Automotive Aftermarket
Automotive Aftermarket Market Forecasts to 2030 - Global Analysis By Vehicle Type (Two Wheelers, Passenger Cars and Commercial Vehicles), Replacement Part, Certification, Service Channel, Distribution Channel, End User and by Geography
According to Stratistics MRC, the Global Automotive Aftermarket Market is accounted for $474.69 billion in 2024 and is expected to reach $669.55 billion by 2030 growing at a CAGR of 5.90% during the forecast period. The secondary market for auto parts, accessories, and services that are offered after a car has been sold is known as the automotive aftermarket. This industry covers everything from maintenance services and aesthetic upgrades to performance improvements and replacement parts. It is essential to the automotive industry because it gives car owners the chance to maintain and customize their vehicles in addition to what the original manufacturer offers. Moreover, consumer demand for customization, enhanced performance, and affordable repair options fuels the aftermarket sector, which produces a wide range of goods and services.
According to the Automotive Aftermarket Industry Association (AAIA), the automotive aftermarket sector is projected to grow significantly in the coming years, driven by increasing vehicle ownership and rising consumer demand for vehicle customization and maintenance.
Market Dynamics:
Driver:
Growing customization demand from consumers
Car enthusiasts and regular drivers alike are adopting the popular trend of personalizing their vehicles. Customers are looking for aftermarket parts more frequently in an effort to improve the functionality, performance, and look of their cars. This covers everything, from performance-enhancing additions like turbochargers and high-performance exhaust systems to personalized wheels and body kits. The market for aftermarket parts is driven by consumers' desire for customized and one-of-a-kind vehicles. Additionally, the automotive culture, which includes car shows and tuning events, further fuels this trend by showcasing amazing customized cars and motivating buyers.
Restraint:
Safety standards and regulatory compliance
Strict safety regulations and standards can be a hindrance to the growth of the automotive aftermarket industry. Adherence to regulations concerning safety, emissions, and vehicle performance is of utmost importance. Noncompliance with these standards may result in penalties, product recalls, and harm to one's reputation. Furthermore, to guarantee they don't impair vehicle safety or emissions, aftermarket parts may need to be certified in some areas. For aftermarket suppliers, especially small and medium-sized businesses, navigating these complicated regulatory environments can be difficult and may impede their ability to enter and grow new markets.
Opportunity:
Increase in hybrid and electric vehicles
The popularity of hybrid and electric cars is creating new market opportunities for the aftermarket industry. There will be a rising need for specialist aftermarket parts and services catered to these vehicles' particular requirements as their adoption rises. Moreover, this covers parts like electric vehicle (EV) accessories, charging equipment, and battery management systems. Aftermarket vendors will be well-positioned to take a piece of this growing market segment if they can innovate and offer solutions for EVs and hybrids.
Threat:
Stringent rules and conformance
The automotive aftermarket industry is subject to heightened regulatory scrutiny concerning safety standards, emissions, and environmental implications. Adhering to these rules can be expensive and difficult. A company's reputation and financial stability may be harmed by fines, legal action, and product recalls resulting from a failure to comply with strict regulations. Additionally, regulatory changes can be unpredictable and necessitate large expenditures for adaptation and compliance, which presents continuous difficulties for aftermarket suppliers.
Covid-19 Impact:
The COVID-19 pandemic caused delays in production and delivery, upset global supply chains, and resulted in a shortage of parts and components, all of which had a substantial effect on the automotive aftermarket market. Lockdowns and restrictions reduced vehicle usage and maintenance activities, which decreased demand for aftermarket services and parts. Economic uncertainty and reduced consumer spending further affected market growth, with many consumers delaying non-essential repairs and upgrades. However, the pandemic also accelerated the adoption of e-commerce and digital platforms, providing new opportunities for online sales and remote services.
The Battery segment is expected to be the largest during the forecast period
The battery segment has the largest share in the automotive aftermarket market. This section deals with upgrading and replacing car batteries, which are necessary to turn on and power a car's various electrical systems. Batteries have a significant market share because of their vital function in vehicle performance and the frequent wear and tear that requires replacement. Moreover, growth in this market has also been aided by developments in battery technology, such as the creation of high-performance and long-lasting batteries.
The Certified Parts segment is expected to have the highest CAGR during the forecast period
The Certified Parts segment of the automotive aftermarket market is expected to grow at the highest CAGR. Since certified parts are frequently linked to better performance and longer lifespans than uncertified alternatives, this segment benefits from increased consumer awareness of quality and reliability. The growing complexity and technological advancements in vehicles have led to an increase in demand for certified parts that guarantee compatibility and conformity to industry standards. Additionally, this trend is fueled by the industry's emphasis on enhancing vehicle efficiency and safety, as well as consumer demand for trustworthy repairs and maintenance.
