[195 Pages Report] The Automotive Aftermarket Market size was estimated at USD 395.77 billion in 2023 and expected to reach USD 414.25 billion in 2024, at a CAGR 5.08% to reach USD 560.24 billion by 2030.
The automotive aftermarket focuses on the manufacturing, distribution, retailing, and installation of vehicle parts and accessories once the automobile is sold to the customer by the original equipment manufacturer (OEM). The aftermarket allows vehicle owners to maintain, personalize, and upgrade their vehicles long after the initial sale, providing them with several options for regular maintenance. The growing trend among vehicle owners toward customization and performance enhancement of their vehicles propels the demand for various aftermarket products. Moreover, owners rely more on maintenance, repair, and replacement of automotive parts to ensure their vehicles’ sustained performance and safety over longer periods, contributing to the aftermarket sector. However, the presence of counterfeit parts affects consumers’ trust and can impact sales of aftermarket products. In addition, compliance with diverse and changing regulations can be a significant burden on aftermarket businesses. Vendors focus on building more agile and adaptive supply chains to respond to market volatility and disruptions, improving availability and access to a diverse range of aftermarket products. Moreover, the focus on recycling and reusable parts and materials is expected to support sustainability in the automotive aftermarket market.
Replacement Part: Wide availability of automotive body parts on aftermarket channels
Batteries are critical for starting the vehicle and powering electronic components when the engine is off. Preferences for batteries can be based on cranking amps, reserve capacity, and reliability. Body parts encompass panels, bumpers, and trim that can be replaced after collisions or to upgrade a vehicle’s appearance. Brake parts are crucial for vehicle safety and require periodic replacement due to wear. Brake parts include pads, discs, calipers, and associated hardware. The demand for exhaust components, including mufflers, catalytic converters, and pipes, increases due to corrosion or failure to meet emissions standards. Filters such as oil, air, fuel, and cabin air filters must be replaced regularly to maintain vehicle performance and engine health. The filter prefers high filtration efficiency and compatibility with specific vehicle models. Vehicles require functioning lights for safety and compliance with road regulations. Tires are one of frequently replaced parts due to tread wear or damage. Consumer preferences vary based on climate, performance, and economy. Replacement turbochargers are in demand for performance enhancement or as a requirement for certain vehicles to meet emissions standards. Durability and performance efficiency are critical considerations for turbochargers. Aftermarket wheels are popular for aesthetic improvements and performance upgrades. Consumers look for materials such as alloys or steel based on weight and strength preferences.
Certification: Consumer preference for certified parts to maintain the safety and performance of vehicles
Certified parts are components tested and certified by authoritative bodies for meeting specific quality, safety, and performance standards. Certified parts are produced by original equipment suppliers (OES) and independent manufacturers that have obtained the necessary certifications. Consumers tend to prefer certified parts for their proven quality and reliability, especially in critical vehicle systems. Genuine parts, often known as original equipment (OE) parts, are manufactured by the vehicle’s original manufacturer and usually come with the official brand logo. Vehicle owners wanting to maintain the authenticity and retain the maximum resale value of their cars opt for genuine parts. Uncertified parts are non-branded components without the same testing and certification as the other categories. These parts are utilized for older vehicles where certification is less of a concern or by consumers prioritizing cost savings, potentially at the expense of quality and performance.
Distribution Channel: Rapid penetration of retailers providing aftermarket products
Automotive aftermarket retail includes storefront shops, online retailers, and auto part chains that sell directly to car owners or service providers. Retailers are favored for direct consumer interaction, offering advantages such as personalized service, immediate product availability, and support services. Wholesalers and distributors provide a bridge between manufacturers of aftermarket parts and the retailer or end-user. They purchase automotive parts in bulk from producers and then sell them to smaller retailers or large automotive service chains. The bulk purchasing power of wholesalers allows them to offer parts at a reduced cost, which can be a substantial deciding factor for businesses looking to cut operational costs. Wholesalers and distributors provide cost benefits and a more comprehensive range of products, which are more attractive to larger firms and retailers requiring bulk purchases.
