Automotive Aftermarket Size to Rake USD 550.25 billion in 2030

The Global automotive aftermarket is expected to grow from USD 395.10 billion in 2020 to USD 550.25 billion in 2030, grow at a CAGR of 4.8% in the 2021-2030 period. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

Automotive Aftermarket (By Replacement Parts: Tire, Battery, Brake Parts, Filters, Body Parts, Lighting & Electronic Components, Wheels, Exhaust Components, Turbochargers, Others By Distribution Channel: Retailers, Wholesalers & Distributors; By Service Channel: DIY (Do it Yourself), DIFM (Do it for Me), OE (Delegating to OEM’s); By Certification: Genuine Parts, Certified Parts, Uncertified Parts) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030

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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.

Key Players

  • 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 

Market Segmentation

  • Replacement Parts 
    • Tire
    • Battery
    • Brake Parts
    • Filters
    • Body Parts
    • Lighting & Electronic Components
    • Wheels
    • Exhaust Components
    • Turbochargers
    • Others
  • Distribution Channel
    • Retailers
      • OEMs
      • Repair Shops
    • Wholesalers & Distributors
  • Service Channel
    • DIY (Do it Yourself)
    • DIFM (Do it for Me)
    • OE (Delegating to OEM’s)
  • Certification
    • Genuine Parts
    • Certified Parts
    • Uncertified Parts
  • Regional
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • Germany
      • U.K.
      • France
    • Asia Pacific
      • China
      • Japan
      • India
    • South America
      • Brazil
    • MEA

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

Research Methodology:

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.   

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