The passenger cars aftermarket market has shown significant growth, climbing from $250.68 billion in 2023 to $263.87 billion in 2024, with a CAGR of 5.3%. This growth is linked to shifting consumer preferences, vehicle longevity, and the DIY trend. Moving towards 2028, the market is projected to reach $318.38 billion, at a CAGR of 4.8%. Factors contributing to this growth include an aging vehicle fleet and a heightened demand for performance upgrades. Trends to watch include the focus on sustainable products and the integration of augmented reality for maintenance.
Major Driver In The Passenger Cars After Market Market
The passenger car aftermarket market is witnessing growth driven by the increasing average lifespan of vehicles. Prolonging the lifespan of cars through regular maintenance and scheduled servicing has become a key focus for consumers, necessitating replacements of components like wheels, batteries, spark plugs, and air filters. According to IHS Automotive Markit in 2021, the typical age of cars on US roads increased to 12.1 years from 11.9 years in 2020. This trend underscores the growing need for aftermarket services, propelling the passenger car aftermarket market forward, reflecting anticipated market sizes for 2023, 2024, and 2028.
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Passenger Cars After Market Market Competitive Landscape
Robert Bosch Gmbh, JTEKT Corporation, ZF friedrichshafen AG, Denso Corporation, Continental AG, Hyundai Mobis Co. Ltd., Aisin Corporation, 3M company, Bridgestone Corporation, Sumitomo Electric Industries Ltd., Valeo SA, Lear Corporation, Goodyear tire & rubber company, Eaton Corporation plc, Aptiv plc, Schaeffler Technologies AG & Co. KG, BorgWarner Inc., Mahle GmbH, Marelli Europe S.p.A., Federal -Mogul Corporation, Pirelli & C. S.p.A., Hella GmbH & Co. KGaA, American Axle & Manufacturing Inc., Gates Corporation, Kumho Tire Co. Inc., Cooper tire & Rubber Company, Exide Industries Ltd., Yazaki Corp., Akebono Brake Corporation Ltd., ACDelco, NSK Ltd.
Key Passenger Cars After Market Market Trend
The passenger car aftermarket market is using 3D printing technology also called Additive Manufacturing (AM) to make high-quality off-the-shelf car parts using 3D printers that are capable of printing in metals and alloys. 3D printing works by making a virtual 2D object in the software and constructing the 3D framework by using the printer. The use of 3D printing in producing automobile parts increases efficiency and raises the production standards of companies. Companies (original equipment manufacturers) such as General Motors, BMW, Ford, and Porsche have already started investing in this trend.
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Passenger Cars After Market Market Segmentation
The passenger cars after market market covered in this report is segmented –
1) By Type: Tires, Battery, Brake parts, Filters, Body parts, Lighting, Wheels, Exhaust components, Turbochargers, Other Types
2) By Certifiations: Genuine Parts, Certified Parts, Uncertified Parts
3) By Distribution Channel: Retailers (OEM's, Repiar Shops), Wholesalers & Distributors
By Geography:The regions covered in the passenger cars after market 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 passenger car aftermarket market in 2023.
The Passenger Cars After Market Global Market Report 2024 furnishes information about the global passenger cars after market 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.
