Automotive Parts Aftermarket to Reach US$ 1,048.6 Million by 2034

In 2024, the automotive parts aftermarket (自動車部品のアフターマーケット) is valued at US$ 608.1 million. The global aftermarket is projected to grow at a compound annual growth rate (CAGR) of 5.6%, reaching US$ 1,048.6 million by 2034. Growth opportunities in emerging economies are anticipated for the automotive parts aftermarket, propelled by the emergence of connected vehicles and the Internet of Things (IoT). The integration of IoT technology in vehicles, known as connected vehicles, has revolutionized the automotive sector by facilitating real-time monitoring, data gathering, and communication between vehicles and external systems.

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Market Dynamics

The automotive parts aftermarket is a dynamic ecosystem driven by various factors. Primarily, it thrives on the age of vehicles in operation, as older vehicles often require more frequent repairs and replacements. Economic conditions also play a significant role, with consumers opting for aftermarket parts due to their affordability compared to original equipment manufacturer (OEM) parts. Additionally, advancements in technology and innovation continually shape the aftermarket landscape, introducing new products and solutions to meet evolving consumer needs. Moreover, regulatory changes and environmental concerns influence market dynamics, prompting the development of eco-friendly and compliant aftermarket parts.

Market Future Outlook

The future outlook for the automotive parts aftermarket appears promising, fueled by several growth drivers. With the global automotive industry witnessing steady expansion, particularly in emerging markets, the aftermarket sector is poised to benefit from a larger vehicle parc. Furthermore, the increasing average age of vehicles on the road, coupled with rising consumer demand for customization and performance enhancements, is expected to drive aftermarket sales. Additionally, the shift towards electric and autonomous vehicles presents new opportunities, as aftermarket suppliers adapt their offerings to cater to these emerging segments, including specialized components and accessories.

Market Insights

Insights into the automotive parts aftermarket (자동차 부품 애프터마켓) reveal a competitive landscape characterized by diverse product offerings and distribution channels. Traditional brick-and-mortar retailers, online platforms, and independent garages constitute key avenues for aftermarket sales. Moreover, consumer preferences are shifting towards convenience and accessibility, driving the growth of e-commerce platforms specializing in automotive parts. Data analytics and market intelligence play a crucial role in understanding consumer behavior and preferences, enabling aftermarket players to tailor their strategies and offerings accordingly. Furthermore, partnerships and collaborations among manufacturers, distributors, and service providers facilitate market expansion and innovation.

Key Players

Hitachi Astemo Ltd.
Robert Bosch GmbH
Michelin
Denso Corporation
Magna International
Continental AG
Valeo SA
Bridgestone
Gabriel India Limited
Bajaj Auto Ltd.

Competitive Landscape

Key players in the aftermarket are employing diverse strategies to achieve their objectives. These tactics encompass fostering innovation, implementing rigorous quality control measures, establishing strategic partnerships, optimizing supply chain management systems, and continually enhancing their products and technologies.

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Company Portfolio

Hitachi Astemo Ltd.: This global automotive technology company is recognized for its advanced automotive systems and components. Hitachi Astemo offers a broad range of automotive products, including powertrain systems, electronic control units, and various components that enhance vehicle efficiency and performance.

Robert Bosch GmbH: As a leading global supplier of technology and services operating in various sectors, including automotive, Bosch is renowned in the automotive aftermarket for its high-quality parts and systems. Bosch provides a comprehensive portfolio of automotive aftermarket parts, including components for powertrains, safety systems, electrical systems, and more.

Segmentation of Automotive Part Aftermarket (marché secondaire des pièces automobiles) Research

By Vehicle Type :
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles

By Product Type :
Engine and Transmission Parts
Brake Parts
Electrical Parts
Fuel Intake and Ignition Parts
A/C Parts
Suspension Parts
Exhaust Parts
Engine Cooling Parts
Steering Parts
Wheels
Tires

By Region :
North America
Europe
East Asia
Latin America
Middle East & Africa
South Asia & Oceania

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This release was published on openPR.