DUBLIN--(BUSINESS WIRE)--The "North America Automotive Aftermarket by Product and Performer, 8th Edition" report has been added to ResearchAndMarkets.com's offering.
This study presents historical demand data (2006, 2011, and 2016) and forecasts for 2021 by product category (mechanical, electronic & electrical products, and exterior & structural), country (US, Canada, Mexico), and performer (professional and consumer/DIY).
The study also evaluates company market share and provides a competitive analysis of key players that include Bosch, CARDONE Industries, DENSO, East Penn Manufacturing, Federal-Mogul, Johnson Controls, Standard Motor Products, Tenneco, and ZF Friedrichshafen.
North American automotive aftermarket demand is forecast to rise at a steady rate to US$62.9 billion in 2021
Growing Light Vehicle Park & Average Age, More Stringent Regulations to Boost Aftermarket Sales
Sales will be promoted by:
- growth in the size and average age of the region’s light vehicle park
- gains in the average number of miles driven annually, which increases component wear
- increasingly stringent regulations regarding emissions, fuel efficiency, hazardous materials, and occupant and pedestrian safety, boosting the number and value of many automotive components, and raising the stock of components that need periodic repair or replacement
- rising incidence of insurance among drivers across the region, which increases the financial feasibility of replacement of parts damaged due to collision, vandalism, or roadside debris
Market advances, however, will be tempered by:
- enhanced product design and/or materials that improve product quality, durability, and useful lifespan
- the lower costs associated with remanufactured units
- competition from alternative products and scrap yard units
- competition from low-cost imports
Key Findings in the Automotive Aftermarket Study: US to See Largest Net Gains through 2021, Mexico Fastest Growth
While the pace of market advances in the US will lag those of its neighbors, the US will still account for over 70% of North American automotive aftermarket sales gains in dollar terms through 2021. Demand will be driven by the large size of the US market, the high average number of miles driven annually, and relatively good consumer adherence to recommended maintenance schedules.
Automotive aftermarket component demand in Mexico will outpace demand in the US and Canada due to:
- rising personal income levels and motor vehicle ownership
- the advanced age of the country’s light vehicle park
- the country’s hot climate, which increases the wear or drain on many automotive components
- increasingly stringent safety standards
Mechanical Products Dominate
In 2016, mechanical products accounted for 56% of North America’s automotive aftermarket. This segment will continue to dominate industry demand through 2021, with sales buoyed by regular replacement intervals for certain products, the high per-unit costs of others, and trends toward higher-value components in general.
Professional Sales Will Post Greater, Faster Gains
Professional performer sales will account for 87% of new demand through 2021, reflecting the increasing complexity of automotive systems caused by innovation and lightweighting trends, which make DIY activity less attractive and less practical.
For more information about this report visit https://www.researchandmarkets.com/research/mfzldp/north_america?w=4