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Automotive Aftermarket Industry Share, Key Market Players, Trends & Forecast, 2023-2030 - SNS Insider
Automotive Aftermarket Industry
As vehicle ownership rates rise globally, the demand for aftermarket products and services is experiencing unprecedented growth. This expansive sector encompasses a wide array of components, accessories, and services, ranging from replacement parts and custom modifications to maintenance and repair solutions.
Market Size:
The Automotive Aftermarket Industry market is expected to grow at a compound annual growth rate (CAGR) of 3.8% from 2023 to 2030, from its estimated value of USD 422.25 billion in 2022 to USD 569.05 billion by then.
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Market Scope:
The industry benefits from a diverse customer base, including individual car owners, commercial fleet operators, and automotive enthusiasts. The competitive landscape is marked by a multitude of players, fostering a climate of innovation and adaptability. the rise of e-commerce has significantly influenced distribution channels, providing consumers with greater accessibility and choice. The aftermarket sector's resilience lies in its adaptability to societal shifts and technological progress, presenting both challenges and opportunities for industry participants seeking sustained growth in this competitive environment.
Opportunity Analysis:
The Automotive Aftermarket Industry stands as a dynamic and ever-evolving sector, characterized by a myriad of components and services that cater to the maintenance, repair, and customization of vehicles after their initial sale. As consumer preferences and technological advancements continue to shape the automotive landscape, the aftermarket industry mirrors these changes with a diverse range of products such as replacement parts, accessories, and maintenance services. Market players in this industry face the challenge of staying abreast of emerging trends, including the growing demand for eco-friendly and technologically advanced solutions.
Major Players:
Denso Corporation (Japan), Magneti Marelli S.p.A. (Italy), Cooper Tire & Rubber Company (U.S.), Sumitomo Electric Industries Ltd. (Japan), Continental AG (Germany), Aisin Seiki Co. Ltd. (Japan), Robert Bosch GmbH (Germany), 3M (U.S.), Valeo (France), 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 major players in the Automotive Aftermarket Industry.
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Segment Analysis:
The Automotive Aftermarket Industry is segmented by type into parts, services, and accessories. Parts are the most significant segment, accounting for over 50% of the market share. Parts include replacement parts, such as brakes, filters, and tires, as well as performance parts, such as spoilers and exhaust systems. Services are the second most significant segment, accounting for over 30% of the market share. Services include routine maintenance, such as oil changes and tire rotations, as well as repair services, such as bodywork and engine repairs. Accessories are the smallest segment, accounting for around 20% of the market share. Accessories include items such as floor mats, phone chargers, and car stereos.
Regional Analysis:
APAC will be dominating the market as it holds 35.6% share of the market. The APAC automotive aftermarket sector is witnessing robust growth attributed to a burgeoning middle class, increasing vehicle ownership, and a growing awareness of vehicle maintenance. The region's diverse market presents a unique set of challenges and opportunities, with differences in regulatory frameworks, cultural influences, and economic disparities across countries. As digitalization continues to permeate the automotive landscape in the APAC region, traditional aftermarket players are compelled to adapt to changing consumer behaviors and embrace innovative business models.
Key Takeaways:
The industry is also witnessing a surge in digitalization, with online platforms becoming pivotal for both consumers and businesses.
A notable trend is the escalating interest in personalized vehicle customization, reflecting a shift towards individuality and uniqueness. As the industry continues to navigate these changes, collaboration and innovation will be critical for businesses to stay competitive and meet the evolving needs of the automotive aftermarket landscape.
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Recent Industry Development:
AutoZone's Acquisition of Advance Auto Parts: In July 2023, AutoZone, one of the largest automotive aftermarket retailers in the United States, announced its acquisition of Advance Auto Parts, another major player in the industry. This acquisition aims to create a dominant force in the automotive aftermarket, with a combined network of over 6,000 stores.
Genuine Parts Company's Investment in NAPA AutoCare Centers: In September 2023, Genuine Parts Company, a global automotive parts distributor, announced a significant investment in NAPA AutoCare Centers, a network of franchised automotive repair centers. This investment aims to strengthen Genuine Parts Company's presence in the automotive repair and maintenance segment.
Contact Us:
Akash Anand - Head of Business Development Strategy
Email: info@snsinsider.com
Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)
Website: https://www.snsinsider.com
About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
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