The global automotive aftermarket size is expected to be worth around US$ 550.25 billion by 2030, according to a new report by Vision Research Reports.
The global automotive aftermarket size was valued at US$ 395.10 billion in 2020 and is anticipated to grow at a CAGR of 4.8% during forecast period 2021 to 2030.
|Market Size||USD 550.25 billion by 2030|
|Growth Rate||CAGR of 4.8% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Replacement parts, Distribution channel, Certification, Service Channel,|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||3M Company; Continental AG; Cooper Tire & Rubber Company; Delphi Automotive PLC; Denso Corporation; Federal-Mogul Corporation; HELLA KGaA Hueck & Co.; Robert Bosch GmbH; Valeo Group; ZF Friedrichshafen AG|
Digitalization of automotive repair & component sales complemented by advanced technology incorporations in the automobile aftermarket component manufacturing is expected to boost the market growth. The surging reception of semi-autonomous, EV and hybrid and autonomous cars in the years to come is further expected to bolster the demand for new components.
Furthermore, the increasing vehicle penetration is driven by the overall improvement of lifestyle in developing countries, such as India and Brazil, and is expected to drive the growth of the automobile industry in these regions. Similar surges in the automotive manufacturing sector across various regions along with the increasingly stringent emissions norms are expected to drive the growth of the aftermarket component sales over the forecast period.
By Replacement Parts Analysis
In terms of market size, the others segment accounted the market with a share of 50.19% in 2020. The tire segment would be the largest in terms of the replacement part and is anticipated to dominate the market in terms of size.
The aftermarket replacement part suppliers comprise various accessories suppliers, lubricants, tire suppliers, and other component replacement suppliers. Further, the industry value chain comprises service enablers such as repairing services providers and entertainment service providers.
Growth in the disposable proceeds of patrons in developing nations, such as China and Brazil, is expected to positively impact the growth rate of the market. The growing demand for locomotives is projected to trigger the demand for automobile component sales.
By Distribution Channel Analysis
In terms of market size, the retail segment accounted the market with a share of 58.2% in 2020. The retail segment is anticipated to dominate the market arena in terms of size by 2028. The Wholesale and distribution segment would witness relatively fast growth in terms of revenue from 2021 to 2028.
The increasing influence of technological advancement is transforming the market towards digitization. The aftermarket is going online, and the marketplace is changing. Parts and services are being sold online. Every player in the value chain such as Original Equipment Manufacturers (OEMs), Original Equipment Suppliers (OESs),
By Service Channel Analysis
In terms of market size, the original equipment segment accounted the market with a share of 73.9% in 2020. The OE segment is anticipated to dominate the aftermarket arena in terms of size by 2028. The DIY segment would witness relatively fast growth in terms of revenue from 2021 to 2028.
The aftermarket service channel comprises members such as raw material suppliers, tier 1 distributors, automobile exhaust hubs/ manufacturing units, and aftermarket units comprising jobbers and ultimately the repair shops. Repair centers are the important stakeholders in the service channel.
By Certification Analysis
In terms of market size, the genuine parts segment accounted the market with a share of 53.2% in 2020. The genuine parts segment is anticipated to dominate the aftermarket arena in terms of size by 2028. The uncertified segment would witness relatively fast growth in terms of revenue from 2021 to 2030.
Certified parts are cost-effective alternatives to costly genuine parts. Uncertified parts can be used instead of the original automotive parts. Uncertified parts are not approved by the carmaker. However, the low cost of uncertified parts creates significant growth opportunities for the segment in the forthcoming years.
By Regional Analysis
Asia Pacific accounted the market with a revenue share of 29.0% in 2020. Asia Pacific market is also expected to deliver significant growth from 2021 to 2030. Advanced technology usage in the fabrication of auto parts, a surge in consumer and passenger automobile production and sales, and digitalization of automotive component delivery services are anticipated to spur automotive sales in the region.
The prototype is anticipated to show better results than the existing automobiles. Such rules have pressurized the component suppliers to produce environment-friendly, high-efficiency automotive components for the native and global markets. Over the past few years, emerging economies, comprising China, India, and Brazil, have validated insistent developments, which are expected to bid on thriving prospects to the segment growth in the Asia Pacific region.
Cooper Tire & Rubber Company
Delphi Automotive PLC
HELLA KGaA Hueck & Co.
Robert Bosch GmbH
ZF Friedrichshafen AG
Lighting & Electronic Components
Wholesalers & Distributors
DIY (Do it Yourself)
DIFM (Do it for Me)
OE (Delegating to OEM’s)
The Automotive Aftermarket research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Automotive Aftermarket for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Automotive Aftermarket status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Automotive Aftermarket development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Automotive Aftermarket forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the automotive aftermarket capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of automotive aftermarket by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Automotive Aftermarket. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Automotive Aftermarket companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Automotive Aftermarket upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the automotive aftermarket industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Automotive Aftermarket competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Automotive Aftermarket.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Automotive Aftermarket are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Automotive Aftermarket. These factors have benefited the growth of the global market for automotive aftermarket. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for automotive aftermarket. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Automotive Aftermarket are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
The study objectives of this report are:
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