Automotive Aftermarket Industry To Reach $589.01 Billion By 2030

 Automotive Aftermarket Industry Growth & Trends

The global automotive aftermarket industry size is expected to reach USD 589.01 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 3.9% from 2024 to 2030. 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, electric vehicles, and hybrid & 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 the region. Similar surges in the automotive manufacturing sector across various regions along with the increasingly stringent emissions norms are expected to drive the growth of automotive aftermarket component sales over the forecast period. Third-party services and technology offer new and profitable revenue streams, to leverage all these opportunities.

In addition, the industry requires investment in product development, supply chain, organizational design, and pricing model to create a great surge in demand. The rise of digital channels or social media influence is also fueling the sale of the automotive aftermarket. These online channels provide customers with all the information regarding the price of the past, and the prior user experience, making the purchasing process smoother. To support the initiatives for leveraging market foothold, the manufacturers in developing countries are adopting various strategies, including mergers, acquisitions, and partnerships.

The Asia-Pacific regional market is expected to be the fastest growing market for aftermarket over the forecast period, owing to its developing living standards and high vehicle production. It is also anticipated to be the fastest-growing market in automobile production. With the growing penetration and acceptance of gas and hybrid electric cars, specialized repair centers dedicated to the repair of particular vehicles are expected to increase. The global aftermarket is expected to witness tremendous growth due to an upsurge in the number of vehicle collisions along with the inclination of owners toward the repair of their automobiles.

Digitization of component delivery sales & services, along with the advent of an online portal distributing aftermarket components in synchrony with the global auto-part supplier groups, are expected to draw huge investments from key companies. For instance, the leading market component suppliers, such as US Auto Parts Network, Inc. and CarParts.com, would drive the global market demand in the years to come. Owing to the above-mentioned trade gateways, online aftermarket business arcade parades have high potential in developing countries. In addition, growing online sales of automotive components are estimated to deliver significant demand for the market.

Companies are now shifting to digital platforms owing to the smoother experience for customers. In January 2020, Continental AG announced its online portal that will contain a portfolio of all of its services and information about its products for the market. The value chain of the market comprises two primary segments: automotive replacement part suppliers and service enablers. These prime industry segments are exchanging value through the automotive sectors at several intermittent stages. Access to elaborative component assortment coupled with the simplicity of transactions, delivered through the digitalization of the global automotive component sales, is destined to resolve the obtainability issues, thereby driving the automobile aftermarket industry.

Request a free sample copy or view report summary: Automotive Aftermarket Industry Report

Automotive Aftermarket Industry Report Highlights

  • The automotive aftermarket is estimated to grow significantly over the forecast period, owing to an increase in the number of lightweight vehicles coupled with the increasing age of the light vehicle fleet

  • In terms of market size, the tire segment is expected to account for the largest share of 22.5% in 2023.

  • In terms of market size, the retail segment dominated the market with a share of 55.5% in 2023 and is expected to remain dominant throughout the forecast years.

  • In terms of market size, the original equipment segment dominated the market with a share of 70.5% in 2023. The OE segment is anticipated to dominate the aftermarket arena in terms of size by 2030.

  • In terms of market size, the genuine parts segment dominated the market with a share of 51.6% in 2023. The genuine parts segment is anticipated to dominate the aftermarket arena, in terms of size, by 2030.

  • The Asia Pacific automotive aftermarket dominated the market with a share of 28.8% in 2023. The regional market is expected to have significant growth from 2024 to 2030.

Regional Insights

The North America automotive aftermarket is anticipated to grow at a CAGR of 2.7% from 2024 to 2030. In addition, there is a growing trend of vehicle customization in the region, where owners modify their vehicles to reflect their tastes and preferences. This includes aftermarket upgrades, such as performance parts, aesthetic enhancements, audio systems, lighting modifications, and more.

U.S. Automotive Aftermarket Industry Trends

The automotive aftermarket in the U.S. held a dominant share of 76.4% in 2023. The U.S. has seen a significant expansion of e-commerce channels. Online retailers and marketplaces have gained popularity due to the convenience of purchasing parts and accessories online. E-commerce offers a wide range of products, competitive pricing, and simplified shopping experiences.

