SNS Insider Black Friday Offer
Automotive Aftermarket Market

Automotive Aftermarket Industry Size, Share and Segmentation by Replacement Parts (Tire, Brake Parts, Body parts, Lighting & Electronic Components, Filters, Exhaust components, Battery, Wheels, Turbochargers, Others), by Distribution Channel (Retailers, Wholesaler & Distributor), by Service Channel (DIY (Do it yourself), DIFM (Do it for Me), OE (Delegating to OEMs)), by Regions and Global Market Forecast 2022-2028

Report Id: SNS/AUTO/1384 | May 2022 | Region: Global | 130 Pages

Report Scope & Overview:

Automotive Aftermarket Industry Market Size was valued at USD 406.8 billion in 2021 and is expected to reach USD 528.28 billion by 2028 and grow at a CAGR of 3.8% over the forecast period 2022-2028.

Automotive components, businesses, and automotive services are all part of the aftermarket, which is a major subsector of the automotive industry. The automotive aftermarket is the automotive industry's secondary market, associated with the OEM's manufacture, remanufacturing, distribution, retailing, and installation of all car parts to consumers. Due to the adoption of sophisticated technology, digitalization of vehicle maintenance and component sales has emerged, increasing the attractiveness of the automotive aftermarket. Digital-driven products and services are establishing new trends and accelerating market expansion. Parts for replacement, collision, appearance, and performance are all included in the aftermarket.

Automotive Aftermarket Industry Market Revenue Graph

It has been changing as a result of changing consumer preferences and product advancements. The transition from a duopolistic to a fiercely competitive commercial vehicle market has allowed the automotive aftermarket to grow in the two-wheeler space, as well as experience qualitative changes in terms of improved performance, improved fuel efficiency, and increased safety and comfort, technology adaptation, and improved activities to streamline connectivity. Despite these changes, the aftermarket has maintained its momentum, with companies launching innovative solutions with a greater network reach, digital solutions, and a variety of other activities.

MARKET DYNAMICS: 

KEY DRIVERS: 

  • Automobile sales are rapidly expanding, and demand for international brands is increasing.

  • Increasing technological advancements, as well as increased internet adoption and digitalization.

RESTRAINTS: 

  • Increased government subsidies have resulted in a decrease in sales.

  • The sharp reduction in the no. of older workers needed by the aftermarket services.

  • Vehicle maintenance has increased as a result of more strict pollution control and safe transportation laws.

OPPORTUNITIES: 

  • The government's increased emission standards ensure the emergence of growth prospects for this market.

  • The demand is set to benefit from a shift in the trend of vehicle customization to attain maximum performance.

  • As people put off buying a new car due to economic concerns, the average vehicle age is anticipated to rise.

CHALLENGES: 

  • High R&D costs are a concern.

  • Vehicle safety technology adoption and electric vehicle sales are on the rise.

IMPACT OF COVID-19:

The automobile aftermarket industry has been significantly impacted by the overall circumstances at the time of COVID 19. The automotive industry has been duped by this pandemic, which has caused them to lower their output and production plants. The lockout proved to be extremely harsh, leading a number of automotive aftermarket companies to return to production, particularly in some locations. Covid-19 has caused a long-term snafu. However, it is projected that the bump will occur in 2021 as a result of increased personal car sales, and as life returns to normal, there will be an increase in the number of vehicles requiring frequent repairs. With traffic returning to the highways following the lockdown, things are anticipated to return to normal.

Further, Consumers are predicted to choose private transportation in the aftermath of the pandemic. However, financial discrepancies are projected to stymie the purchase of new vehicles; commuters are likely to opt for secondhand cars due to price concerns. On a larger scale, the epidemic is projected to prompt several entry-level aftermarket players to resurface in emerging countries.

KEY MARKET PLAYERS:

Continental AG (Germany), Aisin Seiki Co. Ltd. (Japan), Robert Bosch GmbH (Germany), 3M (U.S.), Valeo (France), Denso Corporation (Japan), Magneti Marelli S.p.A. (Italy), Cooper Tire & Rubber Company (U.S.), Sumitomo Electric Industries Ltd. (Japan), Federal-Mogul Corporation (U.S.), Aptiv PLC (U.K.), Delphi Automotive PLC, HELLA KGaA Hueck & Co., Valeo Group, ZF Friedrichshafen AG are some of the affluent competitors with significant market share in the Automotive Aftermarket Industry.

MARKET ESTIMATION: 

Market, By Replacement Parts:

The global market is divided into tires, Brake Parts, Body parts, Lighting & Electronic Components, Filters, Exhaust components, batteries, Wheels, Turbochargers, and Others based on the replacement parts segment.  In terms of replacement parts, the tire category would be the largest and is expected to dominate the market in terms of size. Because tires have a shorter replacement cycle than their component counterparts, it is projected to remain the leading segment.

Market, By Distribution Channels:

According to the distribution channels segment, the global market is divided into Retailers, Wholesaler & Distributor. In terms of size, the retail segment is expected to dominate the market. In terms of revenue, the wholesale and distribution industry is expected to increase at a rapid pace. Original Equipment Manufacturers (OEMs), Original Equipment Suppliers (OES), wholesalers, and workshop owners are all responding to the expanding online aftermarket trend.

Market, By Service Channels:

Based on the service channels, the global market has been divided into DIY (Do it yourself), DIFM (Do it for Me), and OE (Delegating to OEMs). In terms of scale, the OEM segment is expected to dominate the aftermarket. In terms of revenue, the DIY market is expected to increase at a rapid pace. Customers of DIFM purchase parts online but have them installed by a professional workshop.

