Automotive Aftermarket Market Global Upcoming Trends, Growth Drivers, Opportunities and Challenges 2032
Research Reports
Jul 13, 2023
Automotive Aftermarket Research Report:
The Automotive Aftermarket is projected to reach USD 542.139 billion by 2030, expanding at a 4.00% CAGR (2023-2032). The assessment of the automotive aftermarket takes into account aspects such as rapidly increasing auto sales, growing consumer demand for foreign brands, rapidly evolving digitization, and rising technological breakthroughs.
The global economy’s growth has had a big impact on the development of the automobile aftermarket industry. One of the few that can continue to operate throughout a slump is the automotive sector. Typically, the springtime is a season of high demand for spare parts.
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Key Companies in the Automotive AfterMarket Industry include
Continental AG (Germany)
Aisin Seiki Co. Ltd. (Japan)
Robert Bosch GmbH (Germany)
3M (U.S.)
Valeo (France)
Denso Corporation (Japan)
Magneti Marelli S.p.A. (Italy)
Cooper Tire & Rubber Company (U.S.)
Sumitomo Electric Industries Ltd. (Japan)
Federal-Mogul Corporation (U.S.)
Aptiv PLC (U.K.)
Drivers:
As people postpone buying new cars due to economic concerns, the average vehicle age is anticipated to rise.
Sales of cars are rising quickly, and demand for global brands is rising as well.
Rising technology advancements, increased internet usage, and quick initialization.
Automotive AfterMarket Industry Segmentation
Automotive AfterMarket Industry Offering Outlook
Parts
Services
Automotive Aftermarket Industry Channel Outlook
Authorized Repair
Independent Repair
Automotive Aftermarket Vehicle Outlook
0-4 years
4-8 years
Above 8 years
Automotive Aftermarket Vehicle Type Outlook
Passenger Vehicle
Commercial Vehicle
Regional Analysis:
North America continues to be the industry’s major market, according to research on the aftermarket auto parts. The widespread presence of all the key industry participants is a factor. The availability of components in auto solution providers also increases market size.
It is the second-largest market in the automotive aftermarket sector, after the continent of Europe. The existence of well-established automotive sectors and industry players are the variables that fuel the rise in market value. Additional considerations include the rise in luxury car spending and the need for lightweight and fuel-efficient vehicles across Europe.
In terms of the automotive aftermarket industry’s emerging market, the Asia-Pacific region comes in third. Going along this direction of the Automotive sector in this region, technological advancements are thought to be a significant factor. In the APAC automotive aftermarket, China is in the lead, followed by South Korea and India.
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