Region with largest share:
The automotive aftermarket market is dominated by North America. The region's firmly established automotive sector, high rates of vehicle ownership, and developed aftermarket ecosystem are all factors contributing to its dominance. The high level of vehicle maintenance and customization among North American consumers creates a sizable demand for aftermarket parts and services. Furthermore, its dominant position in the global automotive aftermarket landscape is further cemented by the region's advanced distribution networks and the presence of multiple key players.
Region with highest CAGR:
The automotive aftermarket market is growing at the highest CAGR in the Asia-Pacific region. The region's growing rate of urbanization, rising car ownership, and rising disposable income are all contributing factors to this growth. The need for aftermarket parts and services is rising as the automotive sector develops in nations like China, India, and Southeast Asia. Moreover, Asia-Pacific is a major area of opportunity for industry stakeholders due to the strong growth rate, which is also attributed to rising awareness of vehicle maintenance and the development of automotive infrastructure.
Key players in the market
Some of the key players in Automotive Aftermarket market include Ford Motor Company, BASF SE, 3M Company, Continental AG, Denso Corporation, Bridgestone Corporation, Magna International Inc., Pioneer Corporation, Hyundai Mobis Co Ltd., BorgWarner Inc., ZF Friedrichshafen AG, Sumitomo Electric Industries Ltd, Toyota Motor Corporation, Robert Bosch GmbH, Valeo Group, Panasonic Corporation and Delphi Technologies.
Key Developments:
In August 2024, Denso Corporation announced that it has signed a manufacturing license agreement with Ceres Power Holdings (CWR.L), a leading developer of solid oxide cell stack technology. DENSO aims to advance the early practical application of Solid Oxide Electrolysis Cells (SOECs)*1 that produce hydrogen through water electrolysis.
In June 2024, Chemical company BASF has announced a significant long-term supply agreement with circular chemical manufacturer Encina Development Group for circular benzene. Benzene is a chemically recycled product derived from post-consumer plastics. The partnership is a strategic move towards enhancing the circular economy and integrating sustainable raw materials into BASF’s production.
In March 2024, 3M and HD Hyundai Korea Shipbuilding & Marine Engineering (KSOE) have signed a joint research project agreement to develop large liquid hydrogen storage tanks using Glass Bubbles from 3M – a high-strength, low-density hollow glass microsphere.
Vehicle Types Covered:
• Two Wheelers
• Passenger Cars
• Commercial Vehicles
Replacement Parts Covered:
• Tire
• Battery
• Brake Pads
• Filters
• Body Parts
• Lighting & Electronic Components
• Wheels
• Exhaust Components
• Turbocharger
• Other Replacement Parts
Certifications Covered:
• Genuine Parts
• Certified Parts
• Uncertified Parts
Service Channels Covered:
• DIY (Do it Yourself)
• DIFM (Do it for Me)
• OE (Delegating to OEM's)
Distribution Channels Covered:
• Retailers
• OEMs
• Repair Shops
• Wholesalers & Distributors
End Users Covered:
• Individual Vehicle Owners
• Fleet Operators
• Automotive Repair and Maintenance Shops
• Original Equipment Manufacturers (OEMs)
• Automotive Dealerships
• Government and Public Sector
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Automotive Aftermarket Market, By Vehicle Type