Europe Automotive Aftermarket Industry Trends

The Europe automotive aftermarket is expected to reach USD 110.29 billion by 2030. Europe is at the forefront of automotive technology, and this has influenced the aftermarket sector. The integration of advanced technologies in vehicles, such as ADAS, electric and hybrid systems, and connectivity features, has created opportunities for aftermarket solutions and retrofits to meet the changing needs of European vehicle owners.

Automotive Aftermarket Industry Segmentation

Grand View Research has segmented the automotive aftermarket industry report based on replacement parts, distribution channel, service channel, certification, and region:

Automotive Aftermarket Replacement Part Outlook (Revenue, USD Billion, 2017 - 2030)

  • Tire

  • Battery

  • Brake parts

  • Filters

  • Body parts

  • Lighting & Electronic components

  • Wheels

  • Exhaust components

  • Turbochargers

  • Others

Automotive Aftermarket Distribution Channel Outlook (Revenue, USD Billion, 2017 - 2030)

  • Retailers

    • OEMs

    • Repair Shops

  • Wholesalers & Distributors

Automotive Aftermarket Service Channel Outlook (Revenue, USD Billion, 2017 - 2030)

  • DIY (Do It Yourself)

  • DIFM (Do It for Me)

  • OE (Delegating to OEM’s)

Automotive Aftermarket Certification Outlook (Revenue, USD Billion, 2017 - 2030)

  • Genuine Parts

  • Certified Parts

  • Uncertified Parts

Automotive Aftermarket Regional Outlook (Revenue, USD Billion, 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • South America

    • Brazil

  • Middle East & Africa

List of Key Players of Automotive Aftermarket Industry

  • 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

Browse Full Report: Automotive Aftermarket Industry Report

Comments

Post a Comment

Popular posts from this blog

Virtual Clinical Trials Market Size Reaches USD 12.9 Billion By 2030

Image
  The global  virtual clinical trials market  size is expected to reach USD 12.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.7% from 2022 to 2030. The COVID-19 pandemic has significantly impacted the market. The growing need for patient diversity clubbed with enhanced data collection in clinical trials is boosting the market growth. There has been a rise in the R&D of new drugs and vaccines that has increased the volume and complexity of clinical trials. Virtual clinical trials eliminate challenges posed by traditional clinical trials for example delays in patient recruitment and time-consuming procedures. Also, studies have revealed that around 75.0% of people favored a mobile trial over traditional ones and 80.0% of patients are more likely to participate in a clinical trial that uses mobile technology. The market is recovering at a significant pace after the pandemic as it offers various benefits to pati
Read more

Industrial Refrigeration Systems Market Size, Share & Trends Report, 2030

Image
  Industrial Refrigeration Systems Market Growth & Trends The global  industrial refrigeration systems market  size is anticipated to reach USD 27.66 billion by 2030, registering a CAGR of 4.4% from 2023 to 2030, according to a new report published by Grand View Research, Inc. The demand for industrial refrigeration is increasing due to the fast-moving consumer goods and retail food which needs efficient storage for perishable edible items. Governments are taking initiatives to support and strengthen the cold chain infrastructure and shifting towards eco-friendly refrigeration systems. Global warming and climate change have alarmed nations to take the necessary step to curb the crisis. As a result, industrial refrigeration system manufacturing companies have expressed concerns regarding the potential of global warming and ozone depletion of their refrigerants. As a result, companies are focusing on technologies to offer improved cost-effectiveness, lesser toxic refrigerants, lower
Read more

U.S. Virtual Visits Market Size To Reach USD 105.5Bn By 2030

Image
  U.S. Virtual Visits Market Growth & Trends The  U.S. virtual visits market  size is expected to reach USD 105.5 billion by 2030, expanding at a CAGR of 29.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing demand for telehealth and teleconsultation and introduction of new and advanced technologies has positively impacted the growth of the market in the U.S. Increasing penetration of smartphones and assisted technologies has also been a key factor for the fast growth of the market. In the service segment, cold and flu management had the largest market share in 2022. The major factor behind the growth of the market is the growing demand for teleconsultations for patients for treatment of common conditions like cold and flu to reduce the chances of contracting additional illnesses due to hospital visits. The availability of specialists through telehealth and teleconsultations, even in remote areas has brought about a revolution in the virtual
Read more