What Factors Propelled The Growth Of The Automotive Aftermarket Market In The Past?
The automotive aftermarket market has seen considerable growth due to a variety of factors.
• In the past few years, the size of the automotive aftermarket market has seen accelerated expansion. Projected growth from $464.1 billion in 2024 to $533.87 billion in 2025, accounting for a compound annual growth rate (CAGR) of 15.0%, is significant. This growth over the historic period is connected to the increase in global vehicle ownership, changes in culture favoring DIY maintenance, the advent of more independent repair shops, changes in regulations affecting repairs, and trends in vehicle customization.
What Can Be Expected from the Automotive Aftermarket Market in the Coming Years?
The automotive aftermarket market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the automotive aftermarket market is anticipated to expand significantly in the coming years. The expansion is anticipated to reach $831.84 billion in 2029 with a compound annual growth rate (CAGR) of 11.7%.
Factors like service-centric solutions, the utilization of advanced materials, digital revolution, vehicle electrification and hybridization, alongside an emphasis on sustainability contribute to this growth during the projected period. Meanwhile, an increase in vehicle longevity, evolution in customer preferences, environmental consciousness and sustainable products, growing demand for car accessories, and innovation in substitute parts form the major trends in the same forecast period.
Which Key Drivers Are Propelling Th Automotive Aftermarket Market's Growth?
The automotive aftermarket is being propelled by the rising sales of both new and used cars. The UK government reported in May 2024 that there were 2.54 million vehicles registered for the first time in the UK in 2023, reflecting a 16% rise from 2022. The vehicles include 342,000 zero-emission ones, marking a 17% rise. The number of licensed vehicles reached 41.2 million by December 2023, a 1% increase, which included 1.02 million with zero emissions, indicating a 47% increase. The proportion of zero-emission vehicles represented 2.5% of all road vehicles, a rise of 0.8 percentage points from 2022. Consequently, the growing inclination towards new and pre-owned vehicles is fuelling the automotive aftermarket demand.
How Is the Automotive Aftermarket Market segmented?
The automotive after market market covered in this report is segmented –
1) By Types: Tire, Battery, Brake Parts, Filters, Body Parts, Lighting And Electronic Components, Wheels, Exhaust Components, Turbochargers
2) By Vehicle Type: Passenger Cars, Commercial Vehicles
3) By Certification Outlook: Genuine Parts, Certified Parts, Uncertified Parts
4) By Distribution Channels: Offline Distribution Channel, Online Distribution Channel
Subsegments:
1) By Tire: All-Season Tires, Performance Tires, Winter Tires, Off-Road Tires
2) By Battery: Lead-Acid Batteries, Lithium-Ion Batteries, AGM (Absorbent Glass Mat) Batteries, Deep Cycle Batteries
3) By Brake Parts: Brake Pads, Brake Rotors, Brake Calipers, Brake Hoses
4) By Filters: Engine Air Filters, Cabin Air Filters, Oil Filters, Fuel Filters
5) By Body Parts: Bumpers, Fenders, Hoods, Doors, Mirrors
6) By Lighting And Electronic Components: Headlights, Taillights, Turn Signal Lights, Electrical Systems
7) By Wheels: Alloy Wheels, Steel Wheels, Wheel Covers, Wheel Spacers
8) By Exhaust Components: Exhaust Pipes, Mufflers, Catalytic Converters, Exhaust Manifolds, Turbochargers
9) By Stock Turbochargers: Performance Turbochargers, Turbo Kits
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What New Trends Are Influencing the Automotive Aftermarket Market?
Leading corporations in the automotive aftermarket are concentrating on devising creative solutions like the newest aftermarket brake pads. These aftermarket brake pads are replacement brake pads manufactured by third-party suppliers, differentiated from the original equipment manufacturer (OEM) parts provided by the vehicle producer. For example, in October 2023, Brembo S.p.A., an auto braking system maker based in Italy, announced the introduction of the 'Copper Free XTRA' brake pad range. These are integrated with Low Met and Ceramic NAO solutions, establishing a connection between Brembo's aftermarket and high-performance collections. The XTRA Low Met collection offers top-end performance, remarkable braking capabilities and a unique driving experience for vehicle enthusiasts. The XTRA Ceramic line delivers remarkable operation and comfort, combined with minimal dust, ensuring cleaner wheels.
Who Are the Key Players in the Automotive Aftermarket Market?
Major companies operating in the automotive aftermarket market include:
• Royal Dutch Shell PLC
• Robert Bosch GmbH
• ZF Friedrichshafen AG
• Denso Corporation
• Continental AG
• Magna International Inc.
• AISIN SEIKI CO. LTD.
• Minnesota Mining and Manufacturing Company
• Faurecia SE
• Valeo SA
• Lear Corporation
• Goodyear Tire & Rubber Company
• Cooper Tire & Rubber Company
• Schaeffler AG
• BorgWarner Inc.
• Adient plc
• Adient plc
• Dana Incorporated
• Autoliv Inc.
• Magneti Marelli S.p.A.
• Mahle GmbH
• DRiV Incorporated
• Hella GmbH & Co. KGaA
• Delphi Technologies PLC
• Visteon Corporation
• Garrett Motion Inc.
• Meritor Inc.
• Gentex Corporation
• Exide Technologies Inc.
• Federal-Mogul LLC
• Knorr-Bremse AG
• Osram Licht AG
• Veoneer Inc.
• WABCO Holdings Inc.
What Is The Most Dominant Region In The Automotive Aftermarket Market?
Asia-Pacific was the largest region in the automotive afterMarket in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive afterMarket report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
