U.S. aftermarket auto parts and components market expected to reach $ 19 billion by 2026
DUBLIN, December 29, 2021 / PRNewswire / – The report “US Automotive Aftermarket Market – Growth, Trends, COVID-19 Impact, and Forecast (2021 – 2026)” has been added to ResearchAndMarkets.com offer.
The U.S. aftermarket automotive parts and components market has been valued at $ 17 billion in 2020 and should reach $ 19 billion by 2026, registering a CAGR of around 2% over the forecast period (2021 – 2026).
The impact of the COVID-19 pandemic on the U.S. auto parts market is severe and this can be attributed to several production shutdowns in the manufacturing industry due to lockdowns and travel restrictions imposed by governments in the United States. whole world. The supply chain of the entire automotive industry is disrupted, impacting the production of automotive parts and components in the market.
However, the market is expected to experience steady growth as the demand for auto parts manufacturing is directly related to the performance of auto manufacturers as they are the biggest buyers of industrial products.
One of the major growth factors for the aftermarket auto parts market in the United States is the advantages of genuine replacement parts. The increasing availability of auto parts on e-commerce platforms is one of the major aftermarket trends in United States.
The emergence of 3D printing in the automotive aftermarket industry and the growing demand for hybrid and all-electric vehicles will further drive the market growth during the forecast period. In addition, the rise in used car sales is expected to create plenty of opportunities for the major players operating in the US auto aftermarket parts and components market.
Key market trends
Aftermarket auto parts and components online sales increase
The US aftermarket auto parts and components market is expected to experience optimistic growth due to the increase in online business of people.
Technological advancements coupled with rapid improvement in logistics have also enabled manufacturers to deliver high-quality products faster and faster, thus driving the growth of the market. E-commerce business is expected to grow at a faster rate than expected due to the ongoing pandemic.
In general, the growth rate of online spare parts sales has always been around 16% per year, but in 2020, due to the coronavirus pandemic, e-commerce activities increased by 30%. This includes spare parts, spare parts and accessories. Thus, this pandemic has created lucrative opportunities for the major market players during the forecast period.
Online shopping for automotive parts and components is growing and as automotive technology evolves with more and more hybrids and electric vehicles they are entering the market, which is driving the growth of the US market. automotive parts and components. In addition, mobile shopping is on the rise, with online platforms like Amazon and eBay likely to influence the US online auto parts and components market.
The increase in sales of electric vehicles is likely to impact the market
The electric vehicle market is growing year by year, impacting the growth of the automotive industry. Annual sales of plug-in electric cars crossed the 400 thousand mark in 2019, gathering more than 1% of United States’ overall share of vehicle sales.
According to the International Energy Agency (IEA), the number of electric vehicles (EVs) is expected to increase to 125 million in 2030 from just 3.1 million in 2017. In addition, United States is the largest manufacturer of plug-in hybrid vehicles in the North America Region. The country is also the largest market for these vehicles, with manufacturers such as Cadillac, GMC, Tesla and Chrysler leading the market.
With the continued evolution of the automotive industry towards electric mobility, the sale of rechargeable electric vehicles has increased in United States in recent years. While conventional powertrain vehicles contain over 2,000 components, electric vehicles have far fewer.
For example, Tesla revealed that in its transmission there are only 17 moving parts, two of which are in the engine and since the transmission is the heart of any electric vehicle, auto component manufacturers are expected to begin with the manufacture of their associated parts.
In addition, it is estimated that of the 590,000 US employees engaged in the manufacture of auto parts, nearly 150,000 are in the manufacture of components for internal combustion engines (ICE).
This number is expected to change over the forecast period as companies will devote some of them to the production of parts and components for electric vehicles. Inverters, DC-DC Converters,
The battery and related parts, the engine control unit (MCU) are some of the other important parts that will also be manufactured by companies over time to stay relevant in the market. The adoption of aftermarket parts related to electric vehicles will initially be slow in the aftermarket sector, but with the industry seeing a paradigm shift, the rate is expected to increase significantly after a few years.
Magna International Inc.
ZF Friedrichshafen AG
Robert Bosch GmbH
Panasonic Automotive Systems Company of America
Aisin World Corp. from America
American Axle & Manufacturing Holdings Inc
Yazaki North America Inc
For more information on this report, visit https://www.researchandmarkets.com/r/fbj7cl
Research and markets
Laura Wood, senior
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SOURCE Research and Markets