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Global Automotive After Market, By Replacements Parts Type (Battery, Brake Pads, Filters, Gaskets & Seal, Lighting Components, Body Parts Wheels, Tires and Others), By Vehicle Type (Passenger Cars, and Commercial Vehicles), By Region (North America, Europe, Asia-Pacific, South America, and The Middle East & Africa)-Global Forecast to 2030.
What is the Automotive Aftermarket?
The automotive parts aftermarket describes auto components and parts installed after the automobile has departed the factory. Vehicle parts, alternate tires, equipment, service repair, crash repair, and accessories traded after the vehicle’s original sale are a part of this Industry. It contains companies implicated in the manufacturing, allocation, retailing, installation, and remanufacturing of all vehicle parts and accessories. The digitalization of auto repair & components deals has occurred due to technological advancements, which, in turn, have increased the automotive aftermarket industry advancement.Growth Drivers
Forceful Growth of OEMs into Aftermarket Activities to Drive the Market Growth
Original tools manufacturers have steadily enhanced their level of movement and concentrate within the automotive parts aftermarket value chain by, for example, making their networks of non-car brand-specific repair shops. Prominent market players seeking to keep up with the vehicle-age-driven market have presented second service formats and second brands (e.g., VW Direkt Express) or remanufactured parts to work with independent aftermarket players and sustain customers in their networks longer. OEMs are also pervade in customer experience optimization measures and introducing differentiated aftermarket service offerings by, for example, leveraging vehicle connectivity to retain customers and automating decision-making connected to service and restoration.Developing Automotive Industry and Increasing Manufacturing of Auto Components to Drive the Market Growth
Growing consumer attention regarding the repair and appropriate maintenance of vehicles to maintain their performance are several factors anticipated to support the market growth from 2022 to 2030. Moreover, the increasing demand for crossover and long-distance travel vehicles further helps the necessity for periodic repairs and vehicle parts replacement. Extending flexibility in vehicle design and production allows greater customer customization, driving market growth over the forecast period.Opportunities
Increase in Digitalization of Automotive Component Delivery Services, Higher Price transparency and Greater Diversity of Supply for Customers to Fuel Growth
Digital media such as social media raise customer review and purchase methods in advanced and occurring markets. Online sales media give customers comfortable access to knowledge on the price of parts, and end-users use these media to decide which car parts to buy. Online forums give buyers an equivalent view of the quality/value of workshops. Suppliers, OEMs, distributors, and workshop chains are expanding their online participation, and some essential players control already placed their online channels, e.g., Hella GmbH & Co. KGaA. Similarly, a digital sales model allows a leaner and faster value chain that helps suppliers—facilitating the distributor layer and eliminating mediator’s privileges more significant margins and savings for the suppliers to give to the end-users.Restraints
Adoption of Vehicle Safety Technologies and Growing Electric Vehicle Deals to Restrain Market Growth
The service of sensors in vehicles, which directs to optimum driving behavior, allows lesser wear and tear of cars, especially brakes and tires, which are subjected to severe driving conditions daily. This factor decreases the alternate requirements that may control the Industry’s progress. Furthermore, ongoing research and growth for new raw materials to reduce the breakdown of vehicle parts also limit product penetration. For example, UBC Okanagan, the Sharif University of Technology in Iran, and the University of Toronto developed self-lubricant brakes. The carbon fiber-infused polymer-based brakes are predicted to conduct to smaller brake pads that are better cost-effective and efficient as the small pads can resist higher friction and temperatures.Pre-Covid-19 impact on the global Automotive Aftermarket
Before the covid-19 outbreak, the digitization of part delivery sales and services, along with the beginning of an online portal spreading aftermarket components in synchrony with the global auto-part supplier groups, are predicted to attract massive investments from the key players. For example, the highest market component suppliers, such as US Auto Parts Network, Inc. and CarParts.com, would cause the global market need in the years to come. The online aftermarket businesses arcade parades have increased potential in developing countries. Also, increasing online sales of automotive parts are calculated to produce considerable demand for the market.Covid-19 impact on the global Automotive Aftermarket
