Press release
Automotive Aftermarket Market to Reach USD 1324.46 Billion by 2031 | Bridgestone, Michelin, Autozone, Goodyear
Automotive Aftermarket Market
The global Automotive Aftermarket market was valued at US$ 1058.58 billion in 2023 and is anticipated to reach US$ 1324.46 billion by 2030, witnessing a CAGR of 3.3% during the forecast period 2024-2030.
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The automotive aftermarket is the secondary market of the automotive industry, concerned with the manufacturing, remanufacturing, distribution, retailing, and installation of all vehicle parts, chemicals, equipment, and accessories.
United States is the largest market of the automotive aftermarket with share over 28.8%. China will rank the first worldwide in sales for an eighth straight year. Bridgestone, Michelin, Autozone, Genuine Parts Company, Goodyear, Continental, Advance Auto Parts, O"Reilly Auto Parts, Bosch are the main players in the market. The top 5 occupied 6% in 2019, the whole market is quite competitive. Wear and Tear Parts is the most important type of Automotive Aftermarket, its market share is 43% in 2019, then followed by Tire Service and Crash Relevant Parts, which occupied 13.7% and 13.1% respectively. Passengers car needs more services in automotive aftermarket compared to Commercial Vehicle, it took nearly 70% of the market.
The purpose of this study report is to support industry experts in the global Automotive Aftermarket business by looking at market developments, market position, investment possibilities, and key market drivers. The analysis includes a profile of the leading market players, as well as information on their latest product launches, product extensions, marketing strategies, business outlooks, infrastructure, and projected rival goods and services, as well as pricing trends. The study looks at emerging entrepreneurs, their strategies, and the product advancements that are driving demand for their goods and services on both local and global markets. In addition, the paper offers critical tactics for maximising possibilities and minimising dangers in the next ten years and beyond. The Automotive Aftermarket market was studied using primary, secondary, and observational research methods.
At the beginning of the development of this research report, a summary of the Automotive Aftermarket market is provided, along with definitions, applications, new product launches, developments, hurdles, and geographic considerations. Rising demand across several different industries is expected to fuel the industry's rapid growth. The study Automotive Aftermarket market research report looks at key aspects as well as current industry trends. An additional feature is a graphical summary of significant organisations that highlights their market presence, effective marketing methods, and most recent developments in both historical and contemporary contexts.
Key Companies : -
The Automotive Aftermarket Market is highly competitive with both global players and regional startups driving innovation. Key companies are focusing on:
Bridgestone
Michelin
Autozone
Genuine Parts Company
Goodyear
Continental
Advance Auto Parts
O'Reilly Auto Parts
Bosch
Tenneco
Belron International
Denso
Driven Brands
China Grand Automotive
Zhongsheng Group
3M Company
Yongda Group
Monro
Delphi
Tuhu Auto
Key Growth Drivers : -
The growth of the Automotive Aftermarket Market can be attributed to several key factors. Technological advancements have played a pivotal role in shaping the market, enabling the development of more sophisticated and efficient Automotive Aftermarket solutions. Additionally, increasing awareness among consumers regarding the benefits of Automotive Aftermarket products has fueled demand. Furthermore, supportive government policies and regulations have created a favorable environment for market expansion.
Industry Opportunities and Challenges -
Industry Opportunities -
The Automotive Aftermarket Market presents abundant opportunities for stakeholders. The continuous evolution of technology opens doors for the development of novel products and services. Emerging markets, with their growing populations and rising disposable incomes, offer vast potential for market penetration. Additionally, strategic partnerships and collaborations can help businesses expand their reach and capabilities.
Industry Challenges -
Despite its growth potential, the Automotive Aftermarket Market is not without its challenges. Intense competition requires companies to differentiate their offerings and maintain a strong market presence. The need for substantial research and development investments can be a barrier to entry for some players. Furthermore, keeping pace with rapidly changing consumer preferences and technological advancements demands agility and innovation.