Service Channel: Emerging use of aftermarket products by DIY (Do It Yourself) customers
Do-it-for-me (DIFM) caters to customers preferring professional vehicle maintenance and repair services. DIFM includes authorized dealerships, independent workshops, specialty repair shops, and service chains. DIFM is favored by vehicle owners who require the technical skills for repairs, lack the necessary tools, seek convenience, or need complex services beyond their proficiency. Do-it-yourself (DIY) is for customers involved in handling vehicle maintenance and repairs. DIY appeals to hands-on vehicle owners with mechanical knowledge or those looking to save on labor costs. Preference for DIY is usually higher for simple maintenance tasks such as oil changes, battery replacements, and brake pad installations. OE (delegating to OEMs) includes vehicle servicing and repairs handled directly by original equipment manufacturers through their dealership networks. Customers prefer OE services for guaranteed compatibility of replacement parts, adherence to vehicle warranty requirements, and assurances of recall and software updates.
Regional Insights
The Asia-Pacific region is witnessing a significant surge in the automotive aftermarket, driven by increased consumer demand for vehicle customization and the replacement of aging vehicle parts. The growing consumer expenditure toward vehicle purchase and maintenance has propelled the demand for automotive aftermarket products. The rapidly expanding automotive industry is witnessing increased consumer preference for aftermarket services that offer added value and convenience in the Asia-Pacific. In the Americas, a high vehicle ownership rate, long vehicle lifespans, and a consumer preference for do-it-yourself (DIY) solutions drive demand for aftermarket parts and services. Key trends in this region include a surge in online retail of aftermarket parts, customer-centric initiatives, and digitization of the supply chain. The EMEA region, comprising Europe, the Middle East, and Africa, presents a diverse automotive aftermarket landscape with innovations in cleaner technology and replacement parts that comply with strict legislation. In the Middle East, the demand for luxury and performance vehicles contributes to a thriving aftermarket for customization and enhancements.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Automotive Aftermarket Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Automotive Aftermarket Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Automotive Aftermarket Market, highlighting leading vendors and their innovative profiles. These include 3M Company, ABS Friction Inc., AcDelco by General Motors Company, Aisin Seiki Co., Ltd., Akebono Brake Industry Co., Ltd., ALCO Filters Ltd., Asimco Global Inc., BASF SE, BorgWarner Inc., Bridgestone Corporation, Continental AG, DENSO Corporation, Ebersp?cher Gruppe GmbH & Co. KG, FORVIA Group, Hyundai Mobis Co., Ltd., Lear Corporation, Magna International, Inc., Mahle GmbH, Marelli Holdings Co., Ltd., PHINIA Inc., Robert Bosch GmbH, Schaeffler AG, Sumitomo Electric Industries, Ltd., Tenneco Incorporated, The Goodyear Tire & Rubber Company, Toyota Motor Corporation, Valeo, Yazaki Corporation, and ZF Friedrichshafen AG.
Market Segmentation & Coverage
This research report categorizes the Automotive Aftermarket Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Replacement Part
- Battery
- Body parts
- Brake parts
- Exhaust components
- Filters
- Lighting & Electronic components
- Tire
- Turbochargers
- Wheels
- Certification
- Certified Parts
- Genuine Parts
- Uncertified Parts
- Distribution Channel
- Retailers
- E-Retailers
- OEMs
- Repair Shops
- Wholesalers & Distributors
- Retailers
- Service Channel
- DIFM (Do It for Me)
- DIY (Do It Yourself)
- OE (Delegating to OEM’s)
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Automotive Aftermarket Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Automotive Aftermarket Market?
- What are the technology trends and regulatory frameworks in the Automotive Aftermarket Market?
- What is the market share of the leading vendors in the Automotive Aftermarket Market?
- Which modes and strategic moves are suitable for entering the Automotive Aftermarket Market?
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