To know the impact of COVID-19 On Automotive Aftermarket Industry Size, Share & Trends Analysis Report By Product (Wear and Tear Parts, Crash Relevant Parts, Maintenance Service, Diagnostics Products and Service, Tire Service, Other), By Application (Passenger Vehicle, Commercial Vehicle) Based on Region, And Segment Forecasts, 2022 - 2028
Market Size Forecast Scenarios (Optimistic, Baseline and Pessimistic) 2021-2027
The Global Automotive Aftermarket Market is valued at USD 410.5 Billion in 2021 and is expected to reach USD 533.7 Billion by 2028 with a CAGR of 3.82% over the forecast period.
Global Automotive Aftermarket Market Global Size, Trends, Competitive, Historical & Forecast Analysis to 2022-2028, Rising online aftermarket automotive parts and components sales and aggressive expansion of OEMs into aftermarket activities are some of the major factors driving the growth of The Global Automotive Aftermarket Market.
Scope of Global Automotive Aftermarket Market Report:
Aftermarket is the market for parts and accessories used in the repair or enhancement of a product automotive parts represent aftermarket auto components and parts installed after leaving the automobile factory. Vehicle spare parts, tire replacement, equipment, service repairs, collagen respirators and accessories, after-sales goods are the major points of this industry. The automotive industry is one of the best-performing sectors worldwide. Technological advances have led to the digitization of auto repair and component sales, which has led to the growth of the automotive aftermarket industry. Additionally, automotive aftermarket companies help to keep vehicles on road by providing consumers the choice of where they want their vehicles serviced, maintain, or customized.
The Covid-19 has shown a negative impact on the automotive aftermarket. The negative effects of the global pandemic have hit the automotive industry hard. Lockdown, curfew, and social distancing regulations reduced productivity and reduced revenue. Industry growth has been hampered by plant closures and restrictions on exports and imports by many countries. In addition, the pandemic reduced consumer purchasing power, exacerbating the situation. The market is expected to gain momentum after the pandemic.
Global Automotive Aftermarket Market Segmentation:
The global Automotive Aftermarket market is segmented based on application, product and region & country level. Based on application, the global automotive aftermarket is classified into passenger vehicles and commercial vehicles. Based on product, the market is classified into wear and tear parts, crash-relevant parts, maintenance service, diagnostics products and service, tire service, others.
- Wear and Tear Parts
- Crash Relevant Parts
- Maintenance Service
- Diagnostics Products and Service
- Tire Service
- Passenger Vehicle
- Commercial Vehicle
The regions covered in this global automotive aftermarket market report are Asia-Pacific, North America, Europe, and the Rest of the World. Based on a country level, the market of global Automotive Aftermarket is subdivided into the U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, Southeast Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Automotive Aftermarket Companies:
Some of the key players for the global Automotive Aftermarket are:
- Robert Bosch GmbH
- Denso Corporation
- Magna International Inc.
- Continental AG
- ZF Friedrichshafen AG
- Aisin Seiki Co.
- Lear Corp.
- Valeo SA
- Bridgestone Corporation
News: Lippert Components Subsidiary Acquired Ranch Hand
On December 16th, 2021; LCI Industries, its wholly-owned subsidiary, Lippert Components, Inc. acquired the Kaspar Ranch Hand Equipment, LLC (“Ranch Hand”). Through, LCI Industries provides a wide range of advanced engineering components to the leading original equipment manufacturers in the entertainment and transportation products market and to the aftermarket associated with those industries. Acquisition of Kaspar Ranch Hand Equipment, LLC, manufacturer of custom bumpers, grill guards and steps for the automotive aftermarket based in South Texas.
Rising Online Aftermarket Automotive Parts and Components Sales is One of the Major Factors Driving the Market Growth
Automotive aftermarket market demand is increasing day by day due to rising online aftermarket automotive parts and components sales. In the recent years, increasing urbanization and rising disposable income are boosting the demand of automobiles and the growth of the automotive sector. Similarly, the increasing number of vehicles is boosting the demand for automotive aftermarket products. For example; for the fifth year in a row automakers sold more than 17 million vehicles in the US in 2019. Aftermarket parts are replacement parts that are not made by the original equipment manufacturer.
