The automotive aftermarket encompasses a wide range of applications, features, and uses. It provides consumers with a diverse selection of aftermarket parts, accessories, and services to upgrade, customize, and maintain their vehicles. Key applications include replacement components, performance upgrades, cosmetic enhancements, and repair services. The features of automotive aftermarket are high-quality products, compatibility with various vehicle models, and advanced technologies. Uses range from enhancing vehicle performance and appearance to addressing maintenance needs, making the automotive aftermarket a vital industry catering to the evolving demands of automotive enthusiasts and owners worldwide.
According to Data Bridge Market Research, the Global Automotive Aftermarket Market is expected to grow with a CAGR of 4.75% in the forecast period of 2022 to 2029.
“Increasing demand for advanced and upgraded vehicles boosts the market’s growth”
The automotive aftermarket market experiences significant growth due to the increasing demand for advanced and upgraded vehicles. As consumers seek enhanced performance, safety, and comfort features, there is a rising trend of upgrading and customizing existing vehicles with aftermarket parts and accessories. Additionally, the growing popularity of electric and hybrid vehicles has fueled the demand for specialized aftermarket products to cater to these new automotive technologies. This surge in aftermarket sales presents lucrative opportunities for suppliers and service providers, driving overall market expansion.
What restraints the growth of the global automotive aftermarket market?
“Growing demand for electric vehicles (EVs) restraints the market’s growth”
The automotive aftermarket market faces a restraint due to the increasing demand for electric vehicles (EVs). EVs typically require less maintenance and have fewer mechanical parts compared to traditional internal combustion engine vehicles, resulting in a reduced need for traditional aftermarket products and services. As EV technology advances, the likelihood of breakdowns and wear and tear decreases, further limiting the aftermarket's growth potential.
Segmentation: Global Automotive Aftermarket Market
The global automotive aftermarket market is segmented on the basis of propulsion, product, service channel, certification, vehicle type, distribution channel, and end user.
- On the basis of propulsion, the automotive aftermarket market has been segmented into IC-engine, electric, and others.
- On the basis of product, the automotive aftermarket market has been segmented into replacement parts, and accessories.
- On the basis of service channel, the automotive aftermarket market has been segmented into do it yourself (DIY), do it for me (DIFM), and delegating to OEM’s (OE).
- On the basis of certification, the automotive aftermarket market has been segmented into genuine parts, certified parts, and uncertified parts.
- On the basis of vehicle type, the automotive aftermarket market has been segmented into passenger vehicle and commercial vehicles.
- On the basis of distribution channel, automotive aftermarket market has been segmented into offline distribution channel, and online distribution channel.
- On the basis of end user into service providers, independent workshops, and automotive OEM workshop.
Regional Insights: North America dominates the Global Automotive Aftermarket Market
North America dominates the automotive aftermarket market and will continue to flourish its trend of dominance during the forecast period due to the increasing adoption of advanced technology and the introduction of hybrid electric automobiles in the region. These developments create demand for specialized aftermarket products and services, providing opportunities for market expansion and innovation.
Asia-Pacific on the other hand, is set to witness unprecedented growth during the forecast period and will project the highest compound annual growth (CAGR) rate due to the prevalence of high-quality brands and decreasing engineering costs. Consumers trust reputable aftermarket brands for reliable and efficient products. Additionally, reduced engineering costs enable manufacturers to offer cost-effective solutions, contributing to the market's growth and competitiveness in the region.
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The Prominent Key Players Operating in the Global Automotive Aftermarket Market Include:
- Tenneco Inc. (U.S.)
- Dana Limited (U.S.)
- ZF Friedrichshafen AG (Germany)
- Visteon Corporation (U.S.)
- Johnson Controls (U.S.)
- BorgWarner Inc. (U.S.)
- Marelli Holdings Co., Ltd. (Japan)
- Continental AG (Germany)
- 3M (U.S.)
- Robert Bosch GmbH (Germany)
- DENSO CORPORATION (Japan)
- General Motors (U.S.)
- AKEBONO BRAKE INDUSTRY CO., LTD. (Japan)
- American Axle & Manufacturing, Inc. (U.S.)
- ASIMCO (China)
- Bridgestone Corporation (Japan)
- Gates Unitta (U.S.)
- The Goodyear Tire & Rubber Company (U.S.)
- Pirelli & C. S.p.A. (Italy)
- Prestone Products Corporation (U.S.)
- THE YOKOHAMA RUBBER CO., LTD. (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of global automotive aftermarket market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Automotive Aftermarket Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
