Automotive Aftermarket Market by Replacement Part (Battery, Body parts, Brake parts), Certification (Certified Parts, Genuine Parts, Uncertified Parts), Distribution Channel, Service Channel - Global Forecast 2024-2030
Description
Automotive Aftermarket Market by Replacement Part (Battery, Body parts, Brake parts), Certification (Certified Parts, Genuine Parts, Uncertified Parts), Distribution Channel, Service Channel - Global Forecast 2024-2030
The Automotive Aftermarket Market size was estimated at USD 395.77 billion in 2023 and expected to reach USD 414.25 billion in 2024, at a CAGR 5.08% to reach USD 560.24 billion by 2030.
The automotive aftermarket is a sector of the automotive industry concerned with the manufacturing, distribution, retailing, and installation of all vehicle parts, accessories, and components post-sale by the original equipment manufacturer (OEM). This includes parts for replacement, performance upgrades, appearance improvement, and added convenience. In Japan, this market is influenced by major factors such as the aging vehicle fleet, consumer preference for retaining older cars, technological advancements in vehicle parts, and a robust online platform for aftermarket sales and services. However, the inconsistency in the quality of aftermarket parts and the competition with OEM parts, which are perceived to be more reliable, pose a challenge to the growth of the market. Nevertheless, the increasing adoption of electric and hybrid vehicles, which are expected to require new specialized services and parts, may provide promising growth prospects for the automotive aftermarket in Japan. Additionally, the rising trend of vehicle customization and growing consumer awareness about vehicle maintenance and repair are expected to stimulate further growth in this sector.
Regional Insights
The Asia-Pacific region is witnessing a significant surge in the automotive aftermarket, driven by increased consumer demand for vehicle customization and the replacement of aging vehicle parts. The growing consumer expenditure toward vehicle purchase and maintenance has propelled the demand for automotive aftermarket products. The rapidly expanding automotive industry is witnessing increased consumer preference for aftermarket services that offer added value and convenience in the Asia-Pacific. In the Americas, a high vehicle ownership rate, long vehicle lifespans, and a consumer preference for do-it-yourself (DIY) solutions drive demand for aftermarket parts and services. Key trends in this region include a surge in online retail of aftermarket parts, customer-centric initiatives, and digitization of the supply chain. The EMEA region, comprising Europe, the Middle East, and Africa, presents a diverse automotive aftermarket landscape with innovations in cleaner technology and replacement parts that comply with strict legislation. In the Middle East, the demand for luxury and performance vehicles contributes to a thriving aftermarket for customization and enhancements.
Market Insights
- Market Dynamics
The market dynamics represent an ever-changing landscape of the Automotive Aftermarket Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.- Market Drivers
- Growing sales of used vehicles and aging of vehicles
- Improved availability and supply chain of automotive accessories through online platforms
- Incessant need for constant repairs, replacement, and maintenance of components
- Market Restraints
- High capital required and ratification of vehicle safety technologies
- Market Opportunities
- Integration of innovative technologies in automotive aftermarket
- Expansion of OEMs into automotive aftermarket activities
- Market Challenges
- Concerns regarding visibility and tracking of products
- Market Segmentation Analysis
- Replacement Part: Significant demand for tires in automotive aftermarket
- Distribution Channel: Emerging e-retailer platforms for automotive aftermarket
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Automotive Aftermarket Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Automotive Aftermarket Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments- PRT Showcases Innovative Automotive Solutions at AAPEX
At an AAPEX event, Performance Ride Technology (PRT) unveiled an extensive array of product lines, including a launch of the complete strut assembly for the 2023 Toyota Tacoma. At the event, the company featured its innovative air shocks, motors, and strut mounts alongside a diverse collection of Heavy-Duty (HD) applications that cater to various vehicles such as trucks, trailers, buses, commercial vehicles, and more.
