The automotive aftermarket market has experienced rapid expansion, escalating from $406.6 billion in 2023 to $470.24 billion in 2024, reflecting a substantial compound annual growth rate (CAGR) of 15.6%. This growth during the historic period is attributed to factors such as the global increase in vehicle ownership, cultural shifts towards do-it-yourself (DIY) maintenance, the rise of independent repair shops, regulatory changes impacting repairs, and evolving vehicle customization trends. Looking ahead to 2028, the market is expected to sustain rapid growth, reaching $758.97 billion at a CAGR of 12.7%. Anticipated growth drivers in the forecast period include service-oriented offerings, the adoption of advanced materials, digital transformation, vehicle electrification, hybridization, and a heightened focus on sustainability. Major trends include the rise in vehicle age, shifts in consumer preferences, increased environmental awareness, demand for sustainable products, and ongoing innovation in replacement parts.
Major Driver In The Automotive Aftermarket Market
Increasing sales of pre-owned and new vehicles are driving the automotive aftermarket market. For instance, as of 2021, consumers’ preference to purchase cars has almost reached pre-COVID-19 levels, mainly supported by demand in the United States and China, with new cars at 94% and used cars at 97% compared to pre-COVID-19 levels. In addition, there has been a significant increase in purchase intent for electric vehicles. So, the increasing preference for new and pre-owned vehicles is driving the demand for automotive aftermarket. The market size for 2023, 2024, and 2028 is not provided.
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Automotive Aftermarket Market Competitive Landscape
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.
Key Automotive Aftermarket Market Trend
Major companies operating in the automotive aftermarket are focused on developing innovative solutions such as the latest aftermarket brake pads. Aftermarket brake pads refer to replacement brake pads produced by third-party manufacturers and are not the original equipment manufacturer (OEM) parts supplied by the vehicle's maker. For instance, in October 2023, Brembo S.p.A., an Italy-based automotive braking systems manufacturer, announced the launch of the ‘Copper Free XTRA’ brake pad line. It is integrated with Low Met and Ceramic NAO formulations that help to bridge the gap between Brembo's aftermarket and performance lines. The XTRA Low Met line delivers top-tier performance, braking capabilities, and an exceptional driving experience tailored for car enthusiasts. The XTRA Ceramic line provides outstanding performance and comfort, with minimal dust to guarantee cleaner wheels.
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Automotive Aftermarket Market Segmentation
The automotive aftermarket 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
By Geography:The regions covered in the automotive aftermarket market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the automotive aftermarket market in 2023.
The Automotive Aftermarket Global Market Report 2024 furnishes information about the global automotive aftermarket market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
