The global automotive aftermarket industry Size was valued at USD 396.13 billion in 2023. The automotive aftermarket industry is projected to grow from USD 411.98 billion in 2024 to USD 542.13 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.49% during the forecast period (2024-2032).
The rapidly increasing automobile sales, escalating demand for international brands, rising technological advances and growing internet penetration are the key market drivers enhancing market growth. The emergence of online portals distributing aftermarket components in coordination with international auto-part supplier groups, as well as the digitization of component delivery sales & services, can attract significant investments from the main participants.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The demand for components on the global market, for instance, would be driven in the future by major component providers like US Auto Parts Network, Inc. and CarParts.com. Online aftermarket business arcade parades in developing nations have a lot of potential thanks to the aforementioned trade gateways. Additionally, it is anticipated that soaring online sales of automotive components will significantly drive market demand. Due to the smoother client experience, businesses are now moving to the digital platform.
An affiliate of leading mobility supplier DENSO, DENSO Products and Services Americas, Inc., has launched MobiQ: the Business's new brand of aftermarket smart mobility and vehicle-to-everything (V2X) products and solutions. DENSO disclosed MobiQ today at the ITS America Conference & Expo 2024 in Phoenix. The senior manager of Connected Services at DENSO Products and Services Americas, Hiroshi Yanone, said that MobiQ stands for mobility, intelligence, and quality. He further added that the company is committed to the smart mobility market and is happy to have 75 years of automotive knowledge to promote safer, more efficient, and cleaner movement of people, vehicles, and cargo on the road.
Original equipment manufacturers have steadily improved their activity level and focus within the automotive parts aftermarket value chain by, for instance, creating their networks of non-car brand-specific repair shops. Major market players aiming to keep up with the vehicle-age-driven market have introduced second service formats and second brands (e.g., VW Direkt Express) or remanufactured parts to compete with independent aftermarket players and keep customers in their networks longer. OEMs are also investing in customer experience optimization efforts and introducing differentiated aftermarket service offerings by, for instance, leveraging vehicle connectivity to retain customers and automating decision-making related to service and repair.
For instance, French carmaker PSA has made the independent aftermarket car parts a significant part of its Push to Pass five-year growth strategy. Coupled with a series of acquisitions, PSA has launched several brands along the entire value chain. PSA has stakes in the distribution network Distrigo, Mister Auto, Aramisauto, and Autobutler. Via this approach, PSA aims to target all consumers, regardless of their vehicle brand, age, or distribution channel. Other original equipment manufacturers, premium and volume players, have followed PSA's example, driving market CAGR growth in the coming years.
Additionally, the growing automotive industry, increasing manufacturing of auto components to drive market growth and growing consumer awareness regarding the repair and proper maintenance of vehicles to maintain their efficiency and performance are several factors anticipated to support market growth from 2021 to 2028. Moreover, the rising demand for crossover and long-distance travel vehicles further upsurges the requirement for periodic repairs and replacement of vehicle parts. Growing flexibility in vehicle design and production permits greater customer customization, which is anticipated to drive Automotive AfterMarket revenue over the forecast period.
Based on Offering, the automotive aftermarket segmentation includes parts and services. The parts segment dominates the market. This is due to the increasing demand for replacement parts due to the growing number of vehicles on the road and the adoption of advanced technologies in aftermarket parts.
Based on Channel, the aftermarket car parts segmentation includes authorized and independent repair. The independent repair segment dominates the market. Due to the faster service and lower prices, the increasing number of older vehicles that are no longer covered by warranties, and the rising trend of consumers seeking more personalized services,.
Based on the vehicle, the aftermarket car parts segmentation includes 0–4 years, 4–8 years, and above 8 years. The above 8 years segment dominates the market size. This is due to the growing number of older vehicles on the road, the rising cost of new vehicles, rising demand for replacement parts and repair services for older vehicles.
Based on vehicle type, the automotive aftermarket segmentation includes passenger vehicle and commercial vehicles. The passenger vehicle segment currently holds the biggest global market share, which is expected to continue. The advantage can be attributed to several factors, including the growing urban population and the requirement for commuting. The demand is expanding as people become more concerned about rising pollution levels and their low running costs. The commercial vehicle sector is expanding in terms of product offerings and sales.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North America area will dominate this market due to a surge in demand for passenger cars, the use of advanced technology while fabrication of auto parts, and the digitalization of component delivery services projected to spur market growth in the Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe aftermarket car parts accounts for the second-largest market share due to rising environment degradation from automotive emissions, which have significantly spurred the need for high-efficiency and environment-friendly automotive components for global and native markets. Further, the German aftermarket car parts held the largest market share, and the UK Automotive AfterMarket Industry was the fastest-growing market in the European Region.
