What about the future, however? How will this crisis affect the industry’s structures? What will the COVID-19 pandemic have on the industry?
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