Global Automotive Aftermarket Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
“Global Automotive Aftermarket Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global automotive aftermarket market report has been segmented on the basis of the replacement part, distribution channel, service channel, certification, and region.
Global Automotive Aftermarket Market: Overview
Aftermarket is one of the sectors of automotive industry that offers automotive parts, accessories, and after sale services. The automotive aftermarket is the secondary market of automobiles industry which includes installation of all vehicle parts, accessories, equipment and automobile paints after selling the products to the customers by the original equipment manufacturers (OEMs).
Global Automotive Aftermarket Market: Dynamics
Constantly increasing production of automobiles across various countries is a major factor expected to drive growth of the target market. Another key factor expected to drive growth of the global automotive aftermarket market is increasing inclination towards advanced accessories and automobile components and rising spending capacity on modifications of automobiles. In addition, easy availability of accessories on E-commerce websites and rising preference to purchase goods online is expected to support growth of the market.
Constant need for regular replacement and maintenance of components such as deflectors, brake parts, tires, filters, and actuators, which have small lifespan is expected to result in higher revenue growth of the target market.
Among some of the major factors that could restrain market growth include increasing demand for the electric vehicles, rising passenger vehicle production and sales, and high maintenance cost of accessories.
Moreover, increasing number of technological advancements, coupled with increasing demand for aftermarket products from pre-owners of cars are projected to create new revenue growth opportunities for major players operating in the automotive aftermarket industry, as well as new entrants.
Global Automotive Aftermarket Market: Segment Analysis
Among the replacement part segments, the tire segment is expected to maintain a dominant position over the forecast period in the global automotive aftermarket market, owing to high rate of replacement of tires.
Among the distribution channel segments, the wholesalers & distributors segment is expected to contribute higher revenue share as compared to the retailers segment. This can be attributable to growing strong network of wholesalers & distributors to provide components.
Among the service channel segments, the OE (Delegating to OEM’s) segment is estimated to account a prominent revenue share owing to service and warranty offered for a longer period of time by OEMs.
There are three types of certification for the components, out of which, the genuine part segment is expected to dominate in the global market. Vehicle manufacturers and OEMs produce genuine parts, where these parts are expensive and of good quality, which in turn is expected to drive growth of this segment in the upcoming years in the global market.
Global Automotive Aftermarket Market: Region Analysis
Asia Pacific automotive aftermarket market is estimated to account the major revenue share, followed by Europe market. This can be attributable to the rapidly growing automotive industry in this region, mostly in countries such as India, Japan, and China is expected to drive the market growth. China is projected to dominate with higher revenue share in the Asia Pacific market, owing to high occurrence of prominent OEMs and vehicle manufacturers in the country.
North America is expected to register a significant growth in terms of revenue, owing to digitalization of automotive component delivery services, and increasing preference towards customization of vehicles.
Global Automotive Aftermarket Market Segmentation:
Segmentation by Replacement Part:
- Brake parts
- Body parts
- Lighting & Electronic components
- Exhaust components
Segmentation by Distribution Channel:
- Wholesalers & distributors
Segmentation by service channel:
- OE (Delegating to OEM’s)
- DIY (Do It Yourself)
- DIFM (Do It for Me)
Segmentation by Certification:
- Genuine Parts
- Certified Parts
- Uncertified Parts
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- Robert Bosch GmbH
- ZF Friedrichshafen AG
- Continental AG
- Denso Corporation
- Federal-Mogul Corporation
- 3M Company
- Mobileye N.V.
- Schaeffler Technologies AG & Co. KG.
- Lear Corporation
- MAHLE GmbH
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