The Asia-Pacific Automotive AfterMarket is expected to grow at the fastest CAGR from 2023 to 2032. Due to the increase in advanced technology used in the fabrication of auto parts, a surge in consumer and passenger automobile production & sales, and the digitalization of automotive component delivery services are anticipated to spur automotive sales in the Region. Moreover, China’s aftermarket auto parts held the largest market share, and the Indian aftermarket car parts was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the aftermarket auto parts grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Automotive Aftermarket industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Automotive Aftermarket industry to benefit clients and increase the market sector. In recent years, the automotive aftermarket industry has offered some of the most significant advantages to the automobile industry. Major players in the aftermarket auto parts industry, including 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.) and others, are attempting to increase market demand by investing in research and development operations.
Continental AG, commonly known as Continental or colloquially as Conti, is a German multinational automotive parts manufacturing company specializing in tires, brake systems, and interior electronics. Continental AG announced its online portal containing a portfolio of all its services and information about its product for the market.
The Goodyear Tire & Rubber Company is an American multinational tire manufacturing company founded in 1898 by Frank Seiberling and based in Akron, Ohio. Goodyear is one of the world's largest tire companies. It employs about 72,000 people and manufactures its products in 57 facilities in 23 countries worldwide. Its two Innovation Centers in Akron, Ohio, and Colmar-Berg, Luxembourg, strive to develop state-of-the-art products and services that set the technology and performance standard for the industry. Goodyear Tire & Rubber Company acquired Cooper Tire & Rubber Company to combine the brand portfolio and provide comprehensive services along the value spectrum of the market.
May 2024 : The Chengdu International Trade Fair for Automotive Parts and Aftermarket Services (CAPAS) will celebrate its 10th version from 16 to 18 May 2024. With an exhibition space varying from 50,000 sqm to house 690 domestic and international exhibitors, the fair's characteristics include the newest achievements and trends in new energy vehicles, aftersales services, and connected mobility. Concentrating on the rising contribution to the integration of industry and education, a range of fringe events are set to drive talent development in support of the sustainable development of the region's automotive industry.
April 2024 : A prominent leader in V2X projects, DENSO has massive experience in concept development, software and hardware creation, system engineering and integration, and testing and analysis. The company's expanding portfolio of smart mobility products and systems shows its oath to offering seamless, sustainable, digital-first capabilities that enhance the safety of people and goods on the move. DENSO is a prominent supplier of OEM safety and communications technology. The company's cutting-edge connectivity products involve innovative infrastructure sensor technology developed to lower traffic congestion and collisions, enhance vehicle and pedestrian safety, and highlight emergency vehicles.
February 2024: Lumax Auto Technologies collaborated with German business Bluechem Group in the automotive car-care sector through its aftermarket division. Domestic customers will have access to automotive car-care products for cleaning, servicing, and maintenance across domains thanks to this partnership.
January 2024: In Tamilnadu, Valeo upped its R&D, manufacturing, and aftermarket operations. Valeo's aftermarket business is expected to grow significantly as a result of the company's distribution networks and service centers in Tamil Nadu growing. By bringing its high-end automotive goods and services closer to more people in the region, Valeo hopes to enhance customer service.
North America
Europe
Asia-Pacific
Rest of the World
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 396.13 billion |
| Market Size 2024 | USD 411.98 billion |
| Market Size 2032 | USD 542.13 billion |
| Compound Annual Growth Rate (CAGR) | 3.49% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Offering, Channel, Vehicle Type, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Â 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.). |
| Key Market Opportunities | Average vehicle age will likely increase as economic pressures force consumers to postpone new-car purchases. |
| Key Market Dynamics | Average vehicle age will likely increase as economic pressures force consumers to postpone new-car purchases. They are rapidly increasing automobile sales and escalating demand for international brands increases. |
Automotive Aftermarket Industry Market Highlights:
Frequently Asked Questions (FAQ) :
The Automotive Aftermarket size was valued at USD 380.9 Billion in 2022.
The market is projected to grow at a CAGR of 3.49% during the forecast period, 2024-2032.
North America had the largest share of the global market
The key players in the market are 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.).
The Parts Automotive AfterMarket category dominated the market in 2022.
The Passenger Vehicle had the largest share of the global market.
Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
