Automotive Aftermarket Market Expansion Outlook: $804.82 Billion in 2029

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What Is the Projected CAGR for the Automotive Aftermarket Market from 2024 to 2025?
The size of the automotive aftermarket market has seen quick expansion in the past few years. The projection is that it will expand from $464.1 billion in 2024 to $527.56 billion in 2025, presenting a compound annual growth rate (CAGR) of 13.7%. The growth seen in the historic period is credited to the global increase in vehicle ownership, cultural shifts leaning towards do-it-yourself (DIY) maintenance, the emergence of independent repair shops, regulatory changes affecting repairs, and current trends in vehicle customization.

What are the Expected Market Size and CAGR for Automotive Aftermarket by 2029?
The size of the automotive aftermarket market is predicted to experience swift expansion in the upcoming years. The market is predicted to ramp up to a value of $804.82 billion by 2029, growing at a compound annual growth rate (CAGR) of 11.1%. This projected growth during the forecast period can be linked to the offering of service-oriented solutions, the utilization of advanced materials, the shift towards digitalization, the progression towards vehicle electrification and hybridization, and an emphasis on sustainability. Trends influencing this growth in the forecast period include an increase in vehicle longevity, changes in customer preferences, environmental consciousness and sustainable products, and a surge in demand for vehicle accessories and innovative replacement parts.

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Which Factors Are Driving the Global Automotive Aftermarket Market Expansion?
The automotive aftermarket is being propelled by the escalating sales of both new and pre-owned vehicles. The UK Government indicated that in May 2024, there was a registration of 2.54 million vehicles for the first time in 2023, reflecting a 16% surge compared to 2022. This included a notable 342,000 zero-emission vehicles, which experienced a 17% uplift. As of December 2023, the tally of licensed vehicles stood at 41.2 million, marking a 1% increment, of which 1.02 million was zero-emission, illustrating a 47% rise. The proportion of zero-emission vehicles accounted for 2.5% of total road vehicles, an augmentation of 0.8 percentage points from 2022. Consequently, the growing penchant for new and second-hand vehicles is fueling the demand for the automotive aftermarket.

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Which Segment Currently Holds the Largest Share of the Automotive Aftermarket Market?
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

Which Major Trends Are Shaping the Future of the Automotive Aftermarket Industry?
Key players in the automotive aftermarket are strategically focusing on the creation of novel solutions such as the contemporary aftermarket brake pads. These aftermarket brake pads denote replacement brake pads that are manufactured by independent entities and are not parts supplied by the vehicle's original equipment manufacturer (OEM). For instance, Brembo S.p.A., a renowned automotive braking systems producer based in Italy, unveiled the 'Copper Free XTRA' brake pad line in October 2023. This new product line incorporates Low Met and Ceramic NAO formulations, intended to bridge the gap between Brembo's performance and aftermarket products. The XTRA Low Met range offers stellar performance, superior brake abilities, and an unrivaled driving experience designed specifically for car fanatics. Likewise, the XTRA Ceramic range delivers remarkable performance and convenience while reducing dust for cleaner wheels.

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Which Key Players Dominate the Automotive Aftermarket Industry Globally?
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.

What Are the Fastest-Growing Regions in 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.

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