Automotive Aftermarket Market: Global Industry Analysis and Forecast (2021-2027)

Automotive Aftermarket Market size was valued at US$ 535 Bn. in 2020 and the total revenue is expected to grow at 6.2 % through 2021 to 2027, Automotive Aftermarket Market is reaching nearly US$ 815.13 Bn. by 2027.

Automotive Aftermarket Market Overview:

Aftermarket is a sector of the automotive business that sells aftermarket parts, accessories, and services. The automotive aftermarket is the car industry's secondary market, which encompasses the installation of all vehicle parts, accessories, equipment, and paintwork after the original equipment manufacturers have sold the products to customers (OEMs). In 2020, global exports of automobile parts and accessories from all nations reached $339.8 billion. The growing demand for autos in emerging markets is expected to boost industry growth. Due to numerous environmental requirements, technological advancements and the adoption of various eco-friendly practices in vehicle production are expected to increase demand for alternative automotive parts. Automotive Aftermarket Market To know about the Research Methodology :- Request Free Sample Report The report has covered the market trends from 2015 to forecast the market through 2027. 2020 is considered a base year however 2020’s numbers are on real output of the companies in the market. Special attention is given to 2020 and effect of lockdown on the demand and supply, and also the impact of lockdown for next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.

Global Automotive Aftermarket Market Dynamics:

A major element expected to promote growth of the target market is the constant increase in automotive production across various countries. In terms of dollar value, European countries sold the most automobile components in 2020, with shipments totaling $164.9 billion, or 48.5 % of the worldwide total. Asia came in second with 29.9% of the total, followed by North America with 20.3 %. Another significant element projected to drive the global automotive aftermarket's growth is a growing preference for innovative accessories and automobile components, as well as increased spending capacity on vehicle modifications. In addition, the market's growth is likely to be helped by the simple availability of accessories on E-commerce websites and the increased inclination for purchasing things online. The constant need for regular replacement and maintenance of components with short lifespans, such as deflectors, brake parts, tires, filters, and actuators, is likely to drive revenue growth in the target market. Increasing demand for electric vehicles, increased passenger vehicle production and sales, and high accessory maintenance costs are only a few of the primary concerns that could restrict market growth. Automotive Aftermarket MarketThe growing number of technical breakthroughs, together with rising demand for aftermarket items from pre-owned cars, are expected to provide new revenue growth prospects for significant participants in the automotive aftermarket. The overall improvement of living in developing countries such as India and Brazil is driving increased car penetration and is predicted to fuel the expansion of the automobile industry in these regions. Over the projected period, similar expansions in the automobile manufacturing sector across numerous regions, as well as increasingly strict emissions requirements, are likely to drive growth in aftermarket component sales. To take use of all of these possibilities, third-party services and technology provide new and valuable revenue streams. In order to generate a significant increase in demand, the industry also requires investment in product development, supply chain, organizational design, and pricing strategy. Trends of Automotive Aftermarket Market:  Channels of distribution are being digitized - Demand for digital platforms has skyrocketed in a variety of industries, including the automotive industry. In this regard, it is clear that the adoption of digital platforms in the distribution channel has the potential to speed up the industry's development. According to reports, digitalization of distribution channels will help differentiate a company in a crowded market, boost profitability, and increase revenue.  Replacement of spare parts is becoming more popular - The global automotive aftermarket is gaining traction as a result of rising interest in vehicle spare part replacement. The replacement part segment would benefit from the expanding technical improvements in the space. In fact, it has been reported that the division accounts for more than 80% of the company's sales. The growing demand for comprehensive automotive solutions around the world has been pushing this industry.  Increasing sales by using OEM factory fill - In the years ahead, sales of aftermarket services through OEM factory fill will produce enormous revenues across the car industry. A key growth driver is the increasing need for high-quality factory fill lubricants. According to industry analysts, the OEM factory fill category will be worth USD 60 billion by the end of 2027.  Automobile behemoths are well-represented throughout Europe - Europe has been renowned as a hub for major automobile manufacturing. According to reliable estimates, the region accounts for more than 7% of EU GDP. As a result, the continent has become a hub for aftermarket. Furthermore, increased disposable incomes and a desire to possess a car have boosted demand for passenger vehicles in European countries. These and other factors have emphasized the importance of aftermarket services. The regional automotive aftermarket category has a 30 % market share in 2020. Global Automotive Aftermarket Market Segment Analysis: the Automotive Aftermarket Market is segmented into Vehicle replacement part, Distribution channel and Service channel. Based on Distribution channel, the market is sub-segmented into Retailers and Wholesalers. In 2020, the retail segment dominated the market with a 57.2 % share. By 2027, the retail segment is expected to dominate the industry in terms of size, the wholesale and distribution category is expected to develop at a moderately fast rate in terms of revenue. Automotive aftermarket economies are critical components of the overall automotive manufacturing and maintenance scheme, as automotive components must be changed on a timely basis in order to preserve the vehicle's overall performance. The market is being digitized as a result of the growing effect of technology innovation. The aftermarket is becoming more digital, and the market is shifting. Parts and services are available for purchase online. Original Equipment Manufacturers (OEMs), Original Equipment Suppliers (OESs), distributors, insurers, and workshops are all responding to the burgeoning online aftermarket trend. The increased use of advanced technologies in auto parts fabrication, the increase in consumer and passenger vehicle production, and the digitization of automotive repair and maintenance services are just a few of the drivers excepted to drive market expansion throughout the forecast period. Based on Vehicle replacement part, the market is sub segmented into Tier, Battery, Brake parts, Filters and others. Tire sub-segment hold the largest market share of xx% in 2020. Although tire have a shorter replacement cycle than its component counterparts, it is projected to remain the leading segment. Various accessories, lubricants, tires, and other component replacement suppliers make up the aftermarket replacement part vendors. In addition, service enablers such as repairing services providers and entertainment service providers are part of the industry value chain. The automotive sector is seeing a surge in demand for hybrid electric vehicles, which will stifle demand for exhaust parts and specialist tools for these specialty vehicles. The rise in the price of gasoline and petrochemicals is to blame for this restriction. Automotive Aftermarket Market

