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Automotive Aftermarket: The Future of Personalized Mobility Solutions
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According to The Business Research Company's, The automotive aftermarket market size has grown rapidly in recent years. It will grow from $406.6 billion in 2023 to $470.24 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth in the historic period can be attributed to global vehicle ownership growth, cultural shifts towards DIY maintenance, rise in independent repair shops, regulatory changes impacting repairs, vehicle customization trends.
The automotive aftermarket market size is expected to see rapid growth in the next few years. It will grow to $758.97 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to service-oriented offerings, adoption of advanced materials, digital transformation, vehicle electrification and hybridization, focus on sustainability. Major trends in the forecast period include rise in vehicle age, shift in consumer preference, environmental awareness and sustainable products, rising demand for vehicle accessories, innovation in replacement parts.
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Market Drivers and Trends:
Increasing sales of pre-owned and new vehicles are driving the automotive aftermarket market. For instance, as of 2021, consumers' preference to purchase cars has almost reached pre-COVID-19 levels, mainly supported by demand in the United States and China, with new cars at 94% and used cars at 97% compared to pre-COVID-19 levels. In addition, there has been a significant increase in purchase intent for electric vehicles. So, the increasing preference for new and pre-owned vehicles is driving the demand for automotive aftermarket.
Major companies operating in the automotive aftermarket are focused on developing innovative solutions such as the latest aftermarket brake pads. Aftermarket brake pads refer to replacement brake pads that are produced by third-party manufacturers and are not the original equipment manufacturer (OEM) parts supplied by the vehicle's maker. For instance, in October 2023, Brembo S.p.A., an Italy-based automotive braking systems manufacturer announced the launch of the 'Copper Free XTRA' brake pad line. It is integrated with Low Met and Ceramic NAO formulations that help to bridge the gap between the Brembo's aftermarket and performance lines. The XTRA Low Met line delivers top-tier performance, braking capabilities, and an exceptional driving experience tailored for car enthusiasts. The XTRA Ceramic line provides outstanding performance and comfort, with minimal dust to guarantee cleaner wheels.
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Major Key Players of the Market:
Royal Dutch Shell PLC, Robert Bosch GmbH, ZF Friedrichshafen AG, Denso Corporation, Continental AG, Magna International Inc., AISIN SEIKI CO. LTD., Minnesota Mining and Manufacturing Company, Faurecia SE, Valeo SA, Lear Corporation, Goodyear Tire & Rubber Company, Cooper Tire & Rubber Company, Schaeffler AG, BorgWarner Inc., Adient plc, Adient plc, Dana Incorporated, Autoliv Inc., Magneti Marelli S.p.A., Mahle GmbH, DRiV Incorporated, Hella GmbH & Co. KGaA, Delphi Technologies PLC, Visteon Corporation, Garrett Motion Inc., Meritor Inc., Gentex Corporation, Exide Technologies Inc., Federal-Mogul LLC, Knorr-Bremse AG, Osram Licht AG, Veoneer Inc., WABCO Holdings Inc.
Automotive Aftermarket Market 2024 Key Insights:
• The automotive aftermarket market size is expected to see rapid growth in the next few years. It will grow to $758.97 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%.
• Surge In Vehicle Sales Accelerates Automotive Aftermarket Growth
• Automotive Aftermarket Players Elevate Performance With Advanced Brake Pads
• Asia-Pacific was the largest region in the automotive aftermarket market in 2023
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