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Leading Companies Fueling Growth and Innovation in the Automotive Aftermarket Market
Automotive Aftermarket Market
Expected Growth and Market Size of the Automotive Aftermarket
The automotive aftermarket is projected to reach a substantial $722.43 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.8%. This expansion is fueled by factors such as increased penetration of e-commerce platforms, the growing fleet of electric vehicles (EVs), advancements in digital inventory management, connected vehicle diagnostics, and a shift toward sustainability through remanufacturing practices. Noteworthy trends shaping this market include the rise of online aftermarket platforms, expansion in EV-specific replacement parts, predictive maintenance adoption, higher demand for certified components, and the integration of digital supply chains.
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Key Companies Driving the Automotive Aftermarket Market
Several prominent players dominate the automotive aftermarket landscape, including Robert Bosch GmbH, ZF Friedrichshafen AG, Denso Corporation, Continental AG, Magna International Inc., Faurecia SE, Valeo SA, Goodyear Tire & Rubber Company, Cooper Tire & Rubber Company, Schaeffler AG, BorgWarner Inc., Dana Incorporated, Magneti Marelli S.p.A., Mahle GmbH, DRiV Incorporated, Hella GmbH & Co. KGaA, Delphi Technologies PLC, Garrett Motion Inc., Exide Technologies Inc., Federal-Mogul LLC, Knorr-Bremse AG, Osram Licht AG, AISIN SEIKI CO. LTD., Lear Corporation, Adient plc, Autoliv Inc., Visteon Corporation, Meritor Inc., Gentex Corporation, WABCO Holdings Inc., and Veoneer Inc.
In a significant move in May 2024, Sweden-based precision component manufacturer MEKO acquired Poland's Elit Polska, a producer of automotive accessories and spare parts, for an undisclosed sum. This acquisition boosted MEKO's market share in Poland from around 5% to about 8%, elevating it to the position of the third-largest player in the Polish automotive aftermarket. This strategic expansion strengthens MEKO's foothold in one of Europe's leading markets for automotive parts and services, improving its competitive edge.
View the full automotive aftermarket market report:
https://www.thebusinessresearchcompany.com/report/automotive-aftermarket-global-market-report
Emerging Trends Shaping the Automotive Aftermarket Industry
Leading firms in the automotive aftermarket are concentrating efforts on innovative product development, particularly in brake technology. Aftermarket brake pads-replacement parts made by third-party manufacturers rather than original equipment manufacturers-are gaining traction. For example, in October 2023, Brembo S.p.A., an Italian automotive brake system maker, introduced the 'Copper Free XTRA' brake pad series. This line features Low Met and Ceramic NAO formulations designed to bridge Brembo's aftermarket and performance product ranges. The XTRA Low Met pads deliver superior performance and braking capabilities, crafted especially for automotive enthusiasts seeking high driving quality. Meanwhile, the XTRA Ceramic pads offer excellent performance combined with comfort and produce minimal dust, helping to maintain cleaner wheels.
Detailed Segmentation Overview of the Automotive Aftermarket Market
This report divides the automotive aftermarket market into key segments as follows:
1) Types: Tire, Battery, Brake Parts, Filters, Body Parts, Lighting and Electronic Components, Wheels, Exhaust Components, Turbochargers
2) Vehicle Type: Passenger Cars, Commercial Vehicles
3) Certification: Genuine Parts, Certified Parts, Uncertified Parts
4) Distribution Channels: Offline Distribution Channel, Online Distribution Channel
Further breakdowns include:
- Tires: All-Season, Performance, Winter, Off-Road
- Batteries: Lead-Acid, Lithium-Ion, AGM (Absorbent Glass Mat), Deep Cycle
- Brake Parts: Brake Pads, Rotors, Calipers, Hoses
- Filters: Engine Air, Cabin Air, Oil, Fuel
- Body Parts: Bumpers, Fenders, Hoods, Doors, Mirrors
- Lighting and Electronics: Headlights, Taillights, Turn Signal Lights
- Wheels: Alloy, Steel, Covers, Spacers
- Exhaust Components: Pipes, Mufflers, Catalytic Converters, Manifolds
- Turbochargers: Performance Turbochargers, Turbo Kits
This comprehensive segmentation allows for a detailed understanding of product categories, vehicle types, certification status, and distribution methods, highlighting the diversified nature of the automotive aftermarket and its responsiveness to consumer needs.
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