Global Automotive Aftermarket Market Regional Analysis:

In terms of market size, Asia Pacific dominated the market in 2020, accounting for 28.0 % revenue. During the forecast period. The Asia Pacific market is expected to grow significantly. Automotive sales in the region are expected to be boosted by advanced technology in auto part manufacturing, a boom in consumer and passenger vehicle production and sales, and the digitization of automotive component delivery services. In 2020, the North American market will be worth over USD 180 billion, thanks to increased manufacturing of new vehicles and upgrades to older vehicles that are still in use. The ongoing technical advancements in the automotive industry are likely to provide chances for aftermarket companies to expand their global business. The European sector is expected to grow at a breakneck pace, thanks to strong demand for innovative technologies, engine warmers, customization items, vintage vehicle components, and truck aftermarket parts in the region. Through internet platforms, the major aftermarket businesses are delivering novel products and services. The objective of the report is to present a comprehensive analysis of the global Automotive Aftermarket Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the global Automotive Aftermarket Market dynamics, structure by analyzing the market segments and project the global Automotive Aftermarket Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Automotive Aftermarket Market make the report investor’s guide.

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Global Automotive Aftermarket Market
Report Coverage Details
Base Year: 2020 Forecast Period: 2021-2027
Historical Data: 2016 to 2020 Market Size in 2020: US $ 535.0 Bn.
Forecast Period 2021 to 2027 CAGR: 6.2 % Market Size in 2027: US $ 815.13 Bn.
Segments Covered: by Vehicle Replacement Part • Tire • Battery • Brake Parts • Filters • Others
by Distribution channel • Retailers • Wholesalers
by Service • DIY • DIFM • OE

