SAN FRANCISCO, July 5, 2023 /PRNewswire/ — 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 4.0% from 2023 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.
Key Industry Insights and Findings from the report:
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.
While technological advancement erupted the challenges and disruption for the manufacturing industry. However, it has also brought opportunities and real growth.
Innovation business models and solutions provided by the manufacturers and growing investment in the same, are expected to create sustainable growth opportunities for the market.
North America has a higher technology adoption rate, which is anticipated to result in faster and higher adoption of hybrid electric automobiles in the region as compared to the other geographies.
The global aftermarket is anticipated to witness a phase change attributable to the growing proportion of specialized automotive collision repair centers that are dedicated toward serving specific vehicles such as alternate fuel-powered vehicles.
Read full market research report, “Automotive Aftermarket Industry Size, Share & Trends Analysis Report By Replacement Part (Tire, Battery, Brake Parts, Filters, And Others), By Distribution Channel, By Service Channel, By Certification, By Region, And Segment Forecasts, 2023 – 2030“, published by Grand View Research.
Automotive Aftermarket Market Growth & Trends
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.
Automotive Aftermarket Industry Report Scope
|
Report Attribute |
Details |
|
Market size value in 2023 |
USD 448.24 billion |
|
Revenue forecast in 2030 |
USD 589.01 billion |
|
Growth Rate |
CAGR of 4.0% from 2023 to 2030 |
|
Base year for estimation |
2022 |
|
Historical data |
2017 – 2021 |
|
Forecast period |
2023 – 2030 |
Automotive Aftermarket Market Segmentation
Grand View Research has segmented the automotive aftermarket industry based on replacement part, distribution channel, service channel, certification and region:
Automotive Aftermarket Industry – 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 Industry – Distribution Channel Outlook (Revenue, USD Billion, 2017 – 2030)
Retailers
OEMs
Repair Shops
Wholesalers & Distributors
Automotive Aftermarket Industry – Service Channel Outlook (Revenue, USD Billion, 2017 – 2030)
DIY (Do It Yourself)
DIFM (Do It for Me)
OE (Delegating to OEM’s)
Automotive Aftermarket Industry – Certification Outlook (Revenue, USD Billion, 2017 – 2030)
Genuine Parts
Certified Parts
Uncertified Parts
Automotive Aftermarket Industry – 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
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
Check out more related studies published by Grand View Research:
E-Commerce Automotive Aftermarket – The global e-commerce automotive aftermarket size is anticipated to reach USD 143.9 billion by 2028, exhibiting a CAGR of 14.6% over the forecast period, according to a new report by Grand View Research, Inc. The growth can be attributed to the rising availability of automotive replacement equipment on online platforms, thereby enabling customers to access more affordable buying options. Improved supply chain activity with technology deployments such as the Internet of Things (IoT) and automation has boosted the growth of e-commerce platforms in the automotive sector. Further, rising awareness of automotive OEMs to establish an omnichannel presence promotes them to deploy e-commerce practices, thereby offering growth opportunities for the e-commerce aftermarket parts.
Heavy-duty Automotive Aftermarket – The global heavy-duty automotive aftermarket size is anticipated to reach USD 155.8 billion by 2025, according to a new report by Grand View Research, exhibiting a 4.5% CAGR during the forecast period. Increasing presence of older, more outdated trucks is leading to rise in demand for replacement parts, which in turn, drives the heavy-duty automotive aftermarket. Other factors expected to drive the market include greater wear and tear of vehicles due to frequent use, growth in number of vehicles, and durability of components.
Wholesale & Distribution Automotive Aftermarket – The global wholesale & distribution automotive aftermarket size is expected to reach USD 277.37 billion by 2025, according to a new report conducted by Grand View Research, Inc. Digitalization of automotive repair & component sales, complemented with 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 new component market growth. The market has been categorized based on replacement parts into tire, battery, brake parts, filters, body parts, lighting & electronic components, wheels, exhaust components and other replacement parts
Browse through Grand View Research Automotive & Transportation Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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