Furthermore, aftermarket parts are replacement parts that are not made by the original equipment manufacturer. Aftermarket parts are used to replace damaged parts in automobiles and other equipment. Additionally, from the last few years, people are familiar to purchase various things from online sites, same as in the aftermarket sector people order from the online site for save installation charges as well as time. The online availability of automotive aftermarkets is driving the growth market. Additionally, online platforms allow customers to see all product features and choose the best. In addition, they can only pay online and deliver spare parts to their door. This way, they avoid having to deal with the sales pitch of the employees working in the store, who can sometimes buy expensive parts for people who can't afford the desired price. For example; Amazon Marketplace and eBay Motors and have redefined the automotive sales experience for customers around the world. From a customer perspective, such platforms provide customers with an ideal solution in the search for non-mission-critical and other discretionary parts, where they can browse similar products, check reviews, and get instant delivery at affordable price points.
In addition, the automaker is guaranteed to make vehicle parts compatible with original equipment manufacturer parts; in some cases, the installation of parts can also be guaranteed. Original equipment manufacturer parts usually offer only one or two options for customers, making the part replacement experience less complicated. Additionally, by accepting increasingly innovative research such as 3D printing product lines and in the supply chain to deliver superior products at competitive prices is also driving the growth of aftermarket. This 3D printing technology is used by both original equipment manufacturer and aftermarket companies to create on-demand parts and make their supply chains more flexible. For example; French carmaker PSA has made the independent automotive aftermarket a significant part of its push to path five-year growth strategies. Another example is The first OEM introduced company is DAF (including the Truck and Trailer Parts (TRP) program) which all-make parts and service program.
However, the increasing sales of electric vehicles and the rising adoption of vehicle safety technologies, and issues about high R&D expenditures are expected to hinder the market growth over the forecast period. Despite that, growth of population, high investment, economic growth, infrastructure and development, may offer more opportunities for the further growth of the global automotive aftermarket market.
North America is Expected to Dominate the Global Automotive Aftermarket Market
Geographically, North America is expected to account for the largest share of the global automotive aftermarket market. Increasing production of new vehicles and upgrading older vehicles, which are still in use, and ongoing technological innovations in the automotive sector are expected to foster the growth of aftermarket companies to grow their business in this region. In the United States, increasing sales of used vehicles are driving the maintenance and repair of the automotive aftermarket. The fleet of aging vehicles is considered to be a factor in increasing demand for aftermarket services and maintenance, as customers maintain longer vehicles.
And, Asia Pacific is an emerging region in the automotive aftermarket market. In this region, a number of developing countries is increasing foot forward to the economic growth with the increasing industrial investment in the automotive sector. China is one of the leading countries in automotive aftermarket manufacturing due to the high adoption of vehicles, increasing urbanization, and rising middle-class disposable income. For example; According to the China Association of Automobile Manufacturers; China's domestic passenger car sales growth rate is expected to reach 10 percent in 2021, with sales of new-energy vehicles exceeding 2 million, a year-on-year record high of 46 percent. The continuous growth of China's automotive aftermarket means that parts manufacturers can shift their business focus slightly from collaborating with OEMs on new car sales to optimizing their supply chains and reaching out to the aftermarket repair and maintenance department.
Additionally, India is the second-largest market in the Asia Pacific region. India has become a prestigious market not only for global automakers but also for component suppliers. In India, the vehicle scrappage policy announced in early 2021 could boost sales of new vehicles and help expand the aftermarket of used and recycled parts. Automotive companies, both Indian and international, OEM or component suppliers have shown their presence globally. Moreover, in recent years, a rapidly-growing middle class and increased purchasing power are driving vehicle sales, thus, creating immense opportunities for manufacturers and supply chains to put an effective aftermarket sector in the country.
Key Benefits of Global Automotive Aftermarket Industry Report
- Global Automotive Aftermarket Industry report covers in-depth historical and forecasts analysis.
- Global Automotive Aftermarket Industry research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Automotive Aftermarket Companies, Market opportunities, Competitive Analysis, Regional and Country Level.
- Global Automotive Aftermarket Industry report helps to identify opportunities in the marketplace.
- Global Automotive Aftermarket Industry report covers extensive analysis of emerging trends and competitive landscape.
On Special Requirement Automotive Aftermarket Market Report is also available for below Regions and Country:
- Rest of Europe
- South Korea
- Rest Of APAC
- Rest of South America
Middle East and Africa
- Saudi Arabia
- South Africa
- Rest Of MEA
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Automotive Aftermarket Industry By Product, By Applications