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Automotive Aftermarket Market worth $560.33 billion by 2030, growing at a CAGR of 5.09% - Exclusive Report by 360iResearch
Automotive Aftermarket Market | 360iResearch
The Global Automotive Aftermarket Market to grow from USD 395.81 billion in 2023 to USD 560.33 billion by 2030, at a CAGR of 5.09%.
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The automotive aftermarket focuses on the manufacturing, distribution, retailing, and installation of vehicle parts, equipment, and accessories once the sale of the automobile to the customer by the original equipment manufacturer (OEM) has occurred. The aftermarket allows vehicle owners to maintain, personalize, and upgrade their vehicles long after the initial sale, providing them with many options for regular maintenance. The growing trend among vehicle owners toward customization, performance enhancement, and personalization of their vehicles drives enthusiasts to seek out a wide range of aftermarket products. Moreover, owners rely more on maintenance, repair, and replacement parts to ensure their vehicles' sustained performance and safety over longer periods, bolstering the aftermarket sector. However, the presence of counterfeit parts affects consumers' trust and can impact sales of aftermarket products. In addition, compliance with diverse and changing regulations can be a significant burden on aftermarket businesses. Nevertheless, vendors focus on building more agile and adaptive supply chains to quickly respond to market changes and disruptions, improving availability and access to a diverse range of aftermarket products. Moreover, the focus on recycling and reusable parts and materials is expected to support sustainability in the automotive aftermarket market.
The Asia-Pacific region is witnessing a significant surge in the automotive aftermarket, driven by increased consumer demand for vehicle customization and the replacement of aging vehicle parts. With a growing middle class, the demand for new and second-hand vehicles is rising, propelling the demand for aftermarket products. The rapidly expanding automotive industry is seeing increased consumer preference for aftermarket services that offer added value and convenience in the Asia-Pacific. In the Americas, a high vehicle ownership rate, long vehicle lifespans, and a consumer preference for Do-It-Yourself (DIY) solutions drive demand for aftermarket parts and services. Key trends in this region include a surge in online retail of aftermarket parts, customer-centric initiatives, and digitization of the supply chain. The EMEA region, comprising Europe, the Middle East, and Africa, presents a diverse automotive aftermarket landscape with innovations in cleaner technology and replacement parts that comply with strict legislation. In the Middle East, the demand for luxury and performance vehicles contributes to a thriving aftermarket for customization and enhancements.
Market Segmentation & Coverage:
This research report categorizes the Automotive Aftermarket Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Replacement Part, market is studied across Battery, Body parts, Brake parts, Exhaust components, Filters, Lighting & Electronic components, Tire, Turbochargers, and Wheels. The Tire commanded largest market share of 13.92% in 2023, followed by Body parts.
Based on Certification, market is studied across Certified Parts, Genuine Parts, and Uncertified Parts. The Certified Parts commanded largest market share of 49.99% in 2023, followed by Genuine Parts.
Based on Distribution Channel, market is studied across Retailers and Wholesalers & Distributors. The Retailers is further studied across E-Retailers, OEMs, and Repair Shops. The Retailers commanded largest market share of 61.72% in 2023, followed by Wholesalers & Distributors.
Based on Service Channel, market is studied across DIFM (Do It for Me), DIY (Do It Yourself), and OE (Delegating to OEM's). The OE (Delegating to OEM's) commanded largest market share of 58.13% in 2023, followed by DIFM (Do It for Me).
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 37.18% in 2023, followed by Asia-Pacific.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Automotive Aftermarket Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Automotive Aftermarket Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Automotive Aftermarket Market, highlighting leading vendors and their innovative profiles. These include 3M Company, ABS Friction Inc., AcDelco, ADVICS North America, Inc., Akebono Brake Industry Co., Ltd., ALCO Filters Ltd., Asimco Global Inc., BASF SE, BorgWarner Inc., Bridgestone Corporation, Continental AG, Cooper Tire & Rubber Company, Denso Corporation, FORVIA Faurecia, Hyundai Mobis Co., Ltd., Lear Corporation, Magna International, Inc., Marelli Holdings Co., Ltd., Robert Bosch GmbH, Schaeffler Group, Shangdong Zhengnuo Group Co., Ltd., Tenneco Inc., Toyota Motor Corporation, Yazaki Corporation, and ZF Friedrichshafen AG.
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Automotive Aftermarket Market, by Replacement Part
7. Automotive Aftermarket Market, by Certification
8. Automotive Aftermarket Market, by Distribution Channel
9. Automotive Aftermarket Market, by Service Channel
10. Americas Automotive Aftermarket Market
11. Asia-Pacific Automotive Aftermarket Market
12. Europe, Middle East & Africa Automotive Aftermarket Market
13. Competitive Landscape
14. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Automotive Aftermarket Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Automotive Aftermarket Market?
3. What is the competitive strategic window for opportunities in the Automotive Aftermarket Market?
4. What are the technology trends and regulatory frameworks in the Automotive Aftermarket Market?
5. What is the market share of the leading vendors in the Automotive Aftermarket Market?
6. What modes and strategic moves are considered suitable for entering the Automotive Aftermarket Market?
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