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A recent report published by Infinium Global Research on automotive aftermarket industry market provides in-depth analysis of segments and sub-segments in the global as well as regional automotive aftermarket industry market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional automotive aftermarket industry market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global automotive aftermarket industry market.
The automotive aftermarket industry encompasses the market for automotive parts, accessories, and services that are sold after the original purchase of a vehicle from the manufacturer. This includes a wide range of products and services, from replacement parts used in vehicle maintenance and repair to performance upgrades, customization accessories, and other modifications designed to enhance or personalize a vehicle. The automotive aftermarket plays a crucial role in supporting the ongoing maintenance and repair of vehicles, while also providing consumers with a diverse range of options to upgrade and customize their vehicles according to their individual preferences. It comprises a mix of OEM and aftermarket manufacturers, distributors, and retailers, all of whom offer various products and services to vehicle owners.
The growth of the automotive aftermarket industry is driven by several factors, such as the need for post-sale services, replacement, and maintenance of automotive components and parts as vehicles age. As vehicles undergo wear and tear, regular replacement and maintenance of components become necessary. This includes crucial parts like brakes, filters, belts, spark plugs, and batteries, which require periodic replacement to ensure optimal vehicle performance and safety. However, certain factors pose challenges to the growth of the global automotive aftermarket industry. The increasing demand for shared mobility services impacts the aftermarket as shared vehicles typically undergo more wear and tear, leading to higher maintenance and replacement requirements. Additionally, volatile prices of raw materials can affect the overall cost of aftermarket components, potentially hindering market growth. On the other hand, the automotive industry's growing presence in e-commerce and the rising demand for advanced technological features present opportunities for the automotive aftermarket. As more consumers turn to online platforms for purchasing automotive products, the aftermarket can leverage this trend. Furthermore, the increasing demand for technological advancements in vehicles opens up avenues for aftermarket providers to offer relevant products and services to meet these evolving needs.
The global market is segmented into North America, Europe, Asia Pacific, South America, and MEA. Asia Pacific dominated the regional segment in 2022 and will dominate throughout the forecast period. Asia-Pacific is fueled by a growing vehicle population, rising incomes, and a trend toward vehicle customization. North America has a well-established aftermarket industry, as they have a large vehicle population and strong automotive culture. Europe is influenced by stringent regulations and growing demand for eco-friendly products. The Middle East and Africa region has a demand for replacement parts and services due to commercial vehicle sales and harsh climatic conditions. South America shows increasing demand for replacement parts, accessories, and maintenance services, as this region has a large number of vehicle sales and a vibrant motorsports culture.
| Report Coverage | Details |
|---|---|
| Market Size in 2022 | USD 490.61 Million |
| Market Size by 2030 | USD 741.84 Million |
| Growth Rate from 2023 to 2030 | CAGR of 4.66% |
| Largest Market | Asia Pacific |
| No. of Pages | 255 |
| Market Drivers |
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| Market Segmentation | By Part, By Vehicle Type, and By Distribution Channel |
| Regional Scope | North America, Europe, Asia Pacific, and RoW |
The report on global automotive aftermarket industry market covers segments such as part, vehicle type, and distribution channel. On the basis of part, the sub-markets include tire, battery, brake parts, filters, body parts, lighting & electronic components, wheels, and others. On the basis of vehicle type, the sub-markets include passenger vehicles, and commercial vehicles. On the basis of distribution channel, the sub-markets include retailers, wholesale & distribution, and online.
The report provides profiles of the companies in the market such as 3M, Valeo, Continental AG, Robert Bosch GmbH, Delphi Automotive (acquired by Aptiv), Federal-Mogul (acquired by Tenneco), ZF Friedrichshafen AG, Stellantis NV, Marelli Holdings Co., Ltd., and Dana Limited.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the automotive aftermarket industry market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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