Global Automotive Aftermarket Market, By Propulsion (IC-Engine, Electric, Others), Product (Replacement Parts, Accessories), Service Channel (Do It Yourself, (DIY), Do It for Me (DIFM), Delegating to OEM’s (OE)), Certification (Genuine Parts, Certified Parts, Uncertified Parts), Vehicle Type (Passenger Vehicle, Commercial Vehicles), Distribution Channel (Offline Distribution Channel, Online Distribution Channel), End User (Service Providers, Independent Workshops, Automotive OEM Workshop), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia Pacific, South Africa, Saudi Arabia, U.A.E, Israel, Egypt, Rest of Middle East and Africa), Industry Trends and Forecast to 2029
Market Analysis and Insights of Automotive Aftermarket Market
Automotive aftermarket market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses the market to grow at a CAGR of 4.75% in the above-mentioned forecast period.
The automotive aftermarket is the automotive industry's secondary market, encompassing the manufacturing, remanufacturing, distribution, retailing, and installation of all vehicle parts, chemicals, equipment, and accessories after the original equipment manufacturer (OEM) has sold the vehicle to the consumer.
The factors such as the prevalence of improved distribution channels and increasing demand of advanced and upgraded vehicles has resulted in growth in the market value in the forecast period of 2022 to 2029. Additionally, the rising vehicle sales of preowned and new vehicles, poor road infrastructure and growing vehicle fleet are estimated to accelerate market’s growth. The rising disposable income of the people along with changing lifestyle and digitalization of automotive repair and maintenance services also cushions the market’s growth within the forecasted period. However, the factors such as rising electric vehicle sales and adoption of vehicle safety technologies will further restrict the scope of growth for the market. The counterfeiting of auto components is also estimated to hamper the market’s growth within the forecasted period.
Furthermore, the innovative business models and solutions provided by the manufacturers and growing investment in the same will further offer a variety of growth opportunities for the market in the forecast period of 2022 to 2029. On the other hand, the growing demand for electric vehicles is projected to pose as a major challenge to the market growth rate.
This automotive aftermarket market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on automotive aftermarket market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Automotive Aftermarket Market Scope and Market Size
The automotive aftermarket market is segmented on the basis of propulsion, product, service channel, certification, vehicle type, distribution channel and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.
- On the basis of propulsion, the automotive aftermarket market has been segmented into IC-engine, electric and others. The IC engine is sub-segmented into gasoline and diesel. The electric is sub-segmented into battery electric and hybrid and plug-in hybrid.
- On the basis of product, the automotive aftermarket market has been segmented into replacement parts, and accessories. Replacement parts have been further segmented into belt, brakes, clutch, electrical parts, lighting, electrical and AC parts, exhaust, filters, suspensions, transmission, and wiper parts. Accessories have been further segmented into car exteriors, and car interiors.
- Based on service channel, the automotive aftermarket market has been segmented into do it yourself (DIY), do it for me (DIFM) and delegating to OEM’s (OE).
- On the basis of certification, the automotive aftermarket market has been segmented into genuine parts, certified parts, and uncertified parts.
- On the basis of vehicle type, the automotive aftermarket market has been segmented into passenger vehicle and commercial vehicles. The passenger vehicles are sub-segmented into mini, hatchbacks, sedans, SUVs/MUVs and sports cars. The commercial vehicles are sub-segmented into light commercial vehicles and heavy commercial vehicles.
- On the basis of distribution channel, automotive aftermarket market has been segmented into offline distribution channel, and online distribution channel. Offline distribution channel has been further segmented into retailers, wholesalers and distributors. Retailers have been further sub segmented into repair shops and OEMs.
- Automotive aftermarket has also been segmented on the basis of end user into service providers, independent workshops, and automotive OEM workshop. Service providers have been further segmented into telematics and fleet management.
Automotive Aftermarket Market Country Level Analysis
The global automotive aftermarket market is analyzed and market size insights and trends are provided by propulsion, product, service channel, certification, vehicle type, distribution channel and end user as referenced above.
The countries covered in the automotive aftermarket market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), South Africa, Saudi Arabia, U.A.E, Israel, Egypt, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominates the automotive aftermarket market and will continue to flourish its trend of dominance during the forecast period owing to the rising adoption of advanced technology along with introduction of hybrid electric automobiles in the region within the forecast period of 2022 to 2029. Asia-Pacific on the other hand, is set to witness unprecedented growth during the forecast period and will project the highest compound annual growth (CAGR) rate. This is because of the prevalence of high quality brand and decreasing engineering cost within this region.
The country section of the automotive aftermarket market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Automotive Aftermarket Market Share Analysis
The automotive aftermarket market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to automotive aftermarket market.
Some of the major players operating in the automotive aftermarket market report are Tenneco Inc., Dana Limited., ZF Friedrichshafen AG, Visteon Corporation., Johnson Controls., BorgWarner Inc., Marelli Holdings Co., Ltd., Continental AG, 3M, Robert Bosch GmbH, DENSO CORPORATION, General Motors., AKEBONO BRAKE INDUSTRY CO., LTD., American Axle & Manufacturing, Inc., ASIMCO, Bridgestone Corporation, Gates Unitta , The Goodyear Tire & Rubber Company, Pirelli & C. S.p.A., Prestone Products Corporation., and THE YOKOHAMA RUBBER CO., LTD., among others.