The ‘Global Automotive Aftermarket Market Share, Size, Demand, Price, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global automotive aftermarket market, assessing the market on the basis of its segments like replacement part, vehicle, propulsion, distribution channel, service channel, certification and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Automotive Aftermarket Market Share, Size, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): USD 460 billion
• Forecast CAGR (2023-2028): 4.60%
• Forecast Market Size (2027): USD 602.49 billion
The Asia Pacific holds a major share of the market globally. Significant growth of this industry is anticipated in the coming years. Sales of automobiles are anticipated to rise in this region.
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Factors contributing to this increase are increased production and sales of passenger and consumer vehicles, the employment of cutting-edge technologies in the production of auto parts and the digitization of services for the supply of automotive components. Many businesses are concentrating on acquisitions to increase their market share.
Automotive Aftermarket Industry Definition and Major Segments
The production, distribution, retailing, and installation of car parts after the vehicle has been acquired from the original equipment manufacturer are the main domains of the automotive aftermarket, a division of the automobile industry. The aftermarket contributes to maximising the functionality of an automobile via a range of inventive services.
The automobile aftermarket market can be segmented based on replacement part, vehicle, propulsion, distribution channel, service channel, certification and regions.
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Based on replacement part, the market is segmented into:
• Brake Parts
• Body Parts
• Lighting and Electronic Components
• Exhaust Components
Based on vehicle, the market is divided into:
• Passenger Vehicles
o Sports Cars
• Commercial Vehicles
o Light Commercial Vehicles
o Heavy Commercial Vehicles
Based on propulsion, the market is segmented into:
Based on distribution channel, the market is divided into:
• Authorised Channel
Based on certification, the market is segmented into:
• Genuine Parts
• Certified Parts
• Uncertified Parts
Based on service channel, the market is divided into:
• Do It Yourself (DIY)
• Do It For Me (DIFM)
Based on region, the market can be segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Automotive Aftermarket Market Trends
According to the distribution channel, the market for the automotive aftermarket is being driven by the burgeoning OEM segment due to their growing involvement in aftermarket operations. The OEMs’ investments in efforts to optimise the consumer experience are supporting market growth.
The development of the automotive aftermarket is also being boosted by OEM initiatives to build their own networks of non-car brand-specific repair facilities and to introduce second service formats or remanufactured parts to compete with independent market participants. The market for the automotive aftermarket is expanding as a result of the digitalization of internal operations and customer interactions that provide value for OEMs.
The demand for aftermarket parts and services is rising as a result of customers’ increasing understanding of the value of routine maintenance and regular servicing, which is invigorating the automotive aftermarket. The market expansion of the automotive aftermarket is also being aided by the developing automotive sector and increased vehicle sales.
Additionally, automotive aftermarket services are essential for extending the lifespan of cars and increasing their lifetime value. Customers have more choices thanks to increased price transparency and the availability of a variety of vehicle parts, which is fueling the growth of the automotive aftermarket. Additionally, the digitalization of the automobile aftermarket and the addition of new services are greatly accelerating industry growth.
Key Market Players
The major players in the automotive aftermarket market include:
- Continental AG
- The Goodyear Tire & Rubber Company
- Delphi Technologies (BorgWarner Inc.)
- DENSO Corporation
- Robert Bosch GmbH
- ZF Friedrichshafen AG
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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