REPORT HIGHLIGHT
Automotive aftermarket size was valued at USD 408,902.3 Million in 2022, expanding at a CAGR of 4.2% from 2023 to 2030.
The automotive aftermarket defines as reselling, distributing, redistribution, manufacturing, remanufacturing, end-retail, and installation activities related to vehicles. Additionally, the aftermarket encompasses parts for appearance, replacement, performance, and collision. Moreover, digitalization of component sales and automotive has emerged owing to the incorporation of advanced technologies, as a result, increased the popularity of the automotive aftermarket. Digital-driven services and products are setting new trends and bolstering the market growth.
Automotive Aftermarket- Market Dynamics:
- Increase in demand for shared mobility and automotive e-commerce
- People who are not able to purchase a car can experience seamless travel through mobility services. Additionally, mobility as a service lower such costs to the user by providing better utilization of transport services, such as ride hails and car sharing. Moreover, such services decrease overall vehicle emissions and reduce city congestion. Therefore, ride-hailing manages travel and digitally enabled car sharing required most smartly and it also offers a hassle-free and environmentally sound alternative to private car ownership. The entire process can be handled by a single mobile app, from travel planning to payments. However, volatile prices of raw materials and an increase in demand for shared mobility are likely to restrain market growth. Furthermore, due to the unavailability of products domestically, affordable costs, higher quality of goods, and consumer-focused targeting by market players are such growth factors witnessed in e-commerce industry demand globally. E-commerce provides a lot of advantages to expand their businesses and become multinational, for SMEs, and also offers an opportunity for OEMs to sell their products directly to consumers, helping them from the complex supply chain. The emerging growing digital service adoption index country will boost the use of the e-commerce logistics market globally. This, in turn, increases the automotive aftermarket growth globally.
Automotive Aftermarket- Key Insights:
- As per the analysis shared by our research analyst, the global automotive aftermarket market is estimated to grow annually at a CAGR of around 4.2% over the forecast period (2023-2030)
- The automotive aftermarket industry is projected to grow at a significant rate due to the growing awareness of mobility as a service
- Based on replacement parts segmentation, tire was predicted to show maximum market share in the year 2022
- Based on certification segmentation, genuine parts was the leading type in the near future
- On the basis of region, Asia Pacific was the leading revenue generator in 2022
Automotive Aftermarket- Segmentation Analysis:
- The global automotive aftermarket is segmented on the basis of replacement parts, distribution channel, service channel, certification, and region.
- The market is divided into nine categories based on replacement parts: filters, wheels, tires, exhaust components, brake parts, body parts, batteries, turbochargers, lighting & electronic components, and others. The tire segment is likely to be the largest segment in terms of replacement parts. The low replacement cycle of tires as compared to the other component counterparts is attributed to propel the segment demand. The aftermarket replacement part suppliers comprise numerous tire suppliers, accessories suppliers, and lubricants.
- The market is divided into two categories based on distribution channel: wholesalers & distributors and retailers. The retailers' segment is expected to hold the largest revenue share over the forecast period. The overall automotive manufacturing & maintenance scheme automotive aftermarket economies are important parts as, to maintain the overall performance of the vehicle, automotive components are required to be replaced on time.
- The market is divided into three categories based on service channel: DIY (Do it Yourself), OE (Delegating to OEMs), and DIFM (Do it for Me). The DIY segment is likely to possess the market share. DIY customers have technical knowledge and interest in repairing, upgrading, and maintaining their cars by themselves. Furthermore, DIFM consumers purchase parts online but professional workshops can install them.
- The market is divided into three categories based on certification: uncertified parts, certified parts, and genuine parts. The genuine parts are attributed to dominate the market share. Car manufacturers or OEMs manufacture genuine parts, they are also known as subcontractors. Genuine replacement parts are simple to find, have a higher assurance of quality, are diverse, and include a warranty.
Automotive Aftermarket- Geographical Insights:
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Automotive Aftermarket- Competitive Landscape:
Manufacturers and associations are increasing investments and technological proliferation in R&D activities is expected to drive industry growth. Moreover, there are numerous regional and domestic competitors prevailing in the market that are challenged to deliver innovative offerings, which assist buyers to address the changing technologies, business practices, and security needs. In terms of market share gain or losing points, the key participants are in an advantageous yet vulnerable position. The market players are also adopting the merger and acquisitions strategy to extend their foothold worldwide. For instance, in May 2023, The Goodyear Tire & Rubber Company announced the Cooper® ProControl™, an all-season tire engineered to assist deliver enhanced wet handling and long-lasting, even tread wear for confident control and traction for today's drivers.
Recent Developments:
For instance, in July 2023 ZF launched ZF Health Check, adapted to ZF EcoLife automatic transmission. Additionally, for bus fleets, it marks ZF's entry into remote diagnostics. An individualized maintenance plan can be made that is tailored to the actual condition of the transmission, based on live read data from the driving operations.
Key features of the study:
- This proposed research study on automotive aftermarket provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
- The report provides the client the latest up-to-date and trending insights about the automotive aftermarket.
- The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for automotive aftermarket.
- The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the automotive aftermarket.
- Impact of COVID-19 on automotive aftermarket size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on automotive aftermarket post-COVID will also be covered.
- In order to give the users of this report a comprehensive view on the automotive aftermarket, we have also included competitive landscape and key innovator analysis for the automotive aftermarket.
- The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
- The report offers detailed company profiling featuring major market participants who will help users to understand their financial information and strategic initiatives of players operating in the automotive aftermarket.
- In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
- The global automotive aftermarket report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL AUTOMOTIVE AFTERMARKET KEY PLAYERS
- HARMAN International
- 3M Company
- Continental AG
- Osram Licht AG
- HELLA KGaA Hueck & Co.
- Cooper Tire & Rubber Company
- Delphi Automotive PLC
- Bridgestone Corporation
- Denso Corporation
- ZF Friedrichshafen AG
- Federal-Mogul Corporation
- Michelin
- Robert Bosch GmbH
- The Goodyear Tire & Rubber Company
- Valeo Group
GLOBALAUTOMOTIVE AFTERMARKET, BY REPLACEMENT PARTS
- Filters
- Wheels
- Tire
- Exhaust components
- Brake Parts
- Body parts
- Battery
- Turbochargers
- Lighting & Electronic Components
- Others
GLOBAL AUTOMOTIVE AFTERMARKET, BY DISTRIBUTION CHANNEL
- Wholesalers & Distributors
- Retailers
GLOBAL AUTOMOTIVE AFTERMARKET, BY SERVICE CHANNEL
- DIY (Do it Yourself)
- OE (Delegating to OEM's)
- DIFM (Do it for Me)
GLOBAL AUTOMOTIVE AFTERMARKET, BY CERTIFICATION
- Uncertified Parts
- Certified Parts
- Genuine Parts
GLOBAL AUTOMOTIVE AFTERMARKET, BY REGION
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA