The DIY segment automotive aftermarket is expected to generate $237 billion in revenue by 2028 due to the cost-effective products provided and growing demand for modified cars among consumers.
Selbyville, Delaware, April 6, 2022 (GLOBE NEWSWIRE) —
The automotive aftermarket is expected to exceed USD 855 billion by 2028, as reported in a research study by Global Market Insights Inc. The growth of the industry can be attributed to the growing need for servicing and scheduled maintenance to improve the life of an aging vehicle.
The increase in vehicle accidents coupled with the growing demand for modified vehicle components is expected to further increase the demand for the products in the market. The easy availability of auto spare parts along with the development of e-commerce platforms have increased product availability. Service providers are expanding their distribution networks to support industry expansion.
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The DIY automotive aftermarket is expected to generate $237 billion in revenue by 2028. DIY (DIY) is one of the emerging categories owing to the cost-effective products provided and the growing demand for modified cars among consumers. Various industry players are providing new easy-to-use repair kits, thus propelling the market revenue. Other factors include an increase in per capita income and an increase in the sale of old and new cars. Moreover, readily available at a lower price at major discount stores, it will also help market demand.
the North American Automotive Aftermarket growth will be supported by an increase in the average number of kilometers traveled annually. The United States recorded the largest net gain in 2021 in the industry. North America held a market share of over 30% in 2021 and is expected to show a CAGR of over 6% through 2028.
Some of the key findings of the Automotive Aftermarket report include:
The growing need for servicing and scheduled maintenance to improve the life of an aging vehicle will drive industry statistics.
Changing consumer preferences to upgrade existing cars with new technologies are also expected to propel the market size.
Growing demand for superior braking and acceleration features among the younger generation is likely to drive segment demand.
Low operating cost is an important factor for product development in the DIY segment. Growing consumer awareness of online maintenance tutorials is one of the major factors positively influencing automotive aftermarket revenue.
Asia-Pacific is expected to see the fastest growth due to growing consumer preferences for high performance and aesthetics of their vehicles. This will create positive business prospects for distributors who offer high-performance solutions such as brakes, suspensions and transmission or high-end audio systems.
The industry is highly competitive due to the presence of major players such as Bridgestone Corporation, Continental AG, Magna International, Inc., Robert Bosch GmbH, Toyota Motor Corporation, and ZF Friedrichshafen AG.
Adopting new strategies including partnerships, long-term contracts, and developing new products to gain visibility in the market will result in intense competition among market players.
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Partial chapters of the table of contents (TOC) of the report:
Chapter 2 Executive Summary
2.1 Automotive 360 Aftermarket Industry0 summary, 2018 – 2028
2.1.1 Trade trends
2.1.2 Product trends
2.1.3 Outlet Trends
2.1.4 Regional trends
Chapter 3 Automotive Aftermarket Industry Overview
3.1 Industry Segmentation
3.2 Industry Size and Forecast, 2018-2028, (USD Billion)
3.3 Impact of COVID-19 on the industry landscape
3.4 Industry Ecosystem Analysis
3.5 Technology and innovation landscape
3.6 Regulatory landscape
3.7 Global Automotive Industry Overview
3.8 Industry impact forces
3.8.1 Drivers of growth
126.96.36.199 Growing Demand for Vehicle Modernization and Digitalization of Distribution Channels
188.8.131.52 Increase in sales of new and used vehicles
184.108.40.206 Aging vehicle fleet and poor road infrastructure
3.8.2 Industry Pitfalls and Challenges
220.127.116.11 Adoption of vehicle safety technologies and increased sales of electric vehicles
3.9 Growth Potential Analysis, 2021
3.10 Porter’s analysis
3.11 Competitive Landscape, 2021
3.12 PILON analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and advisory services, offering syndicated and custom research reports as well as consulting services. growth. Our business intelligence and industry research reports provide clients with in-depth insights and actionable market data specially designed and presented to aid in strategic decision-making. These comprehensive reports are designed using proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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