Growing Global Vehicle Fleet & Rising Average Age of Vehicles Drive the Automotive Aftermarket
The global Automotive Aftermarket is projected to reach US$560.6 billion by 2024 , driven by the increasing average age of vehicles and the number of vehicles in operation. Demand for automotive parts in the aftermarket depends largely on replacement intervals. More frequent replacements translate into higher market opportunities for aftermarket parts and components. Replacement cycles vary widely across geographic regions and for different product categories. In case of wiper system replacements, Japan, where safety tops the priority charts with vehicle owners replacing wiper blades every 1.2 years, presents tremendous opportunities for growth. Europeans, on an average, replace wiper blades every 1.5 years. Within Europe, differences exist among countries. Scandinavians, for instance, change the blades more frequently with the average replacement period being 1.5 years. British, Italian and Spanish motorists, on the other hand, replace the wipers every 3 years. Vehicle owners in Fra...