Akebono Launches Advanced Brake Pads for Diverse Fleet Needs
Akebono Brake Corporation expanded its product offering with the introduction of Akebono Severe Duty Ultra-Premium Fleet Brake Pads, engineered to meet the rigorous demands of fleet vehicles. The company has broadened its ProACT and EURO product lines to include ProACT: ACT2216, which covers select Ford models such as the Bronco (2023-2021) and Ranger (2023-2019), and Akebono EURO: EUR2209, designed for various Mercedes Benz models.
ZF Aftermarket Enhances Vehicle Part Assortment in North America
ZF Aftermarket expanded its parts selection for the automotive aftermarket in the U.S. and Canada, introducing 80 new products under its TRW and SACHS brands. This extension enriches its catalog with additional components that cover over 5 million vehicles, including brands such as Audi, BMW, Mercedes-Benz, Volkswagen, Ford, Ram, GM, Honda, and Mazda. The expansion includes 31 TRW brake booster and master cylinder references that cater to 2.7 million vehicles, alongside new TRW brake pad sets specifically designed for select Ford Bronco, Ranger, Ram 2500, and Ram 3500 models.
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Automotive Aftermarket Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Automotive Aftermarket Market, highlighting leading vendors and their innovative profiles. These include 3M Company, ABS Friction Inc., AcDelco by General Motors Company, Aisin Seiki Co., Ltd., Akebono Brake Industry Co., Ltd., ALCO Filters Ltd., Asimco Global Inc., BASF SE, BorgWarner Inc., Bridgestone Corporation, Continental AG, DENSO Corporation, Eberspächer Gruppe GmbH & Co. KG, FORVIA Group, Hyundai Mobis Co., Ltd., Lear Corporation, Magna International, Inc., Mahle GmbH, Marelli Holdings Co., Ltd., PHINIA Inc., Robert Bosch GmbH, Schaeffler AG, Sumitomo Electric Industries, Ltd., Tenneco Incorporated, The Goodyear Tire & Rubber Company, Toyota Motor Corporation, Valeo, Yazaki Corporation, and ZF Friedrichshafen AG.
Market Segmentation & Coverage
This research report categorizes the Automotive Aftermarket Market to forecast the revenues and analyze trends in each of the following sub-markets:- Replacement Part
- Battery
- Body parts
- Brake parts
- Exhaust components
- Filters
- Lighting & Electronic components
- Tire
- Turbochargers
- Wheels
- Certification
- Certified Parts
- Genuine Parts
- Uncertified Parts
- Distribution Channel
- Retailers
- E-Retailers
- OEMs
- Repair Shops
- Wholesalers & Distributors
- Service Channel
- DIFM (Do It for Me)
- DIY (Do It Yourself)
- OE (Delegating to OEM’s)
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
Please Note: PDF & Excel + Online Access - 1 Year
- Americas
- Retailers
- Market Drivers
Table of Contents
191 Pages
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Growing sales of used vehicles and aging of vehicles
- 5.1.1.2. Improved availability and supply chain of automotive accessories through online platforms
- 5.1.1.3. Incessant need for constant repairs, replacement, and maintenance of components
- 5.1.2. Restraints
- 5.1.2.1. High capital required and ratification of vehicle safety technologies
- 5.1.3. Opportunities
- 5.1.3.1. Integration of innovative technologies in automotive aftermarket
- 5.1.3.2. Expansion of OEMs into automotive aftermarket activities
- 5.1.4. Challenges
- 5.1.4.1. Concerns regarding visibility and tracking of products
- 5.2. Market Segmentation Analysis
- 5.2.1. Replacement Part: Significant demand for tires in automotive aftermarket
