Global Automotive Aftermarket
Market Report
2024
Automotive Aftermarket market was valued at USD 428.4 billion in 2022 and will reach USD 595.5 billion by 2030, registering a CAGR of 4.2% for the forecast period 2023-2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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The global Automotive Aftermarket market was valued at USD 428.4 billion in 2022 and will reach USD 595.5 billion by 2030, registering a CAGR of 4.2% for the forecast period 2023-2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Automotive Aftermarket Market Sales Revenue 2022 | $ 428.4 Billion |
Global Automotive Aftermarket Market Sales Revenue 2030 | $ 595.5 Billion |
Global Automotive Aftermarket Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 4.2% |
Market Split by Replacement Parts |
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Market Split by Service |
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Market Split by Certification |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Report scope is customizable as we have a huge database of Automotive Aftermarket industry. We can deliver an exclusive report Edition/Consultation as per your data requirements. Request for your Free Sample Pages.
Automotive Aftermarket Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Automotive Aftermarket is the market providing spare parts, accessories, and components for maintaining or improving original products. It refers to the market offering automobile replacement parts and accessories. The automotive aftermarket is the secondary market of the automotive industry. Innovative services like mobility toolbox, telematics, and sales service present supplementary scope to increase business revenue. Aftermarket auto parts are divided into structural and cosmetics. Structural parts enhance the safety features whereas cosmetics parts give the appearance to the vehicle. The use of more privately-own vehicles, high disposable income, and increased comfort demand in vehicles have boosted the Automotive Aftermarket market. Increasing well-equipped sensors in vehicles and high modification cost is likely to hinder the Automotive Aftermarket market.
The need for customers to modify older vehicles is increasing. Consumers want more comfort and convenient vehicles. Hence the Original Equipment Manufacturers are bringing additional accessories that can be customized for more comfort. The demand for customized vehicles is increasing as to add new features and make the car unique. Hence all such reasons will drive the Automotive Aftermarket.
According to the CEIC data, India Motor Vehicles Sales grew by 2.8% in March 2022. The rising income of the middle class and the increased population of youth is rapidly increasing the use of private vehicles. Increasing the use of private vehicles led to the use of more automotive aftermarket products. Increased mergers and acquisitions in the automobile industry are likely to boost the automobile industry and ultimately the Automotive Aftermarket. The changing lifestyle, increased standard of living, and disposable income all over the world are boosting the Automotive Aftermarket.
The demand for autonomous vehicles is increasing with the rise of automotive sensors demand these days. There are various vehicle sensors based on advanced embedded MEMS technology. The sensors include a radar sensor, image sensor, GPS sensor, LiDAR sensor, ultrasonic sensor, wheel speed sensor, oxygen sensor, knock sensor, acceleration sensor, temperature sensor, and pressure sensor. These sensors decrease the wear and tear of the components of vehicles and hence decline the Automotive Aftermarket.
The outbreak of COVID-19 has witnessed a negative impact on the Automotive Aftermarket market growth. During the pandemic, automotive manufacturing and various industrial activities were temporarily closed. The government rules on transportation completely disturbed the supply chain which resulted in the fall of the Automotive Aftermarket market. The use of private vehicles as well as commercial vehicles decreased causing a decline in the replacement parts due to low wear and tear. During the pandemic, the automobile industry has also decreased drastically. Such factors have restrained the growth of the Automotive Aftermarket market.
Post-pandemic all the activities resumed and witnessed a positive impact. The increase in the disposal income and economic stability is leading the automobile industry which will ultimately boost the demand for the Automotive Aftermarket market in the coming years.
We have various report editions of Automotive Aftermarket Market, hence please contact our sales team and author directly to obtain/purchase a desired Edition eg, Global Edition, Regional Edition, Country Specific Report Edition, Company Profiles, Forecast Edition, etc. Request for your Free Sample PDF/Online Access.
JKF Americas Inc. Launches New Website
JKF Americas Inc, a subsidiary of JK Fenner (India) Ltd., redesigned its North American website, featuring the TOP DRIVE line of hoses, belts, and accessories for industrial and automotive markets. Customers can easily navigate their complete TOP DRIVE product selection.
ZF Aftermarket launches three new TRW products for the Indian market
ZF Aftermarket, the second largest supplier of parts, services, and solutions in the global automotive aftermarket launched three new TRW products in the Indian market. The products are TRW shock absorbers, TRW brake pads, and TRW brake discs. These brake pads are free from harmful materials, while their production requires less energy and reduces CO2 emissions by using advanced heat plates.
Transtar Holding Company Acquires C&M Auto Parts
Transtar Holding Company, a family of automotive aftermarket businesses in parts distribution and manufacturing, software development and e-commerce solutions, and more has announced the acquisition of C&M Auto Parts, a full-line warehouse distributor headquartered in Trenton, New Jersey. This deal represents the second acquisition Transtar completed in the first quarter of 2023.
Top Companies Market Share in Automotive Aftermarket Industry: (In no particular order of Rank)
If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.