MARKET SEGMENTATION:

By Replacement Parts:

  • Tire

  • Brake Parts

  • Body parts

  • Lighting & Electronic Components

  • Filters

  • Exhaust components

  • Battery

  • Wheels

  • Turbochargers

  • Others

By Distribution Channel:

  • Retailers

  • Wholesaler & Distributor

By Service Channel:

  • DIY (Do it yourself)

  • DIFM (Do it for Me)

  • OE (Delegating to OEMs)

Automotive Aftermarket Industry Market Segment Chart

REGIONAL ANALYSIS:

In 2021, Asia Pacific dominated the market with a 28.2 percent share. Between 2022 and 2030, the industry is predicted to grow significantly. Automotive sales in the region are expected to be boosted by advanced technology in auto part manufacturing, a boom in consumer and passenger vehicle production and sales, and the digitization of automotive component delivery services. Various businesses are focusing on acquisitions in order to increase their market share. China, India, and Brazil have all confirmed recent trends that are projected to boost the Asia Pacific region's segment growth prospects.

REGIONAL COVERAGE:

  • North America

    • The USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • The UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

Automotive Aftermarket Report Scope:
Report Attributes Details
Market Size in 2021 US$ 406.8 Billion
Market Size by 2028 US$ 528.28 Billion
CAGR CAGR of 3.8% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • by Replacement Parts (Tire, Brake Parts, Body parts, Lighting & Electronic Components, Filters, Exhaust components, Battery, Wheels, Turbochargers, Others)
• by Distribution Channel (Retailers, Wholesaler & Distributor)
• by Service Channel (DIY (Do it yourself), DIFM (Do it for Me), OE (Delegating to OEMs))
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Continental AG (Germany), Aisin Seiki Co. Ltd. (Japan), Robert Bosch GmbH (Germany), 3M (U.S.), Valeo (France), Denso Corporation (Japan), Magneti Marelli S.p.A. (Italy), Cooper Tire & Rubber Company (U.S.), Sumitomo Electric Industries Ltd. (Japan), Federal-Mogul Corporation (U.S.), Aptiv PLC (U.K.), Delphi Automotive PLC, HELLA KGaA Hueck & Co., Valeo Group, ZF Friedrichshafen AG
Key Drivers •Automobile sales are rapidly expanding, and demand for international brands is increasing.

•Increasing technological advancements, as well as increased internet adoption and digitalization.
RESTRAINTS •Increased government subsidies have resulted in a decrease in sales.

The sharp reduction in the no. of older workers needed by the aftermarket services.


Frequently Asked Questions (FAQ) :


Table of Contents

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

 

4.1 COVID-19 Impact Analysis

4.2 Impact of the Ukraine-Russia War

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

 

8. Global Automotive Aftermarket Industry Segmentation, by Replacement Parts

8.1 Tire

8.2 Brake Parts

8.3 Body parts

8.4 Lighting & Electronic Components

8.5 Filters

8.6 Exhaust components

8.7 Battery

8.8 Wheels

8.9 Turbochargers

8.10 Others

     

9. Global Automotive Aftermarket Industry Segmentation, by Distribution Channel

9.1 Retailers

9.2 Wholesalers & Distributors

 

10. Global Automotive Aftermarket Industry Segmentation, by Service Channel

10.1 DIY (Do it yourself)

10.2 DIFM (Do it for Me)

10.3 OE (Delegating to OEMs)

 

11. Regional Analysis

11.1 Introduction

11.2 North America

11.2.1 the USA

11.2.2  Canada

11.2.3  Mexico

11.3 Europe

11.3.1  Germany

11.3.2  the UK

11.3.3  France

11.3.4  Italy

11.3.5  Spain

11.3.6  The Netherlands

11.3.7  Rest of Europe

11.4 Asia-Pacific

11.4.1  Japan

11.4.2  South Korea

11.4.3  China

11.4.4  India

11.4.5  Australia

11.4.6  Rest of Asia-Pacific

11.5 The Middle East & Africa

11.5.1  Israel

11.5.2  UAE

11.5.3  South Africa

11.5.4  Rest

11.6 Latin America

11.6.1  Brazil

11.6.2  Argentina

11.6.3  Rest of Latin America

 

12. Company Profiles

12.1 Robert Bosch GmbH (Germany),

12.1.1 Financial

12.1.2 Products/ Services Offered

12.1.3 SWOT Analysis

12.1.4 The SNS view

 

12.2 Continental AG (Germany)

12.3 Aisin Seiki Co. Ltd. (Japan)

12.4 3M (U.S.)

12.5 Valeo (France)

12.6 Denso Corporation (Japan)

12.7 Magneti Marelli S.p.A. (Italy)

12.8 Cooper Tire & Rubber Company (U.S.)

12.9 Sumitomo Electric Industries Ltd. (Japan)

12.10 Federal-Mogul Corporation (U.S.)

12.11 Aptiv PLC (U.K.)

12.12 Delphi Automotive PLC

12.13 HELLA KGaA Hueck & Co.

12.14 Valeo Group

12.15 ZF Friedrichshafen AG 

 

13. Competitive Landscape

13.1 Competitive Benchmarking

13.2 Market Share analysis

13.3 Recent Developments

 

14. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.

 

The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.

Step 4: QA/QC Process

After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.

Step 5: Final QC/QA Process:

This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.