Published Date : 22, 2022
The global automotive aftermarket size was accounted at around US$ 721.2 billion in 2021 and is expected to hit around US$ 1167.09 billion by 2030 registering growth at CAGR of 5.49% from 2022 to 2030.
The automotive aftermarket is responsible for the manufacturing, distribution, and sales of automobile parts, apparatus, and accessories after the original equipment manufacturer has sold the automobile or vehicle to the end user. The accessories and components for sale could be made by the original equipment manufacturer or not. Key reasons such as growing internet penetration and advancements in the telematics business are propelling the global automotive aftermarket forward. These factors boost the sale of auto parts online, leading to more frequent purchases. The rising demand for automobiles in emerging markets is likely to drive market expansion.
Alternative automotive parts are predicted to expand in demand as a result of a variety of environmental requirements, technology improvements, and the adoption of various eco-friendly methods in automobile manufacture. The original equipment manufacturers have started selling their products through e-commerce platforms or online sales channel. This factor has increased sales of the original equipment manufacturers and created strong position for them in automotive aftermarket. All of these aforementioned factors are contributing towards the growth of global automotive aftermarket.
What are the key trends in the automotive aftermarket?
One of the key factors driving the growth of global automotive aftermarket is growth in sales through e-commerce platforms. The customers want wide range of products. This factor attracts huge customer base. The benefits of online sales channel such as discounts, different varieties, and easy access to information are boosting the growth of global automotive aftermarket. The market for automotive aftermarket is expanding due to expansion of automotive industry. The growing consumer awareness regarding maintenance and replacement of automotive parts and components are driving the growth of global automotive aftermarket. The major market players are adopting new and unique strategies for the expansion of the global automotive aftermarket. Some of the market players are also collaborating with government to create their position in the automotive aftermarket. The technological developments and the adoption of innovative technologies are contributing towards the growth of global automotive aftermarket. In addition, government of developed and developing countries is also heavily investing for the development of worldwide automotive aftermarket. Another trend in the automotive aftermarket is the expansion of original equipment manufacturer. The original equipment manufacturer is lead players in the value chain of automotive aftermarket. The original equipment manufacturers provide excellent post services to the customers and try to maintain long term relationships with clients. Therefore, original equipment manufacturer plays pivotal role in the growth of global automotive aftermarket.
Scope of the Report
|Market Size in 2022||USD 751.61 Billion|
|Revenue Forecast by 2030||USD 1167.09 Billion|
|By Distribution Channel||
|Key Players||MagnetiMarelliS.p.A., 3M Company, Continental AG, Robert Bosch GmbH, Federal-Mogul Corporation, Denso Corporation|
What are the challenges in the automotive aftermarket?
The adoption of new and latest technologies while manufacturing automotive or automobile parts and components is hindering the growth of global automotive aftermarket. The sensors in the automobiles and vehicles allow for reduced depreciation of parts and components especially tires and brakes of cars, that are exposed to tough driving situations on a daily basis. This factor drops the necessity for spare parts, which could restrict the growth of global automotive aftermarket. In addition, continual research and development activities for new and latest components and parts to prevent automobile degradation restrict the adoption of new products. This factor is also hindering the growth and development of global automotive aftermarket. Some of the regions do not have enough resources for the development of new and advanced features’ parts for automobile and vehicle. This is directly impacting the growth of global automotive aftermarket.
Which regions are driving the automotive aftermarket trend?
It has been noticed that Asia-Pacific region is the top most region for the expansion of automotive aftermarket all across the world. The countries such as Japan, India, China, and South Korea are leading countries in automotive aftermarket in the region. The key factor driving the growth of global automotive aftermarket in the region is adoption of advanced and latest technologies. In addition, the growing number of passenger vehicles’ sale is also boosting the growth of global automotive aftermarket. Moreover, the development and manufacturing of new designed parts and components are also driving the automotive aftermarket growth in the region. Furthermore, the growing research and development activities for the development of automotive industry are creating lucrative opportunities for the growth of automotive aftermarket in Asia-Pacific region.
The other region which is supporting the growth of global automotive aftermarket is North America region. The U.S. and Canada dominates the North America automotive aftermarket with highest market share all around the globe. The growth of automotive aftermarket in North America region is being driven by the existence of major market players operating in the automotive aftermarket. The region has also adopted passenger vehicles and commercial vehicles on large scale. Moreover, government of this region is taking constant efforts for the development of automotive industry combined with innovative technologies. All of these factors are providing growth prospects for expansion of automotive aftermarket in the region.
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