The COVID-19 outbreak had a strict and swift influence on the worldwide integrated automotive sector. The closure of auto assembly plants, large-scale manufacturing interruptions, and disturbance in aftermarket products exports worldwide torment unnecessary pressure on the Automotive Industry, which is already proceeding with a downshift in global demand. Due to COVID-19, people have stayed home, and the economy has dropped into a recession, placing less wear and tear on their cars. The COVID-19 explosion affected the sales of aftermarket automotive parts in 2020. However, the vehicle aging fleet is predicted to boost demand for these automotive parts in the coming years.Post Covid-19 impact on the global Automotive Aftermarket
In the aftermath of the covid-19, consumers are anticipated to select private transportation. However, will anticipate the financial differences to hinder the purchase of new vehicles; due to funding restrictions, commuters are predicted to opt for used cars. Increasing deals of used cars are foreseen to surge the demand for aftermarket automobile components for vehicle keep. On a larger scale, the pandemic is predicted to cause the recovery of some entry-level aftermarket players in growing countries. The market will again be predicted to change with the demand from distinct segments of customers as every type of segment has its importance concerning car repair and maintenance.By Replacements Parts Type Segmental Analysis
Based on replacement parts type, the global automotive aftermarket is segmented into battery, brake pads, filters, gaskets & seals, lighting components, body parts, wheels and tires. The wheels and tires segment is valued for the highest revenue share in the global market in 2021. The body parts component is cast to maintain one of the largest market shares due to a boosted focus on the safety of vehicle occupants associated with research and development by major aftermarket participants to decrease the general weight of a vehicle by introducing lightweight and cost-effective solutions. Moreover, the filters segment will likely catch over 3% CAGR from 2022-2030 due to increasing market penetration and customer awareness concerning the substitute and presence of cabin air filters and acquiring higher value filter products in well-developed regions. Further, the lighting components segment is predicted to develop due to high demand in regions with poor road infrastructure to prevent accidents and the adoption of creative lighting solutions, particularly in highway vehicles.By Vehicle Type Segmental Analysis
Based on vehicle type, the global automotive aftermarket is segmented passenger cars and commercial vehicles. The passenger car segment is predicted to display better growth in this market over the forecast period. More significant consumer attention concerning alternative fuel mobility and the development of conventional vehicles on global warming has shown to the expanding popularity of electric vehicles, thereby impacting growth in the passenger car segment. Moreover, the commercial vehicle segment is predicted to show steady growth in this market due to open emission standards for commercial vehicles that will probably impact the repair side through increased adoption of engine electronics.By Regional Segmental analysis
By geography, the global automotive aftermarket is classified into North America, Europe, Asia Pacific, South America and Middle East & Africa. The Asia Pacific is projected to dominate the global automotive aftermarket by 2030. Due to the automotive aftermarket in the Asia Pacific is segmented by growing vehicular sales in terms of both passenger cars and commercial vehicles in occurring economies such as China and India. Also, there have been increasing mergers among components distributors and the significance of new tax reforms responsible for substituting the current disorganized sector. These factors are anticipated to lead to a dominant share of APAC in the global market. Europe is predicted to hold the second-largest market share. Developed technology usage in the imagination of auto parts and the digitization of automotive component delivery sales fuel the market evolution in this region. Moreover, North America is also foreseen to deliver constant growth in this market, with the United States calculated for the highest share. The existence of key manufacturers has placed this region as a powerful automotive parts and accessories aftermarket manufacturing hub.Competitors Analysis
Companies included are Robert Bosch GmbH, Denso Corporation, Magna International Inc., Continental AG, ZF Friedrichshafen AG, Aisin Seiki Co., Lear Corp., Valeo SA, Bridgestone Corporation, and Faurecia are key prominent players in global automotive aftermarket. Key Stakeholders- Regulatory bodies
- Market research and consulting firms
- Automotive Manufacturers and Supplier
- Local governments
- Suppliers
- Retailers
Recent Development
- In April 2023, ZF Aftermarket declared an expansion of its range of offerings for the Indian passenger car market with the opening of three newly manufactured TRW products in India comprising shock absorbers, brake pads, and brake discs.
- In April 2021 – Lippert Components Inc. declared the purchase of Kaspar Ranch Hand Equipment, LLC. With this investment, Lippert Components Inc.’s strived to extend its existence in the automotive parts aftermarket.
- In February 2020 – MotoRad LTD. collaborated with the Automotive Aftermarket Suppliers Association (AASA) and Auto Care Association to endorse the “Your Car. Your Data. You’re Choice.” Campaign. This movement announced vehicle owners’ data with vital maintenance and repair information.
