Report Scope & Overview:
Automotive Aftermarket Industry Market Size was valued at USD 422.25 billion in 2022 and is expected to reach USD 569.05 billion by 2030 and grow at a CAGR of 3.8% over the forecast period 2023-2030.
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.
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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)
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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
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 422.25 Billion |
| Market Size by 2030 | US$ 569.5 Billion |
| CAGR | CAGR of 3.8% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| 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. |
The market value of the Automotive Aftermarket Industry Market was USD 569.05 billion by 2030.
The prominent players in the market are 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, and others in the final report.
Asia Pacific region is dominating the Automotive Aftermarket Industry Market.
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 Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
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
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