Global Automotive Aftermarket Market to Reach $831.84 Billion by 2029, Growing at 11.7% CAGR

What combination of drivers is leading to accelerated growth in the automotive aftermarket market?
The automotive aftermarket is being propelled by a rise in sales of both new and pre-owned vehicles. As per the UK government's data from May 2024, there was a 16% escalation in vehicle registrations in 2023 compared to the previous year, with 2.54 million vehicles being registered for the first time in the UK. This included 342,000 zero-emission vehicles, indicating a 17% surge. As we crossed into December 2023, the number of licensed vehicles clocked in at 41.2 million, up by 1%, among which 1.02 million were zero-emission - a remarkable 47% rise. Zero-emission vehicles represented 2.5% of all road vehicles, a growth of 0.8 percentage points from 2022. This growing trend towards new and second-hand vehicles is fuelling the need for automotive aftermarket.

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What is the projected compound annual growth rate (CAGR) of the automotive aftermarket market from 2025 to 2034, and what factors influence it?
The size of the automotive aftermarket market has seen a robust expansion in the last few years. The market is projected to increase from $464.1 billion in 2024 to $533.87 billion in 2025, representing a compound annual growth rate (CAGR) of 15.0%. Factors such as the rise in global vehicle ownership, growing interest in DIY maintenance, the emergence of independent repair shops, regulatory modifications influencing repairs and vehicle personalisation trends have all contributed to the market growth during the historical period.

The size of the automotive aftermarket market is predicted to experience a swift expansion in the forthcoming years. It's forecasted to reach a worth of $831.84 billion by 2029, with an annual growth rate of 11.7%. The expected growth during this period can be credited to service-based offerings, the use of superior materials, digital evolution, the move toward electric and hybrid vehicles, and a focus on sustainability. Dominant trends projected for this period encompass an increase in vehicle lifespan, a shift in consumer tastes, heightened environmental consciousness and sustainable products, an escalated demand for vehicle accessories, and innovation in the manufacturing of replacement parts.

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How are the latest trends influencing the growth of the automotive aftermarket market?
Leading firms in the automotive aftermarket industry are concentrating on the creation of innovative solutions like the latest aftermarket brake pads. These aftermarket brake pads are essentially replacement brake pads manufactured by third-party companies, not original equipment manufacturer (OEM) components provided by the creator of the vehicle. For instance, Brembo S.p.A., an automotive brake systems manufacturer based in Italy, unveiled the 'Copper Free XTRA' brake pad range in October 2023. These brake pads feature Low Met and Ceramic NAO formulations that fill the void amid Brembo's performance and aftermarket lines. The XTRA Low Met range offers high-end efficiency, braking capabilities, and a distinctive driving experience created especially for car aficionados. The XTRA Ceramic range offers remarkable performance and comfort, with insignificant dust to ensure cleaner wheels.

What are the major segments of the automotive aftermarket market and their role in driving growth?
The automotive after market market covered in this report is segmented -

1) By Types: Tire, Battery, Brake Parts, Filters, Body Parts, Lighting And Electronic Components, Wheels, Exhaust Components, Turbochargers
2) By Vehicle Type: Passenger Cars, Commercial Vehicles
3) By Certification Outlook: Genuine Parts, Certified Parts, Uncertified Parts
4) By Distribution Channels: Offline Distribution Channel, Online Distribution Channel

Subsegments:
1) By Tire: All-Season Tires, Performance Tires, Winter Tires, Off-Road Tires
2) By Battery: Lead-Acid Batteries, Lithium-Ion Batteries, AGM (Absorbent Glass Mat) Batteries, Deep Cycle Batteries
3) By Brake Parts: Brake Pads, Brake Rotors, Brake Calipers, Brake Hoses
4) By Filters: Engine Air Filters, Cabin Air Filters, Oil Filters, Fuel Filters
5) By Body Parts: Bumpers, Fenders, Hoods, Doors, Mirrors
6) By Lighting And Electronic Components: Headlights, Taillights, Turn Signal Lights, Electrical Systems
7) By Wheels: Alloy Wheels, Steel Wheels, Wheel Covers, Wheel Spacers
8) By Exhaust Components: Exhaust Pipes, Mufflers, Catalytic Converters, Exhaust Manifolds, Turbochargers
9) By Stock Turbochargers: Performance Turbochargers, Turbo Kits

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Which regions are key players in the growth of the automotive aftermarket market?
Asia-Pacific was the largest region in the automotive afterMarket in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive afterMarket report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Who are the key firms paving the way for growth in the automotive aftermarket market?
Major companies operating in the automotive aftermarket market include 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.

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What Is Covered In The Automotive Aftermarket Global Market Report?

• Market Size Forecast: Examine the automotive aftermarket market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the automotive aftermarket market for a structured understanding.
• Key Players Overview: Analyze major players in the automotive aftermarket market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive aftermarket market.
• Segment Contributions: Evaluate how different segments drive overall growth in the automotive aftermarket market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive aftermarket market.
• Industry Challenges: Identify potential risks and obstacles affecting the automotive aftermarket market.
• Competitive Landscape: Review strategic developments in the automotive aftermarket market, including expansions, agreements, and new product launches.

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