Scope of the Report
| Report Attribute | Details |
|---|---|
| Market Size Value in 2021 | USD 392.35 Billion |
| The revenue forecast in 2028 | USD 529.88 Billion |
| Growth Rate | CAGR of 3.8 % from 2021 to 2027. |
| Historical data | 2017-2019 |
| Forecast period | 2021 – 2028 |
| Region covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Key companies Profiled | Companies included are Robert Bosch GmbH, Denso Corporation, Magna International Inc., Continental AG, ZF Friedrichshafen AG, Aisin Seiki Co., Lear Corp., Valeo SA, Bridgestone Corporation, Faurecia. |
Market Modelling
By Replacement Parts Type- Battery
- Brake Pads
- Filters
- Gaskets & Seals
- Lighting Components
- Body Parts
- Wheels and Tires
- Passenger Cars
- Commercial Vehicles
- North America
- Europe
- Asia-Pacific
- South America
- The Middle East & Africa
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Report Content
- Research Strategic Development
1.1. Market Modelling
1.2. Product Analysis
1.3. Market Trend and Economic Factors Analysis
1.4. Market Segmental Analysis
1.5. Geographical Mapping
1.6. Country Wise Segregation
- Research Methodology
2.1. Identification of Target Market
2.2. Data Acquisition
2.3. Refining of Data/ Data Transformations
2.4. Data Validation through Primary Techniques
2.5. Exploratory Data Analysis
2.6. Graphical Techniques/Analysis
2.7. Quantitative Techniques/Analysis
2.8. Visual Result/Presentation
- Executive Summary
- Market Insights
4.1. Supply Chain Analysis
4.2. Economic Factor Analysis
4.2.1. Drivers
4.2.2. Trends
4.2.3. Opportunities
4.2.4. Challenges
4.3. Technological Landscape
4.4. Competitors & Product Analysis
4.5. Regulatory Framework
4.6. Company market share analysis, 2022
4.7. Porter’s Five forces analysis
4.8. Price point analysis
4.9. New Investment Analysis
4.10. PESTEL Analysis
4.11. Pre Covid-19 Impact
4.12. Covid-19 Impact
4.13. Post Covid-19 Impact
- Global Automotive After Market, 2017-2030
5.1. Market size & Forecast, 2017-2030
5.1.1. Demand
5.1.1.1. By Value (USD Billion)
5.2. Market Share & Forecast, 2017-2030
5.2.1. By Replacement Parts Type
5.2.1.1. Battery
5.2.1.2. Brake Pads
5.2.1.3. Filters
5.2.1.4. Gaskets & Seals
5.2.1.5. Lighting Components
5.2.1.6. Body Parts
5.2.1.7. Wheels and Tires
5.2.2. By Vehicle Type
5.2.2.1. Passenger Cars
5.2.2.2. Commercial Vehicles
5.2.3. By Region
5.2.3.1. North America
5.2.3.2. Europe
5.2.3.3. Asia Pacific
5.2.3.4. The Middle East & Africa
5.2.3.5. South America
- North America Automotive After Market, 2017-2030
6.1. North America Automotive After Market size & Forecast, 2017-2030
6.1.1. Demand
6.1.1.1. By Value (USD Billion)
6.2. North America Automotive After Market Share & Forecast, 2017-2030
6.2.1. By Replacement Parts Type
6.2.1.1. Battery
6.2.1.2. Brake Pads
6.2.1.3. Filters
6.2.1.4. Gaskets & Seals
6.2.1.5. Lighting Components
6.2.1.6. Body Parts
6.2.1.7. Wheels and Tires
6.2.2. By Vehicle Type
6.2.2.1. Passenger Cars
6.2.2.2. Commercial Vehicles
6.2.3. By Country
6.2.3.1. U.S
6.2.3.2. Canada
6.2.3.3. Mexico
- Europe Automotive After Market, 2017-2030
7.1. Europe Automotive After Market size & Forecast, 2017-2030
7.1.1. Demand
7.1.1.1. By Value (USD Billion)
7.2. Europe Automotive After Market Share & Forecast, 2017-2030
7.2.1. By Replacement Parts Type
7.2.1.1. Battery
7.2.1.2. Brake Pads
7.2.1.3. Filters
7.2.1.4. Gaskets & Seals
7.2.1.5. Lighting Components
7.2.1.6. Body Parts
7.2.1.7. Wheels and Tires
7.2.2. By Vehicle Type
7.2.2.1. Passenger Cars
7.2.2.2. Commercial Vehicles
7.2.3. By Country
7.2.3.1. Germany
7.2.3.2. UK
7.2.3.3. France
7.2.3.4. Italy
7.2.3.5. Rest of Europe
