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Exploring the Automotive Aftermarket: Trends and Innovations

The global automotive aftermarket industry size is expected to reach USD 589.01 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 3.9% from 2024 to 2030. Digitalization of automotive repair & component sales complemented by advanced technology incorporations in the automobile aftermarket component manufacturing is expected to boost the market growth. The surging reception of semi-autonomous, electric vehicles, and hybrid & autonomous cars, in the years to come, is further expected to bolster the demand for new components.

Automotive Aftermarket Industry Report Highlights

  • The automotive aftermarket is estimated to grow significantly over the forecast period, owing to an increase in the number of lightweight vehicles coupled with the increasing age of the light vehicle fleet
  • In terms of market size, the tire segment is expected to account for the largest share of 22.5% in 2023.
  • In terms of market size, the retail segment dominated the market with a share of 55.5% in 2023 and is expected to remain dominant throughout the forecast years.
  • In terms of market size, the original equipment segment dominated the market with a share of 70.5% in 2023. The OE segment is anticipated to dominate the aftermarket arena in terms of size by 2030.
  • In terms of market size, the genuine parts segment dominated the market with a share of 51.6% in 2023. The genuine parts segment is anticipated to dominate the aftermarket arena, in terms of size, by 2030.
  • The Asia Pacific automotive aftermarket dominated the market with a share of 28.8% in 2023. The regional market is expected to have significant growth from 2024 to 2030.

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Furthermore, the increasing vehicle penetration is driven by the overall improvement of lifestyle in developing countries, such as India and Brazil, and is expected to drive the growth of the automobile industry in the region. Similar surges in the automotive manufacturing sector across various regions along with the increasingly stringent emissions norms are expected to drive the growth of automotive aftermarket component sales over the forecast period. Third-party services and technology offer new and profitable revenue streams, to leverage all these opportunities.

In addition, the industry requires investment in product development, supply chain, organizational design, and pricing model to create a great surge in demand. The rise of digital channels or social media influence is also fueling the sale of the automotive aftermarket. These online channels provide customers with all the information regarding the price of the past, and the prior user experience, making the purchasing process smoother. To support the initiatives for leveraging market foothold, the manufacturers in developing countries are adopting various strategies, including mergers, acquisitions, and partnerships.

The Asia-Pacific regional market is expected to be the fastest growing market for aftermarket over the forecast period, owing to its developing living standards and high vehicle production. It is also anticipated to be the fastest-growing market in automobile production. With the growing penetration and acceptance of gas and hybrid electric cars, specialized repair centers dedicated to the repair of particular vehicles are expected to increase. The global aftermarket is expected to witness tremendous growth due to an upsurge in the number of vehicle collisions along with the inclination of owners toward the repair of their automobiles.

List of Key Players of Automotive Aftermarket Industry

  • 3M Company
  • Continental AG
  • Cooper Tire & Rubber Company
  • Delphi Automotive PLC
  • Denso Corporation
  • Federal-Mogul Corporation
  • HELLA KGaA Hueck & Co.
  • Robert Bosch GmbH

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We have segmented the automotive aftermarket industry report based on replacement parts, distribution channel, service channel, certification, and region.

Automotive Aftermarket Replacement Part Outlook

  • Tire
  • Battery
  • Brake parts
  • Filters
  • Body parts
  • Lighting & Electronic components
  • Wheels
  • Exhaust components
  • Turbochargers
  • Others

Automotive Aftermarket Distribution Channel Outlook

  • Retailers
  • Wholesalers & Distributors

Automotive Aftermarket Service Channel Outlook

  • DIY (Do It Yourself)
  • DIFM (Do It for Me)
  • OE (Delegating to OEM’s)

Automotive Aftermarket Certification Outlook

  • Genuine Parts
  • Certified Parts
  • Uncertified Parts

Automotive Aftermarket Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

Research Methodology

We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.

About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

 

Contact:

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll-Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

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