Dublin, Oct. 11, 2023 (GLOBE NEWSWIRE) — The “U.S. Automotive Aftermarket: Insights & Forecast with Potential Impact of COVID-19 (2023-2027)” report has been added to ResearchAndMarkets.com’s offering.
The U.S. automotive aftermarket is expected to record a value of US$479.25 billion in 2027, growing at a CAGR of 3.08%, for the duration spanning 2023-2027.
The automotive aftermarket is poised for significant growth, driven by several key factors. These include the expansion of automotive production, a surge in used car sales, the increasing number of smartphone users, a rapid rise in electric vehicle sales, and the ongoing process of urbanization.
However, the market’s growth trajectory may face challenges from the expansion of ride-sharing services and the growing prevalence of aftermarket fraud. Some noteworthy trends that are expected to shape the market’s landscape include the increasing average age of vehicles, the expansion of automotive dealers into online platforms, and the launch of new and advanced car accessories.
The automotive aftermarket in the United States is experiencing substantial growth, primarily due to the presence of a well-established automotive industry. This sector encompasses both auto services and parts businesses.
Favorable government policies, regulations, and subsidies in the U.S. are boosting the demand for electric vehicles, leading to the greater use of lightweight auto parts in EV production to enhance efficiency. This trend is expected to contribute significantly to the growth of the U.S. automotive aftermarket in the coming years.
Key players operating in the U.S. automotive aftermarket include 3M Company, Lear Corporation, AutoZone, O’Reilly Auto Parts, Advance Auto Parts, and Cooper Tire & Rubber Company. The high level of competition in the market has encouraged these key players to gain a competitive edge by focusing on offering high-quality products.
In response to increasing price competitiveness in the U.S. market, various companies are challenged to provide innovative offerings that enable consumers to address evolving technologies at an economical price point. This approach is ultimately driving market growth.
|No. of Pages||69|
|Forecast Period||2023 – 2027|
|Estimated Market Value (USD) in 2023||$424.49 Billion|
|Forecasted Market Value (USD) by 2027||$479.25 Billion|
|Compound Annual Growth Rate||3.1%|
|Regions Covered||United States|
Key Topics Covered:
1.2 Value Chain of OEM/OES in Aftermarket
1.3 Top Ten Trends in Automotive Aftermarket
1.4 The Future Development Direction of the Automobile Industry
1.5 Automotive Aftermarket Distribution Channels
2. Impact of COVID-19
2.1 Decline in Motor Vehicle Sales
2.2 Downfall in Consumer Spending
2.3 Impact on Automotive Dealership
3. The U.S. Market Analysis
3.1 The U.S. Automotive Aftermarket by Value
3.2 The U.S. Automotive Aftermarket Forecast by Value
3.3 The U.S. Specialty Auto Equipment Market by Value
3.4 The U.S. Specialty Auto Equipment Market Forecast by Value
3.5 The U.S. Specialty Auto Equipment Market by Product Type
3.5.1 The U.S. Auto Accessories & Appearance Products Market by Value
3.5.2 The U.S. Auto Accessories & Appearance Products Market Forecast by Value
3.5.3 The U.S. Auto Performance Products Market by Value
3.5.4 The U.S. Auto Performance Products Market Forecast by Value
3.5.5 The U.S. Wheels, Tires & Suspension Market by Value
3.5.6 The U.S. Wheels, Tires & Suspension Market Forecast by Value ]
3.6 The U.S. Auto Parts Export by Value
3.7 The U.S. Auto Parts Export Forecast by Value
3.8 The U.S. Auto Parts Import by Value
3.9 The U.S. Auto Parts Import Forecast by Value
3.10 The U.S. Auto Parts Import by Regions
3.10.1 The U.S. Auto Parts Import Value from Mexico
3.10.2 The U.S. Auto Parts Import Value from Canada
3.10.3 The U.S. Auto Parts Import Value from Japan
3.10.4 The U.S. Auto Parts Import Value from China
3.10.5 The U.S. Auto Parts Import Value from Korea
3.10.6 The U.S. Auto Parts Import Value from Germany
3.10.7 The U.S. Auto Parts Import Value from Thailand
3.10.8 The U.S. Auto Parts Import Value from Taiwan
3.10.9 The U.S. Auto Parts Import Value from Vietnam
3.10.10 The U.S. Auto Parts Import Value from Italy
4. Market Dynamics
4.1 Growth Drivers
4.1.1 Growth in Automotive Production
4.1.2 Upsurge in Used Car Sales
4.1.3 Rising Number of Smartphone Users
4.1.4 Acceleration in Electric Vehicle Sales
4.1.5 Rapid Urbanization
4.2 Key Trends and Developments
4.2.1 Growth in Average Age of Vehicle
4.2.2 Expansion of Automotive Dealers on Online Platforms
4.2.3 Launch of New and Advanced Car Accessories
4.3.1 Expansion of Ride-sharing Services
4.3.2 Rise in Fraudulent Products
5. Company Profiles: Business Overview
5.1 3M Company
5.2 Lear Corporation
5.4 O’Reilly Auto Parts
5.5 Advance Auto Parts
5.6 Cooper Tire & Rubber Company
For more information about this report visit https://www.researchandmarkets.com/r/8wevo3
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