Global Automotive Aftermarket Market, by Region

• North America • Europe • Asia Pacific • Middle East and Africa • South America

Global Automotive Aftermarket Market Key Players

• Continental AG • 3M Company • Akebone Brake Corporation • Delphi • Federal-Mogul • Denso • Magneti Marelli • Robert Bosch • ACDElco • ASIMCO Technologies ltd • Cooper Tire & Rubber Company • HELLA KGaA Hueck & Co. • Robert Bosch GmbH • Valeo Group • ZF Friedrichshafen AG • Robert Bosch GmbH • Magna International Inc. • Aisin Seiki Co. • Hyundai Mobis • Lear Corp. • Faurecia Frequently Asked Questions: 1) What was the market size of Global Automotive Aftermarket Market markets in 2020? Ans - Global Global Automotive Aftermarket Market was worth US$ 535.0 Bn. in 2020. 2) What is the market segment of the Automotive Aftermarket Market? Ans -The market segments are based on Vehicle replacement parts, Distribution channel and Service channel. 3) What is the forecast period considered for Global Automotive Aftermarket Market? Ans -The forecast period for Global Automotive Aftermarket Market is 2021 to 2027. 4) What is the market size of Global Automotive Aftermarket Market markets in 2027? Ans – Global Automotive Aftermarket Market is estimated as worth US$ 815.13 Bn. 5) Which region is dominated in Global Automotive Aftermarket Market? Ans -In 2020, the Asia pacific region dominated the Global Automotive Aftermarket Market.
1. Global Automotive Aftermarket Market : Research Methodology 2. Global Automotive Aftermarket Market : Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Automotive Aftermarket Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Automotive Aftermarket Market : Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12. COVID-17.6 Impact 4. Global Automotive Aftermarket Market Segmentation 4.1. Global Automotive Aftermarket Market ,Vehicle replacement part (2020-2027) • Tire • Battery • Brake Parts • Filters • Others 4.2. Global Automotive Aftermarket Market , by Distribution channel (2020-2027) • Retailers • Wholesalers 4.3. Global Automotive Aftermarket Market , by Service channel (2020-2027) • DIY • DIFM • OE 5. North America Automotive Aftermarket Market (2020-2027) 5.1. North America Automotive Aftermarket Market , Vehicle replacement part (2020-2027) • Tire • Battery • Brake Parts • Filters • Others 5.2. North America Automotive Aftermarket Market , by Distribution channel (2020-2027) • Retailers • Wholesalers 4.4. North America Automotive Aftermarket Market , by Service channel (2020-2027) • DIY • DIFM • OE 5.3. North America Automotive Aftermarket Market , by Country (2020-2027) • US • Canada • Mexico 6. European Automotive Aftermarket Market (2020-2027) 6.1. European Automotive Aftermarket Market , by Vehicle replacement part (2020-2027) 6.2. European Automotive Aftermarket Market , by Distribution channel (2020-2027) 6.3. European Automotive Aftermarket Market , by Service channel (2020-2027) 6.4. European Automotive Aftermarket Market , by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Automotive Aftermarket Market (2020-2027) 7.1. Asia Pacific Automotive Aftermarket Market , by Vehicle replacement part (2020-2027) 7.2. Asia Pacific Automotive Aftermarket Market , by Distribution channel (2020-2027) 7.3. Asia Pacific Automotive Aftermarket Market , by Service channel (2020-2027) 7.4. Asia Pacific Automotive Aftermarket Market , by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Automotive Aftermarket Market (2020-2027) 8.1. Middle East and Africa Automotive Aftermarket Market , by Vehicle replacement part (2020-2027) 8.2. Middle East and Africa Automotive Aftermarket Market , by Distribution channel (2020-2027) 8.3. Middle East and Africa Automotive Aftermarket Market , by Service channel (2020-2027) 8.4. Middle East and Africa Automotive Aftermarket Market , by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. Latin America Automotive Aftermarket Market (2020-2027) 9.1. Latin America Automotive Aftermarket Market , by Vehicle replacement part (2020-2027) 9.2. Latin America Automotive Aftermarket Market , by Distribution channel (2020-2027) 9.3. Latin America Automotive Aftermarket Market , by Service channel (2020-2027) 9.4. Latin America Automotive Aftermarket Market , by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 10. Company Profile: Key players 10.1. Continental AG 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. 3M Company 10.3. Akebone Brake Corporation 10.4. Delphi 10.5. Federal-Mogul 10.6. Denso 10.7. Magneti Marelli 10.8. Robert Bosch 10.9. ACDElco 10.10. ASIMCO Technologies ltd 10.11. Cooper Tire & Rubber Company 10.12. HELLA KGaA Hueck & Co. 10.13. Robert Bosch GmbH 10.14. Valeo Group 10.15. ZF Friedrichshafen AG 10.16. Robert Bosch GmbH 10.17. Magna International Inc. 10.18. Aisin Seiki Co. 10.19. Hyundai Mobis 10.20. Lear Corp. 10.21. Faurecia

About This Report

Report ID13057
Category Automotive and Transportation
Published DateAug2019
Updated DateNov 2021
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