Press release
Automotive Aftermarket Global Market Report 2024 - By Growth, Demand, Size, Share, Forecast To 2033
Automotive Aftermarket
The Business Research Company offers in-depth market insights through Automotive Aftermarket Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The automotive aftermarket market size has grown rapidly in recent years. It will grow from $406.6 billion in 2023 to $470.24 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth in the historic period can be attributed to global vehicle ownership growth, cultural shifts towards DIY maintenance, rise in independent repair shops, regulatory changes impacting repairs, vehicle customization trends.
The automotive aftermarket market size is expected to see rapid growth in the next few years. It will grow to $758.97 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to service-oriented offerings, adoption of advanced materials, digital transformation, vehicle electrification and hybridization, focus on sustainability. Major trends in the forecast period include rise in vehicle age, shift in consumer preference, environmental awareness and sustainable products, rising demand for vehicle accessories, innovation in replacement parts.
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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
Major Driver - Surge In Vehicle Sales Accelerates Automotive Aftermarket Growth
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.
Competitive Landscape:
Major companies operating in the automotive aftermarket market report are 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.
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Top Trend - E-Commerce Platform Transforming The Automotive Aftermarket Landscape
Major players operating in the automotive aftermarket are concentrating their efforts on developing innovative solutions such as eCommerce platforms. An eCommerce platform refers to a digital framework or software solution that enables businesses to conduct online transactions, sell products or services, and manage various aspects of their online presence. For instance, in October 2023, AutoNation, a US-based automotive retailer company, announced the launch of 'AutoNationParts.com' for auto parts and accessories. The recently launched eCommerce platform enables customers to conveniently purchase these products at competitive prices and have them delivered to their doorstep. It provides an extensive range of authentic manufacturer parts spanning over 25 brands. Customers can search for parts using various criteria such as the vehicle identification number (VIN), year, make, model, trim, and engine, as well as through keywords and part numbers.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Aftermarket Market Characteristics
3. Automotive Aftermarket Market Trends And Strategies
4. Automotive Aftermarket Market - Macro Economic Scenario
5. Automotive Aftermarket Market Size And Growth
…..
27. Automotive Aftermarket Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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