5.1 Introduction
5.2 Two Wheelers
5.3 Passenger Cars
5.4 Commercial Vehicles
6 Global Automotive Aftermarket Market, By Replacement Part
6.1 Introduction
6.2 Tire
6.3 Battery
6.4 Brake Pads
6.5 Filters
6.6 Body Parts
6.7 Lighting & Electronic Components
6.8 Wheels
6.9 Exhaust Components
6.10 Turbocharger
6.11 Other Replacement Parts
7 Global Automotive Aftermarket Market, By Certification
7.1 Introduction
7.2 Genuine Parts
7.3 Certified Parts
7.4 Uncertified Parts
8 Global Automotive Aftermarket Market, By Service Channel
8.1 Introduction
8.2 DIY (Do it Yourself)
8.3 DIFM (Do it for Me)
8.4 OE (Delegating to OEM's)
9 Global Automotive Aftermarket Market, By Distribution Channel
9.1 Introduction
9.2 Retailers
9.3 OEMs
9.4 Repair Shops
9.5 Wholesalers & Distributors
10 Global Automotive Aftermarket Market, By End User
10.1 Introduction
10.2 Individual Vehicle Owners
10.3 Fleet Operators
10.4 Automotive Repair and Maintenance Shops
10.5 Original Equipment Manufacturers (OEMs)
10.6 Automotive Dealerships
10.7 Government and Public Sector
10.8 Other End Users
11 Global Automotive Aftermarket Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Ford Motor Company
13.2 BASF SE
13.3 3M Company
13.4 Continental AG
13.5 Denso Corporation
13.6 Bridgestone Corporation
13.7 Magna International Inc.
13.8 Pioneer Corporation
13.9 Hyundai Mobis Co Ltd.
13.10 BorgWarner Inc.
13.11 ZF Friedrichshafen AG
13.12 Sumitomo Electric Industries Ltd
13.13 Toyota Motor Corporation
13.14 Robert Bosch GmbH
13.15 Valeo Group
13.16 Panasonic Corporation
13.17 Delphi Technologies
List of Tables
1 Global Automotive Aftermarket Market Outlook, By Region (2022-2030) ($MN)
2 Global Automotive Aftermarket Market Outlook, By Vehicle Type (2022-2030) ($MN)
3 Global Automotive Aftermarket Market Outlook, By Two Wheelers (2022-2030) ($MN)
4 Global Automotive Aftermarket Market Outlook, By Passenger Cars (2022-2030) ($MN)
5 Global Automotive Aftermarket Market Outlook, By Commercial Vehicles (2022-2030) ($MN)
6 Global Automotive Aftermarket Market Outlook, By Replacement Part (2022-2030) ($MN)
7 Global Automotive Aftermarket Market Outlook, By Tire (2022-2030) ($MN)
8 Global Automotive Aftermarket Market Outlook, By Battery (2022-2030) ($MN)
9 Global Automotive Aftermarket Market Outlook, By Brake Pads (2022-2030) ($MN)
10 Global Automotive Aftermarket Market Outlook, By Filters (2022-2030) ($MN)
11 Global Automotive Aftermarket Market Outlook, By Body Parts (2022-2030) ($MN)
12 Global Automotive Aftermarket Market Outlook, By Lighting & Electronic Components (2022-2030) ($MN)
13 Global Automotive Aftermarket Market Outlook, By Wheels (2022-2030) ($MN)
14 Global Automotive Aftermarket Market Outlook, By Exhaust Components (2022-2030) ($MN)
15 Global Automotive Aftermarket Market Outlook, By Turbocharger (2022-2030) ($MN)
16 Global Automotive Aftermarket Market Outlook, By Other Replacement Parts (2022-2030) ($MN)
17 Global Automotive Aftermarket Market Outlook, By Certification (2022-2030) ($MN)
18 Global Automotive Aftermarket Market Outlook, By Genuine Parts (2022-2030) ($MN)
19 Global Automotive Aftermarket Market Outlook, By Certified Parts (2022-2030) ($MN)
20 Global Automotive Aftermarket Market Outlook, By Uncertified Parts (2022-2030) ($MN)
21 Global Automotive Aftermarket Market Outlook, By Service Channel (2022-2030) ($MN)
22 Global Automotive Aftermarket Market Outlook, By DIY (Do it Yourself) (2022-2030) ($MN)
23 Global Automotive Aftermarket Market Outlook, By DIFM (Do it for Me) (2022-2030) ($MN)
24 Global Automotive Aftermarket Market Outlook, By OE (Delegating to OEM's) (2022-2030) ($MN)
25 Global Automotive Aftermarket Market Outlook, By Distribution Channel (2022-2030) ($MN)
26 Global Automotive Aftermarket Market Outlook, By Retailers (2022-2030) ($MN)
27 Global Automotive Aftermarket Market Outlook, By OEMs (2022-2030) ($MN)
28 Global Automotive Aftermarket Market Outlook, By Repair Shops (2022-2030) ($MN)
29 Global Automotive Aftermarket Market Outlook, By Wholesalers & Distributors (2022-2030) ($MN)
30 Global Automotive Aftermarket Market Outlook, By End User (2022-2030) ($MN)
31 Global Automotive Aftermarket Market Outlook, By Individual Vehicle Owners (2022-2030) ($MN)
32 Global Automotive Aftermarket Market Outlook, By Fleet Operators (2022-2030) ($MN)
33 Global Automotive Aftermarket Market Outlook, By Automotive Repair and Maintenance Shops (2022-2030) ($MN)
34 Global Automotive Aftermarket Market Outlook, By Original Equipment Manufacturers (OEMs) (2022-2030) ($MN)
35 Global Automotive Aftermarket Market Outlook, By Automotive Dealerships (2022-2030) ($MN)
36 Global Automotive Aftermarket Market Outlook, By Government and Public Sector (2022-2030) ($MN)
37 Global Automotive Aftermarket Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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