Detailed of Automotive Aftermarket Market Segmentation :-
Segment by Type : -
Wear and Tear Parts
Crash Relevant Parts
Maintenance Service
Diagnostics Products and Service
Tire Service
Other
Segment by Application : -
Passenger Vehicle
Commercial Vehicle
Regional Insights :-
The Automotive Aftermarket Market provides a diverse geographical landscape, with several areas exhibiting unique market characteristics. While some locations see rapid growth due to factors like economic expansion and technical advancements, other regions may experience slower but more consistent market expansion. Market trends vary greatly throughout regions due to factors including cultural influences, legal frameworks, and population developments. Businesses looking to go global must understand these regional differences and adjust their strategy to take advantage of local opportunities.
North America: Market size, growth drivers, and key players.
Europe: Regulatory environment and sustainability initiatives.
Asia-Pacific: Rapid industrialization and demand growth.
Latin America: Emerging markets and opportunities.
Middle East & Africa: Focus on petrochemicals and infrastructure development.
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Importance of a Market Synopsis : -
Decision Making: A well-prepared Automotive Aftermarket market synopsis helps businesses, investors, and professionals make informed decisions. It provides a comprehensive understanding of the Automotive Aftermarket market landscape, enabling stakeholders to identify potential risks and opportunities.
Competitive Analysis: By examining the competitive landscape, a Automotive Aftermarket market synopsis allows businesses to benchmark themselves against industry leaders and identify areas for improvement or differentiation. It facilitates strategic planning and Automotive Aftermarket market positioning.
Market Entry: For companies considering entering a new market or launching a new product, a Automotive Aftermarket market synopsis provides valuable insights into market size, customer needs, and competitive factors. It guides businesses in developing effective market entry strategies.
Investment Decisions: Investors rely on Automotive Aftermarket market synopses to evaluate the feasibility and potential returns of investment opportunities. The synopsis helps them assess the market's growth prospects, competitive intensity, and long-term viability.
Knowledge Sharing: Automotive Aftermarket Market synopses serve as valuable resources for industry research, academic studies, and knowledge sharing among professionals. They provide a concise summary of Automotive Aftermarket market dynamics, making complex information accessible to a broader audience.
Table of Contents with Major Points : -
1. Executive Summary
1.1. Market Analysis
1.2. Global & Segmental Market Estimates & Forecasts, 2025-2031 (USD Billion)
1.2.1. Automotive Aftermarket Market, by Region, 2025-2031 (USD Billion)
1.2.2. Automotive Aftermarket Market, by Type, 2025-2031 (USD Billion)
1.2.3. Automotive Aftermarket Market, by Application, 2025-2031 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
2. Global Automotive Aftermarket Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
3. Global Market Dynamics
3.1. Automotive Aftermarket Market Impact Analysis (2025-2031)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
4. Global Industry Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter's 5 Force Model (2025-2031)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
5. Global Market, by Type
5.1. Market Analysis
5.2. Global Automotive Aftermarket Market by Type, Performance - Potential Analysis
5.3. Global Automotive Aftermarket Market Estimates & Forecasts by Type 2025-2031 (USD Billion)
5.4. Automotive Aftermarket Market, Sub-Segment Analysis
6. Global Market, by Application
6.1. Market Analysis
6.2. Global Automotive Aftermarket Market by Application, Performance - Potential Analysis
6.3. Global Automotive Aftermarket Market Estimates & Forecasts by Application 2025-2031 (USD Billion)
6.4. Automotive Aftermarket Market, Sub-Segment Analysis
6.4.1. Others
7. Regional Analysis
7.1. Automotive Aftermarket Market, Regional Market Analysis
7.2. North America Automotive Aftermarket Market
7.3. Europe Automotive Aftermarket Market Analysis
7.4. Asia-Pacific Automotive Aftermarket Market Analysis
7.5. Latin America Automotive Aftermarket Market Analysis
7.6. Rest of The World Automotive Aftermarket Market
8 Competitive Intelligence
8.1. Top Market Strategies
8.2. Company Profiles
8.2.1. Key player 1
8.2.1.1. Key In Durationation
8.2.1.2. Overview
8.2.1.3. Financial (Subject to Data Availability)
8.2.1.4. Product Summary
8.2.1.5. Recent Developments
9. Research Process
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
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