The U.S. automotive aftermarket size is projected to touch USD 86.2 billion by the year 2025, according to a new report by Million Insights. It is anticipated to grow at a CAGR of 1.8% through the forecast period of 2019-2025. The market is anticipated to grow because of rising adaption of automotive technologies like safety and exhaust technologies along with several other aspects that influence vehicular performance. The market is anticipated to grow owing to introduction of metals and new chemicals that provide weight reduction and cost-effectiveness in automobiles. Additionally, the rising vehicle age and vehicle parts in the U.S. are anticipated to propel the demand for replacing parts, therefore, driving the growth of the market in the country.
Increasing disposable income of consumers in the U.S. is positively impacting the sales outlook of passenger cars. The growing sales of passenger cars is directly proportional to the rising demand for aftermarket parts. Further, factors like rising adaption of modern lifestyle and developing infrastructure are contributing in propelling the growth of the market. Huge investments in R&D by automakers and advancement of technology are anticipated to propel the demand for heavy commercial vehicles. As a result of which, there would be rise in demand for products like tires, wheels, towing and several other miscellaneous accessories, thus driving the growth of the market in the coming years.
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