The Asia-Pacific region is the region of developing countries. The automotive industry is highly blooming in this region. Industrial development in the countries India, China, and Japan is expected to raise the demand for vehicles which will boost the automotive industry and ultimately Automotive Aftermarket in the next few years. According to the OICA, China is the world's largest vehicle market both in demand and supply. The demand for the auto part aftermarket is also the largest. The Japanese automotive industry has a high value on innovation and quality, likely to boost the automotive aftermarket. All such components make the Asia-Pacific region dominate the Automotive Aftermarket market during the forecast period.
The current report Scope analyzes Automotive Aftermarket Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only.
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Global Automotive Aftermarket Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Automotive Aftermarket Industry growth. Automotive Aftermarket market has been segmented with the help of its Replacement Parts, Service Certification, and others. Automotive Aftermarket market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
The Tire segment is projected to grow at the highest CAGR during the forecast period:
Based on type, the Automotive Aftermarket market is divided into Batteries, Brake Parts, Filters, Tires, and Others. The tires of vehicles have small replacement cycles. The need for replacing the tires is a must to enhance safety. Replacing the tires protects the cars from further damage in the future. The need for personalized custom tires is also increasing. Also, the growing technology including the intelligent tires concept will boost the automotive aftermarket industry during the forecast period.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Automotive Aftermarket Industry. Request a Free Sample PDF!
The Original Equipment segment is projected to grow at the highest CAGR during the forecast period:
By Service Channels, the market is segmented into OE (Delegating to OEMs), DIY (Do it Yourself), and DIFM (Do it for Me). Original equipment is a cost-effective product. The lifespan of these products is also maximum ensuring top performance and durability. Besides this, the brand name is an important factor in rising the market. The OEM is focusing on customer experience optimization efforts and adding various aftermarket service offers. Original Equipment Manufacturers are constructing their automotive aftermarket value chain. Thus, due to all such reasons, the Original Equipment (OE) segment is expected to continue its dominance during the forecast period.
The above Graph is for representation purposes only. This chart does not depict actual Market share.
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The Genuine Parts segment is projected to grow at the highest CAGR during the forecast period:
By Certification, the market is divided into Certified Parts, Genuine Parts, and Uncertified Parts. The Original Equipment Manufacturers always suggest producing genuine parts. The genuine parts are with guarantee and warranty. These are the more trusted products in the market. Genuine products are simple, reliable, diversified, and easily available products. Hence, the demand for genuine products due to their authenticity is likely to drive the market during the forecast period.
Senior Research Analyst at Cognitive Market Research
An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile & Transportation vertical.
With a work experience of over 10+ years in the market research and strategy development. I have worked with diverse industries, including FMCG, IT, Telecom, Automotive, Electronics and many others. I also work closely with other departments such as sales, product development, and marketing to understand customer needs and preferences, and develop strategies to meet those needs.
I am committed to staying ahead in the rapidly evolving field of research and analysis. This involves regularly attending conferences, participating in webinars, and pursuing additional certifications to enhance my skill set. I played a crucial role in conducting market research and competitive analysis. I have a proven track record of distilling complex datasets into clear, concise reports that have guided key business initiatives. Collaborating closely with multidisciplinary teams, I contributed to the development of innovative solutions grounded in thorough research and analysis.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Automotive Aftermarket Market is witnessing significant growth in the near future.
In 2023, the Battery segment accounted for noticeable share of global Automotive Aftermarket Market and is projected to experience significant growth in the near future.
The OE (Delegating to OEMs) segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies 3M Company , Continental AG and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Disclaimer:
Replacement Parts | Battery, Brake Parts, Filters, Tire |
Service | OE (Delegating to OEMs), DIY (Do it Yourself), DIFM (Do it for Me) |
Certification | Certified Parts, Genuine Parts, Uncertified Parts |
List of Competitors | 3M Company, Lippert Components Inc, Continental AG, Aisin Seiki Co. Ltd., Cooper Tire & Rubber Company, Aptive PLC, Delphi Automotive PLC, ZF Friedrichshafen AG, Denso Corporation, Robert Bosch GmbH, Federal-Mogul Corporation, Valeo Group, HELLA KGaA Hueck & Co. |
This chapter will help you gain GLOBAL Market Analysis of Automotive Aftermarket. Further deep in this chapter, you will be able to review Global Automotive Aftermarket Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Replacement Parts Analysis 2019 -2031, will provide market size split by Replacement Parts. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Replacement Parts Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by Service Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 12 Market Split by Certification Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Automotive Aftermarket market
Chapter 13 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Battery have a significant impact on Automotive Aftermarket market? |
What are the key factors affecting the Battery and Brake Parts of Automotive Aftermarket Market? |
What is the CAGR/Growth Rate of OE (Delegating to OEMs) during the forecast period? |
By type, which segment accounted for largest share of the global Automotive Aftermarket Market? |
Which region is expected to dominate the global Automotive Aftermarket Market within the forecast period? |
Segmentation Level Customization |
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Global level Data Customization |
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Region level Data Customization |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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Service Level Customization |
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Report Format Alteration |
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