- Asia Pacific Automotive After Market, 2017-2030
8.1. Asia Pacific Automotive After Market size & Forecast, 2017-2030
8.1.1. Demand
8.1.1.1. By Value (USD Billion)
8.2. Asia Pacific Automotive After Market Share & Forecast, 2017-2030
8.2.1. By Replacement Parts Type
8.2.1.1. Battery
8.2.1.2. Brake Pads
8.2.1.3. Filters
8.2.1.4. Gaskets & Seals
8.2.1.5. Lighting Components
8.2.1.6. Body Parts
8.2.1.7. Wheels and Tires
8.2.2. By Vehicle Type
8.2.2.1. Passenger Cars
8.2.2.2. Commercial Vehicles
8.2.3. By Country
8.2.3.1. China
8.2.3.2. India
8.2.3.3. Japan
8.2.3.4. Australia
8.2.3.5. Rest of Asia pacific
- The Middle East & Africa Automotive After Market, 2017-2030
9.1. The Middle East & Africa Automotive After Market size & Forecast, 2017-2030
9.1.1. Demand
9.1.1.1. By Value (USD Billion)
9.2. The Middle East & Africa Automotive After Market Share & Forecast, 2017-2030
9.2.1. By Replacement Parts Type
9.2.1.1. Battery
9.2.1.2. Brake Pads
9.2.1.3. Filters
9.2.1.4. Gaskets & Seals
9.2.1.5. Lighting Components
9.2.1.6. Body Parts
9.2.1.7. Wheels and Tires
9.2.2. By Vehicle Type
9.2.2.1. Passenger Cars
9.2.2.2. Commercial Vehicles
9.2.3. By Country
9.2.3.1. Saudi Arabia
9.2.3.2. UAE
9.2.3.3. South Africa
9.2.3.4. Rest of The Middle East & Africa
- South America Automotive After Market, 2017-2030
10.1. South America Automotive After Market size & Forecast, 2017-2030
10.1.1. Demand
10.1.1.1. By Value (USD Billion)
10.2. South America Automotive After Market Share & Forecast, 2017-2030
10.2.1. By Replacement Parts Type
10.2.1.1. Battery
10.2.1.2. Brake Pads
10.2.1.3. Filters
10.2.1.4. Gaskets & Seals
10.2.1.5. Lighting Components
10.2.1.6. Body Parts
10.2.1.7. Wheels and Tires
10.2.2. By Vehicle Type
10.2.2.1. Passenger Cars
10.2.2.2. Commercial Vehicles
10.2.3. By Country
10.2.3.1. Brazil
10.2.3.2. Argentina
10.2.3.3. Rest of South America
- Competitor Analysis
11.1. Company Description
11.2. Financial Analysis
11.3. Key Products
11.4. Key Management Personnel
11.5. Contact Address
11.6. SWOT Analysis
11.7. Company profile
11.7.1. Robert Bosch GmbH
11.7.2. Denso Corporation
11.7.3. Magna International Inc.
11.7.4. Continental AG
11.7.5. ZF Friedrichshafen AG
11.7.6. Aisin Seiki Co.
11.7.7. Lear Corp.
11.7.8. Valeo SA
11.7.9. Bridgestone Corporation
11.7.10. Faurecia
11.7.11. Other Prominent Players.
Frequently Asked Questions (FAQ):
The automotive parts aftermarket describes auto components and parts installed after the automobile has departed the factory. Vehicle parts, alternate tires, equipment, service repair, crash repair, and accessories, traded after the vehicle’s original sale, are a part of this Industry. It contains companies implicated in the manufacturing, allocation, retailing, installation, and remanufacturing of all vehicle parts and accessories.
The global automotive aftermarket is estimated to reach USD 589.88 billion in 2030, with a CAGR of 3.8% during the forecast period 2022-2030, and it was valued at USD 392.35 billion in 2022.
The major driving factors for the global automotive aftermarket are an increase in digitalization of automotive component delivery services, higher price transparency and greater diversity of supply for customers, fuel growth and developing automotive industry, and increasing manufacturing of auto components to Drive Market Growth.
Asia-Pacific is expected to have the largest share in the global automotive aftermarket.
Companies include Robert Bosch GmbH, Denso Corporation, Magna International Inc., Continental AG, ZF Friedrichshafen AG, Aisin Seiki Co., Lear Corp., Valeo SA, Bridgestone Corporation, and Faurecia are the major players in the global automotive aftermarket.
