Automotive Aftermarket

Automotive Aftermarket

Global Automotive Aftermarket Market to Reach US$641.8 Billion by 2030

The global market for Automotive Aftermarket estimated at US$479.6 Billion in the year 2023, is expected to reach US$641.8 Billion by 2030, growing at a CAGR of 4.2% over the analysis period 2023-2030. Mechanical Products, one of the segments analyzed in the report, is expected to record a 3.8% CAGR and reach US$256.7 Billion by the end of the analysis period. Growth in the Exterior & Structural Products segment is estimated at 3.7% CAGR over the analysis period.

The U.S. Market is Estimated at US$126.3 Billion While China is Forecast to Grow at 6.9% CAGR

The Automotive Aftermarket market in the U.S. is estimated at US$126.3 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$127.7 Billion by the year 2030 trailing a CAGR of 6.9% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 2.3% and 3.0% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR.

Global Automotive Aftermarket Market - Key Trends & Drivers Summarized

The automotive aftermarket encompasses a vast and dynamic industry dedicated to the manufacturing, remanufacturing, distribution, retailing, and installation of all vehicle parts, equipment, chemicals, and accessories following the sale of the automobile by the original equipment manufacturer (OEM). This sector provides a broad range of services and products, including replacement parts for maintenance and repairs, performance-enhancing components, vehicle accessories, and customization items. The aftermarket is crucial for ensuring the longevity, performance, and aesthetic enhancement of vehicles, offering consumers an array of options beyond the initial warranty period. It caters to a wide variety of vehicles, from passenger cars to commercial trucks, and plays a significant role in the global automotive economy by supporting an extensive network of manufacturers, distributors, retailers, and service providers.

Trends in the automotive aftermarket are shaped by technological advancements, shifts in consumer behavior, and evolving regulatory landscapes. The rise of e-commerce has revolutionized the way consumers purchase aftermarket products, providing easy access to a vast selection of parts and accessories through online platforms. This shift has allowed consumers to compare prices, read reviews, and find specific parts more efficiently, thereby transforming traditional purchasing methods. Additionally, technological advancements in automotive engineering, such as the integration of advanced driver-assistance systems (ADAS), telematics, and connected car technologies, have increased the demand for specialized aftermarket components. These technologies require sophisticated maintenance and repair solutions, which the aftermarket industry is rapidly developing to meet. The increasing popularity of electric vehicles (EVs) is another significant trend reshaping the aftermarket landscape. As EV adoption grows, there is a rising need for specialized parts such as batteries, charging equipment, and unique maintenance tools. Furthermore, sustainability trends are driving the development of eco-friendly products and practices within the sector, aligning with broader environmental goals and regulations.

The growth in the automotive aftermarket market is driven by several factors, including the increasing average age of vehicles, advancements in automotive technologies, and evolving consumer preferences. The average age of vehicles on the road is steadily increasing, which in turn heightens the need for maintenance, repair, and replacement parts. As cars and trucks are kept longer, the demand for aftermarket products continues to rise, supporting the market`s expansion. Technological advancements have led to more sophisticated and diverse product offerings that cater to both traditional internal combustion engine (ICE) vehicles and modern electric and hybrid models. The integration of complex systems such as ADAS and connectivity features has created a demand for advanced diagnostic tools and specialized components in the aftermarket sector. Consumer behavior is also shifting, with an increasing number of vehicle owners interested in customization and performance enhancements. This trend drives the market for high-performance aftermarket products, from engine components to aesthetic modifications. The expansion of e-commerce platforms has further stimulated market growth by making it easier for consumers and businesses to access a wide range of aftermarket parts and services. This accessibility has broadened the market`s reach and allowed for more competitive pricing and better customer service. Additionally, environmental regulations and the push towards sustainability are encouraging the development and adoption of eco-friendly aftermarket products, such as biodegradable lubricants, low-VOC paints, and recycled materials. These factors collectively contribute to the robust growth and dynamic evolution of the automotive aftermarket industry, making it an essential component of the automotive value chain.

Select Competitors (Total 186 Featured) -

• 3M Company
• Alps Alpine Co., Ltd.
• Akebono Brake Industry Co., Ltd.
• Advance Auto Parts, Inc.
• Akebono Brake Corporation
• 3M Collision Repair Solutions
• ABS Friction, Inc.
• Allied Nippon Private Limited
• Amalie Oil Co.
• Apollo Tyres Ltd.
• ASIMCO Technologies Group Ltd.
• ATC Drivetrain LLC
• AP Exhaust Technologies, Inc.
• ADVICS North America, Inc.
• Aisin Corporation

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