San Francisco, May 12, 2016 (GLOBE NEWSWIRE) -- The U.S. automotive parts aftermarket market is anticipated to rise at little over 2 percent CAGR during 2014 to 2018. One of the significant factors positively influencing the market includes aftermarket parts being priced lower than original machinery components. The market has been experiencing augmenting ‘mean age’ of light weight automobiles.
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However, rising susceptibility of U.S. auto parts may hinder the market in the near future. The ‘Joint Channel Forecast Model’ of 2014 expected global market revenues to increase from USD 238 billion in 2013 to USD 273 billion by 2017. It also stated that new automobiles generated robust sales. The model also projected stable expansion in the U.S. automotive parts aftermarket market during the coming years.
The mean age of automobiles is 11.4 years, the oldest ever. The age mixture of automobiles supports older automobiles. This leads to effective repair & service stations springing up. The said model also explained that burgeoning incomes, populace, & employment should cause a boost in miles driven & automobiles on roads. The same would also result in continuing expansion across this market.
The ‘Joint Channel Forecast Model’ served as a means of aiding players attain that growth in spite of the market encountering issues. Some of these issues were novel-model developments, vehicular technological expansion, automobile telematics, and ‘parts’ promotions. Aftermarket producers normally provide substitution components for sales to autonomous repair shops or general public.
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Due to warranty periods on new vehicles, substitution parts are essentially bought from ‘original equipment automobile’ wholesalers. Post the vehicles turning older than 3 years, proprietors generally buy repair or substitution parts from aftermarket amenities & organizations. Growing age of vehicles is a major trend, propelling the U.S. automotive parts aftermarket market.
Automobile registrations globally compel ‘original equipment manufacturers’ to speed up the demand for adopting modular architecture and worldwide platforms. Accelerating vehicles for every platform, lesser platforms, and wide usage of modular architecture are expected to offer key prospects to aftermarket providers.
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OEM technological innovations offer the U.S. automotive parts aftermarket market both prospects & hindrances. Key market sellers are Magna International Inc., Continental AG, Bridgestone Corp., and Exide Technologies.
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