PUBLISHER: The Business Research Company | PRODUCT CODE: 1436801
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436801
The wholesale and distribution automotive aftermarket is the secondary market for automobiles, focusing on wholesaling and distributing vehicles, parts, and related services after the original equipment manufacturer has sold the vehicle to the consumer.
In the wholesale and distribution automotive aftermarket market, the main replacement parts include tires, batteries, brake parts, filters, body parts, lighting and electronic components, wheels, exhaust components, and other replacement parts. Tires are robust, flexible rubber casings affixed to wheel rims, providing cushioning and traction for moving vehicles. They are used on various vehicles such as cars, trucks, buses, bicycles, motorbikes, and others. The products offered in this market include genuine parts, certified parts, and uncertified parts, which are distributed through retailers, wholesalers, and distributors channels.
The wholesale and distribution automotive aftermarket market research report is one of a series of new reports from The Business Research Company that provides wholesale and distribution automotive aftermarket market statistics, including wholesale and distribution automotive aftermarket industry global market size, regional shares, competitors with a wholesale and distribution automotive aftermarket market share, detailed wholesale and distribution automotive aftermarket market segments, market trends and opportunities, and any further data you may need to thrive in the wholesale and distribution automotive aftermarket industry. This wholesale and distribution automotive aftermarket market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The wholesale and distribution automotive aftermarket market size has grown strongly in recent years. It will grow from $224.35 billion in 2023 to $237.36 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to an aging vehicle population, increased vehicle ownership, extended vehicle lifespan, globalization of automotive production, and the expansion of e-commerce in the automotive industry.
The wholesale and distribution automotive aftermarket market size is expected to see strong growth in the next few years. It will grow to $304.23 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The anticipated growth in the forecast period is driven by the increasing adoption of electric and hybrid vehicles, ongoing developments in autonomous vehicle technology, the use of data analytics in maintenance processes, the rise of mobility services, and advancements in materials used in manufacturing. Major trends expected in this period include the expansion of product catalogs and SKU variety, the use of predictive analytics for inventory management, the growth of private label and customized products, an increase in cross-border trading, and the adoption of mobile solutions for ordering.
The wholesale and distribution automotive aftermarket market is experiencing growth due to the expanding automotive industry. This industry encompasses a wide range of businesses involved in designing, developing, producing, marketing, and selling automobiles. The industry responds to changing consumer preferences by offering diverse vehicle styles and models. Technological advancements and improving economic conditions also contribute to the industry's growth. The automotive aftermarket supports this growth by providing spare parts for new and existing vehicles. For example, in 2021, the Society of Indian Automobile Manufacturers (SIAM) reported that the industry produced approximately 23 million vehicles from April 2021 to March 2022, including passenger cars, commercial trucks, three-wheelers, two-wheelers, and quadricycles, compared to about 22.6 million units from April 2020 to March 2021. Consequently, the expanding automotive industry is expected to drive the growth of the wholesale and distribution automotive aftermarket market.
The rise of e-commerce is indeed expected to drive the growth of the wholesale and distribution automotive aftermarket market. E-commerce growth, characterized by the expansion of online buying and selling activities, has significantly transformed the retail landscape. In the automotive aftermarket sector, wholesale and distribution play a crucial role in connecting suppliers and consumers, facilitating efficient supply chains, and ensuring a wide range of automotive products are readily available online. The data from the United States Census Bureau, indicating a 2.3% increase in U.S. retail e-commerce sales to $284.1 billion in the third quarter of 2023, highlights the continued growth of e-commerce. This growth has profound implications for the automotive aftermarket industry, as more consumers turn to online platforms for purchasing automotive parts and accessories. As e-commerce continues to expand, the demand for efficient wholesale and distribution services in the automotive aftermarket sector is expected to increase, driving the growth of this market.
The wholesale and distribution automotive aftermarket market is witnessing a significant trend towards increased digitalization of repair and maintenance services. Manufacturers of automotive aftermarket products and services are now offering online platforms that provide information, guidance, and instructions for proper installation and troubleshooting, along with digital tools for product selection such as electronic catalogs and video libraries for tutorials and product showcases. For example, in September 2021, MAHLE Aftermarket Inc., a Germany-based automotive aftermarket company, launched an eCatalog aimed at assisting customers in making product choices. This digital catalog leverages technology to enable aftermarket users, distributors, and technicians to look up and request items from anywhere in the world. The platform features a search engine that allows users to find the best solutions based on vehicle application and is categorized by specialty area for quick access to the latest parts. Additionally, users can search for products based on the manufacturer, model, and type of vehicle, including passenger cars, commercial vehicles, light commercial vehicles (LCVs), and power sports vehicles.
Prominent companies in the wholesale and distribution automotive aftermarket market are prioritizing the development of innovative products, such as a new aftermarket product line, to enhance customer support on the road with exceptional responsiveness and a compelling value proposition. For example, in March 2021, Navistar, a US-based holding company known for manufacturing commercial and military trucks, diesel engines, and school and commercial buses, launched Diamond Advantage Diesel Parts, a new aftermarket product line designed for Class 2-5 diesel engines and their components. This launch introduces a comprehensive range of aftermarket products tailored to Class 2-5 diesel engines, featuring top-quality components for major diesel engine models. With efficient distribution through parts distribution centers, a compelling value proposition, and a commitment to on-road customer support, Diamond Advantage is positioned to drive significant growth in the wholesale and distribution automotive aftermarket by offering a superior and accessible solution to both customers and distributors.
In February 2021, the Goodyear Tire & Rubber Company, a US-based manufacturer specializing in the development, production, distribution, and sale of tires, acquired the Cooper Tire & Rubber Company. This acquisition is expected to enhance Goodyear's global customer service capabilities and provide the company with a larger scale to support substantial investments in new fleet and mobility solutions. Cooper Tire & Rubber Company, also based in the US, is known for its design, marketing, and distribution of replacement automobile and truck tires.
Major companies operating in the wholesale and distribution automotive aftermarket market report are Robert Bosch GmbH, Denso Corporation, ZF TRW Automotive Holdings Corp., Continental AG, Magna International Inc., Aisin Seiki Co. Ltd., 3M Company, Sumitomo Electric Industries Ltd., Valeo SA, Lear Corporation, Lear Corp., The Goodyear Tire & Rubber Company, Eaton Corporation plc, Tenneco Inc., Faurecia SA, Schaeffler AG, TRW Automotive Holdings Corp., BorgWarner Inc., Delphi Automotive plc, Yazaki Corporation, JTEKT Corporation, Dana Incorporated, DRiV Incorporated, Federal-Mogul Corporation, Mahle GmbH, NTN Corporation, Brembo SpA, Visteon Corporation, Hella GmbH & Co. KGaA, Magneti Marelli S.p.A., Schrader International Inc., Hitachi Automative Systems Ltd., Knorr-Bremse Co. Ltd., Marelli Holdings Co. Ltd., Panasonic Corporation
North America was the largest region in the wholesale and distribution automotive aftermarket market in 2023. Asia-Pacific is expected to be the fastest-growing region in the wholesale and distribution automotive aftermarket market share during the forecast period. The regions covered in the wholesale and distribution automotive aftermarket market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the wholesale and distribution automotive aftermarket market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The wholesale and distribution automotive aftermarket market include revenues earned by entities by automotive parts and accessories. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Wholesale and Distribution Automotive Aftermarket Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on wholesale and distribution automotive aftermarket market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for wholesale and distribution automotive aftermarket ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The wholesale and distribution automotive aftermarket market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.