Market Research Future (MRFR) has published a cooked research report on the “Global Automotive Aftermarket” that contains information from 2023 to 2032. The Global Automotive Aftermarket is estimated to register a CAGR of 4.00% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the Global Automotive Aftermarket— Continental AG, Aisin Seiki Co. Ltd, Robert Bosch GmbH, 3M, Valeo, Denso Corporation, Magneti Marelli S.p.A., Cooper Tire & Rubber Company, Sumitomo Electric Industries Ltd, Federal-Mogul Corporation, and Aptiv PLC.
Global Automotive Aftermarket is accounted to register a CAGR of 4.00% during the forecast period and is estimated to reach USD 542.14 Billion by 2032.
The automotive aftermarket refers to the secondary market of products, services, and parts that become available after the original sale of a vehicle by the manufacturer. This market encompasses a wide range of offerings, including replacement parts, accessories, maintenance and repair services, performance-enhancing components, and various products designed to enhance or modify a vehicle. The automotive aftermarket plays a crucial role in supporting vehicle owners in maintaining, repairing, upgrading, and customizing their vehicles, even after the original warranty period has expired. It serves as a diverse ecosystem of manufacturers, retailers, distributors, repair shops, and service providers catering to the ongoing needs and preferences of vehicle owners.
The Global Automotive Aftermarket has been segmented based on Offering, Channel, Vehicle Year, and Vehicle Type.
Based on Offering, the market is segmented into Parts, Services. The Parts category dominates the Drive-By-Wire market due to its integral role in providing essential components for the implementation and functionality of drive-by-wire technology.
Based on Channel, the market is segmented into Authorized Repair and Independent Repair. The Authorized Repair category dominates the Drive-By-Wire market due to its expertise and authorization to efficiently diagnose, service, and maintain drive-by-wire systems in vehicles.
Based on Vehicle Year, the market is segmented into 0-4 years, 4-8 years, and Above 8 years. The 0-4 years category dominates the Drive-By-Wire market due to the prevalence of newer vehicles equipped with advanced drive-by-wire technology in this age range.
Based on Vehicle Type, the market is segmented into Passenger Vehicle, Commercial Vehicle. The Passenger Vehicle category dominates the Drive-By-Wire market due to the widespread adoption of drive-by-wire technology in modern passenger vehicles for enhanced performance and safety.
Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Automotive Aftermarket Market Research Report
The Global Automotive Aftermarket, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Global Automotive Aftermarket comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Global Automotive Aftermarket in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World's Global Automotive Aftermarket comprises of Middle East, Africa, and Latin America.
The North American region is poised to lead this market, driven by an upswing in passenger car demand, the utilization of cutting-edge technology in auto parts manufacturing, and the advancement of digital component delivery services, all expected to fuel market growth within the region.
In Europe, the aftermarket car parts sector holds the second-largest market share, attributed to escalating environmental concerns stemming from automotive emissions. This factor has notably heightened the necessity for environmentally friendly and highly efficient automotive components, catering to both global and local markets. Remarkably, the German aftermarket car parts market maintains the largest share, while the UK's Automotive Aftermarket Industry emerges as the most rapidly expanding market in the European region.
Anticipated to exhibit the swiftest Compound Annual Growth Rate (CAGR) between 2023 and 2032, the Asia-Pacific Automotive Aftermarket Industry is propelled by an increase in advanced technology adoption in auto parts manufacturing, a surge in consumer and passenger car production and sales, and the progression of digitalized automotive component delivery services. China's aftermarket auto parts market stands as the largest, with India's aftermarket car parts market showcasing the most rapid growth within the Asia-Pacific region.
Key Findings of the Study