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.
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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
|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.
- 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
- Replacement Parts
- Brake Parts
- Body Parts
- Lighting & Electronic Components
- Exhaust Components
- Distribution Channel
- Repair Shops
- Wholesalers & Distributors
- Service Channel
- DIY (Do it Yourself)
- DIFM (Do it for Me)
- OE (Delegating to OEM’s)
- Genuine Parts
- Certified Parts
- Uncertified Parts
- North America
- Asia Pacific
- South America
- North America
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