- 5.2.2. Distribution Channel: Emerging e-retailer platforms for automotive aftermarket
- 5.3. Cumulative Impact of High Inflation
- 5.4. Porter’s Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
- 5.5. Value Chain & Critical Path Analysis
- 5.6. Regulatory Framework Analysis
- 6. Automotive Aftermarket Market, by Replacement Part
- 6.1. Introduction
- 6.2. Battery
- 6.3. Body parts
- 6.4. Brake parts
- 6.5. Exhaust components
- 6.6. Filters
- 6.7. Lighting & Electronic components
- 6.8. Tire
- 6.9. Turbochargers
- 6.10. Wheels
- 7. Automotive Aftermarket Market, by Certification
- 7.1. Introduction
- 7.2. Certified Parts
- 7.3. Genuine Parts
- 7.4. Uncertified Parts
- 8. Automotive Aftermarket Market, by Distribution Channel
- 8.1. Introduction
- 8.2. Retailers
- 8.3. Wholesalers & Distributors
- 9. Automotive Aftermarket Market, by Service Channel
- 9.1. Introduction
- 9.2. DIFM (Do It for Me)
- 9.3. DIY (Do It Yourself)
- 9.4. OE (Delegating to OEM’s)
- 10. Americas Automotive Aftermarket Market
- 10.1. Introduction
- 10.2. Argentina
- 10.3. Brazil
- 10.4. Canada
- 10.5. Mexico
- 10.6. United States
- 11. Asia-Pacific Automotive Aftermarket Market
- 11.1. Introduction
- 11.2. Australia
- 11.3. China
- 11.4. India
- 11.5. Indonesia
- 11.6. Japan
- 11.7. Malaysia
- 11.8. Philippines
- 11.9. Singapore
- 11.10. South Korea
- 11.11. Taiwan
- 11.12. Thailand
- 11.13. Vietnam
- 12. Europe, Middle East & Africa Automotive Aftermarket Market
- 12.1. Introduction
- 12.2. Denmark
- 12.3. Egypt
- 12.4. Finland
- 12.5. France
- 12.6. Germany
- 12.7. Israel
- 12.8. Italy
- 12.9. Netherlands
- 12.10. Nigeria
- 12.11. Norway
- 12.12. Poland
- 12.13. Qatar
- 12.14. Russia
- 12.15. Saudi Arabia
- 12.16. South Africa
- 12.17. Spain
- 12.18. Sweden
- 12.19. Switzerland
- 12.20. Turkey
- 12.21. United Arab Emirates
- 12.22. United Kingdom
- 13. Competitive Landscape
- 13.1. Market Share Analysis, 2023
- 13.2. FPNV Positioning Matrix, 2023
- 13.3. Competitive Scenario Analysis
- 13.3.1. PRT Showcases Innovative Automotive Solutions at AAPEX
- 13.3.2. Akebono Launches Advanced Brake Pads for Diverse Fleet Needs
- 13.3.3. ZF Aftermarket Enhances Vehicle Part Assortment in North America
- 13.3.4. Empowering eCommerce Growth in the Automotive Sector: ID Auto Inc.'s Strategic Investment in Innovation and Expansion
- 13.3.5. Cloyes Expands Market Footprint with Strategic Acquisition of Automotive Tensioners Incorporated
- 13.3.6. O'Reilly Automotive, Inc. Expands Reach into Canada with Strategic Acquisition
- 13.3.7. Transtar Holding Company Expands Market Presence Through Strategic Acquisition of Arch Auto Parts
- 13.3.8. Strategic Alliance Boosts Supply Chain Efficiency Across 1,300 Service Locations
- 13.3.9. ADVICS Unveils Innovative Expansion with Electric Parking Brake Actuator Kits in Automotive Aftermarket
- 13.3.10. AutoNation Innovates in the Automotive Aftermarket with New eCommerce Solution for Parts and Accessories
- 13.3.11. Strategic Alliance Between TotalEnergies Marketing USA and Automotive Parts Services Group Enhances Customer Value
- 13.3.12. Yazaki Expands Operations in Egypt with a New Factory in Fayoum
- 13.3.13. Strategic Expansion: Marubeni's Acquisition of APSH Enhances Auto Aftermarket Services
- 13.3.14. ITT Inc. Secures Decade-Long Aftermarket Partnership with Continental AG for Brake Pad Supply
- 13.4. Strategy Analysis & Recommendation
- 14. Competitive Portfolio
- 14.1. Key Company Profiles
- 14.2. Key Product Portfolio
Pricing
Currency Rates
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