Automotive aftermarket market size is set to grow at a CAGR of 6.26% by 2027, Aftermarket e-retailing gaining popularity is an emerging trend

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 Analysis
Vendor 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 –

• Aptiv PLC: The company offers automotive aftermarkets such as Delphi technologies max start batteries.

• BorgWarner Inc.: The company offers automotive aftermarkets such as Delphi technologies max start batteries.

• Bridgestone Corp: The company offers automotive aftermarkets such as passenger tires.

• Continental AG: The company offers automotive aftermarkets such as actuators, motors, and batteries.

• DENSO Corp.: The company offers automotive aftermarkets such as spark plugs, oil filters, wiper blades, and compressors.

• For Details on the vendor and its offerings – Buy the report!

Automotive aftermarket market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on vehicle type (passenger cars and commercial vehicles), and distribution channel (Retailer, Wholesale, and distribution).

• The passenger cars segment will grow at a significant rate during the forecast period. There volume sales of passenger vehicles are high across the world owing to their high popularity. They require periodical service and maintenance, wherein the old and worn-out parts are replaced with new ones. Moreover, the rising volume of sales of plug-in hybrid vehicles (PHEVs) and battery electric vehicles (BEVs) globally are further driving the growth of the segment.

Geography Overview
By 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.

• APAC is estimated to account for 39% of the growth of the global market during the forecast period. China, India, Japan, and South Korea are the key countries in the market. China and Japan have a large number of vehicles in use. They also dominate the e-commerce industry. These factors will fuel the growth of the market during the forecast period.

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

Automotive Aftermarket Market – Market Dynamics

Leading 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!

What are the key data covered in this automotive aftermarket market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the automotive aftermarket market between 2023 and 2027

• Precise estimation of the automotive aftermarket market size and its contribution to the market in focus on the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the automotive aftermarket market across APAC, Europe, North America, South America, and Middle East and Africa

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of automotive aftermarket market vendors

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Related Reports: 

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).

Browse for Technavio’s consumer discretionary market reports

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 Us
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