Press release
The Automotive Aftermarket market is forecasted to reach USD 676.78 billion by 2034, with a CAGR of 3.9%.
Automotive Aftermarket market
Market Overview:
The automotive aftermarket market encompasses the manufacturing, distribution, and sale of vehicle parts, accessories, and services after the original equipment manufacturer (OEM) sale. The market comprises vehicle maintenance, repair, and customization requests, which include replacement of parts, performance-improving accessories, and others for passenger and commercial vehicles.
The evolving consumer preferences for personalized vehicles and advanced features have fueled the automotive aftermarket market growth. The market is expanding rapidly owing to technological innovations, including e-commerce platforms and predictive maintenance solutions, which have improved product accessibility and improved service.
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Growth Drivers:
• The rising vehicle customization culture, especially among younger drivers, is driving the automotive aftermarket market growth. Social media and automotive influencers have transformed cars from simple transportation into an extension of personal branding, creating viral trends pertaining to vehicle modifications and thereby propelling market demand.
• The surge in e-commerce platforms is reshaping the automotive aftermarket market, providing consumers with improved accessibility and convenience for the purchase of automotive equipment. Online marketplaces have allowed users to compare prices, review products, and access a wide array of parts from global vendors, contributing to market growth.
List of Key Companies in Automotive Aftermarket Market
• Robert Bosch GmbH
• Denso Corporation
• ZF Friedrichshafen AG
• Continental AG
• 3M Company
• Valeo SA
• BorgWarner Inc.
• Tenneco Inc.
• Aisin Seiki Co., Ltd.
• Delphi Technologies
• Federal-Mogul Corporation
• Goodyear Tire & Rubber Company
• Bridgestone Corporation
• Magneti Marelli
• Cooper Tire & Rubber Company
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Segmental Analysis:
• The automotive aftermarket market is segmented based on product type, vehicle type, service channel, and region.
• The product type segment is bifurcated into replacement parts and accessories. The replacement parts segment is expected to witness the fastest growth during the forecast period.
• The automotive aftermarket market, based on vehicle type, is segmented into passenger cars, commercial vehicles, and electric vehicles (EVs). The passenger cars segment dominated the market in 2024 due to the larger global fleet of passenger cars and a higher frequency of maintenance as compared to other vehicle types.
By Product Type Outlook (Revenue - USD Billion, 2020-2034)
• Replacement Parts
o Batteries
o Filters
o Brake Components
• Accessories
o Interior Accessories
o Exterior Accessories
By Vehicle Type Outlook (Revenue - USD Billion, 2020-2034)
• Passenger Cars
• Commercial Vehicles
• Electric Vehicles (EVs)
By Service Channel Outlook (Revenue - USD Billion, 2020-2034)
• OEM-Authorized Dealers
• Independent Service Providers
• Online Platforms
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Country-Wise Insights:
By Regional Outlook (Revenue - USD Billion, 2020-2034)
• North America
o US
o Canada
• Europe
o Germany
o France
o UK
o Italy
o Spain
o Netherlands
o Russia
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Malaysia
o South Korea
o Indonesia
o Australia
o Vietnam
o Rest of Asia Pacific
• Middle East & Africa
o Saudi Arabia
o UAE
o Israel
o South Africa
o Rest of Middle East & Africa
• Latin America
o Mexico
o Brazil
o Argentina
o Rest of Latin America
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