Automotive aftermarket market size is set to grow at a CAGR of 6.26% by 2027, Aftermarket e

Aug 13, 2023

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23 Feb, 2023, 03:30 ET

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NEW YORK, Feb. 23, 2023 /PRNewswire/ -- The global automotive aftermarket market is estimated to increase by USD 164.58 billion between 2022 and 2027. The market's growth momentum will accelerate at a CAGR of 6.26%. The report also includes historic market data from 2017 to 2021. In 2017, the residential real estate market was valued at USD 412.55 billion. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. For more insights on the historic market data from 2017 to 2021 - Request a sample report

Automotive aftermarket market – Vendor AnalysisVendor Landscape - The global automotive aftermarket market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer automotive aftermarket in the market are 3M Co., Aisin Corp., Akebono Brake Corp., ALCO Filters Ltd., Aptiv PLC, BASF SE, BorgWarner Inc., Bridgestone Corp, Continental AG, DENSO Corp., Faurecia, HELLA GmbH and Co. KGaA, JK Tyre and Industries Ltd., LCI Industries, MAP MotoRad Automotive Parts Ltd., NGK SPARK PLUG Co. Ltd., Pioneer Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Tenneco Inc., The Goodyear Tire and Rubber Co., Valeo SA, and ZF Friedrichshafen AG and others.

Vendor Offerings -

Automotive aftermarket market - Segmentation AssessmentSegment OverviewTechnavio has segmented the market based on vehicle type (passenger cars and commercial vehicles), and distribution channel (Retailer, Wholesale, and distribution).

Geography OverviewBy geography, the global automotive aftermarket market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global automotive aftermarket market.

Get a glance of the market contribution of various segments including country and region wise, Download a Sample Report

Automotive Aftermarket Market – Market DynamicsLeading Drivers - The high adoption of vehicle parts is driving the global automotive aftermarket market growth. The demand for automotive spare parts is increasing owing to factors such as the increased service life of vehicles. This increases the number of vehicles in most major countries, which drives the demand for spare parts. Passenger vehicles and utility vehicles, such as SUVs, MPVs, crossovers, and pickup trucks, are very popular in the automotive market. They require regular service and maintenance to function properly, which creates a high demand for aftermarket parts. These factors are anticipated to fuel the growth of the market during the forecast period

Key Trends - Aftermarket e-retailing gaining popularity is the primary trend in the market growth. The automotive aftermarket is undergoing a paradigm shift towards online platforms. This is evidenced by the annual growth rate of online spare parts retail. In recent years, sales of auto spare parts via his e-commerce website have surpassed sales in traditional brick-and-mortar stores due to digitization. The advantages and benefits of using an e-commerce platform are driving aftermarket revenue generation. In addition, buyers have online access to detailed product specifications provided by suppliers prior to purchase. Some of the most popular car accessories to buy online are brake parts, filters (oil and air), lighting parts, tires, lubricants, and batteries. The market is also home to specialist automotive aftermarkets, such as his Allopneus (allopneus.com), his French online tire e-retailer. Hence, such factors are expected to boost the growth of the automotive aftermarket industry over the forecast period.

Major challenges - The high price sensitivity leading to margin pressure on e-retailers is challenging the global automotive aftermarket market growth. Moreover, the average vehicle age is increasing due to the high quality of modern vehicles. In addition, repair costs are increasing across the world, which increases their average repair costs. Therefore, customers are price sensitive when purchasing automotive products. Moreover, A fragmented market leads to intense price competition among players. Such factors are expected to hinder the growth of the market during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

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The automotive aftermarket e-retailing market is estimated to grow at a CAGR of 18.31% between 2022 and 2027. The size of the market is forecast to increase by USD 79,605.34 million. This report extensively covers market segmentation by product (wheels and tires, brakes and brake pads, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa).

The automotive aftermarket market is estimated to grow at a CAGR of 6.26% between 2022 and 2027. The size of the market is forecast to increase by USD 164.58 billion. This report extensively covers market segmentation by vehicle type (passenger cars and commercial vehicles), distribution channel (retailer, wholesale, and distribution), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

Automotive Aftermarket Market Scope

Report Coverage

Details

Page number

196

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 6.26%

Market growth 2023-2027

USD 164.58 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

5.62

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 39%

Key countries

US, China, Japan, India, and Germany

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

3M Co., Aisin Corp., Akebono Brake Corp., ALCO Filters Ltd., Aptiv PLC, BASF SE, BorgWarner Inc., Bridgestone Corp, Continental AG, DENSO Corp., Faurecia, HELLA GmbH and Co. KGaA, JK Tyre and Industries Ltd., LCI Industries, MAP MotoRad Automotive Parts Ltd., NGK SPARK PLUG Co. Ltd., Pioneer Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Tenneco Inc., The Goodyear Tire and Rubber Co., Valeo SA, and ZF Friedrichshafen AG

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Historic Market Size

6 Historic Market Size

7 Five Forces Analysis

8 Market Segmentation by Vehicle Type

9 Market Segmentation by Distribution Channel

10 Customer Landscape

11 Geographic Landscape

12 Drivers, Challenges, and Trends

13 Vendor Landscape

14 Vendor Analysis

15 Appendix

About UsTechnavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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