March 17, 2020
According to the research report titled ‘Mexico Automotive Aftermarket Size By Vehicle Part, Sales Outlet, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, Mexico automotive aftermarket is expected to cross USD 40 billion by the year 2024.
As per the report, rising adoption of personal vehicles for long distance journeys has enhanced the average distance travelled by per vehicle which in turn has increased the pervasiveness of deterioration of automotive components. This factor, in consort with growing preference for car customization in order to improve its aesthetic appeal and performance is driving the growth of Mexico automotive aftermarket.
Increasing awareness pertaining to regular maintenance and periodic replacement of safety components in order to enhance the vehicle’s life cycle is also stimulating the industry outlook. Surging investments towards the improvement of passenger and driver safety by installing additional accessories like automatic braking system, seat belts, and airbags is facilitating the expansion of Mexico automotive aftermarket. Moreover, increasing integration of transmission and electrical parts, availability of remanufactured products at affordable prices, and product warranty are facilitating the business scenario in Mexico.
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Rising utilization of used vehicles has impelled the demand for repair and maintenance of vehicle parts. Strict government regulations towards emission mitigation and rising adoption of online applications for acquiring the replacement accessories and parts are favoring the market outlook. However, fluctuating prices of raw materials may hinder the overall market growth.
As per vehicle parts, the accessories segment is expected to grow significantly during the forecast period. Growing demand for vehicle customization to improve the functionality and performance along with growing inclination towards upgrading aesthetics and comfort of the car are fueling the segmental growth.
On the other hand, replacement parts segment is presumed to expand substantially during the estimated timeframe, primarily due to shifting preferences towards performance enhancement and customization, along with rising prevalence of road accidents and deterioration of vehicle components.
The prominent companies operating in Mexico automotive aftermarket are Cooper Tire & Rubber Co., Robert Bosch, Magneti Marelli, Denso, Federal-Mogul, Delphi, 3M Co., and Continental AG.
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