Light Duty Aftermarket Sales Expected to Grow to $314 Billion in 2021
The Automotive Aftermarket Suppliers Association (AASA) and the Auto Care Association forecast that light-duty aftermarket sales will grow from $281 billion in 2020 to $314 billion in 2021. Major trends driving much of the innovation and growth in the aftermarket parts sector include autonomous driving, connectivity, electrification and shared mobility as well as advanced driver-assistance systems. A recent AASA study concluded that nearly 40% of the expected growth in new-product volume over the next decade will come from parts that aren’t even on vehicles yet.
Electrification in particular is driving M&A activity in the sector. Dana Incorporated has announced an agreement to acquire part of Modine Manufacturing Co.’s automotive thermal-management business in order to accelerate its electrification strategy. While BorgWarner acquired Delphi Technologies to create a leader in electrified propulsion systems. Another trend that is expected in 2021 is a growth in ecommerce sales of aftermarket automotive parts. Several large ecommerce platforms such as Walmart and Amazon have branched out into automotive parts and consumers are increasingly likely to turn to the internet to research and source the parts they need. This may create opportunities for more manufacturers to sell directly to consumers.
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