Global Automotive Aftermarket Market

Automotive Aftermarket Market Size, Share, Growth Analysis, By Service Channel(OE (Delegating to OEMs), DIY (Do It Yourself), and DIFM (Do It for Me)), By Distribution Channel(Retailers and wholesalers & distributors), By Vehicle Type(Passenger Vehicle and Commercial Vehicles), By Type(Tire, Battery, Brake Parts, Filters), By Region - Industry Forecast 2024-2031


Report ID: SQMIG25C2087 | Region: Global | Published Date: February, 2024
Pages: 260 |Tables: 119 |Figures: 76

Automotive Aftermarket Market Insights

Automotive Aftermarket Market size was valued at around USD 411 billion in 2019 and is expected to reach a value of USD 584.9 billion by 2031, at a CAGR of 4% over the forecast period (2024-2031).

The market for automotive components is primarily driven by consumers' growing awareness of the importance of maintenance and repair for extending the life of their vehicles. This awareness is occurring as consumer disposable income rises and as demand for new vehicles with lower fuel consumption rises as a result of increased government initiatives and more stringent emission standards. Along with advancements in design and the materials used in vehicle production, the average lifespan of cars has grown. The rigorous quality of the cars has also improved. Consumers are increasingly keeping their old cars as backup vehicles rather than trading them in or tossing them away. Due to an increase in vehicle age, there is a demand for part replacement, repair, and maintenance, which is one of the factors behind the expansion of the automotive aftermarket industry. Owing to the increased sophistication of technology, which incorporates sensors in the equipment, the market expansion won't be impeded by the repair of vehicle parts due to minor wear and tear.

Sales of electric vehicles are increasing globally as a result of increased demand brought on by tighter emission regulations for autos. Many manufacturers are making an effort to deliver more electric vehicles. Rigid government rules and regulations on vehicle emissions are potential opportunities for the automotive aftermarket market as a result of the rising adoption of electric vehicles and the resulting increase in demand for fuel-efficient, high-performance, and low-emission vehicles.

US Automotive Aftermarket Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 411 billion

Largest Segment

OE (Delegating to OEMs)

Fastest Growth

OE (Delegating to OEMs)

Growth Rate

4% CAGR

Global Automotive Aftermarket Market ($ Bn)
Country Share for APAC Region (%)

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Automotive Aftermarket Market Segmental Analysis

Global automotive aftermarket market is segmented on the basis of service channel, distribution channel, vehicle type, type, and region. By service channel, the market is segmented into OE (Delegating to OEMs), DIY (Do It Yourself), and DIFM (Do It for Me). By distribution channel, market is segmented into retailers and wholesalers & distributors. By Vehicle Type, the market is segmented into Passenger Vehicle and Commercial Vehicles. By Type, the market is segmented into Tire, Battery, Brake Parts, Filters, Body Parts, Lighting and Electronic Components, Wheels, Exhaust Components, Turbochargers. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Automotive Aftermarket Market Analysis by Service Channel

The original equipment segment dominated the market in terms of size, with a share of 71.1%. The OE segment is expected to be the largest in the aftermarket by 2030. Between 2022 and 2030, the DIY market would experience a brisk increase in revenue. DIY customers have the technical know-how and a desire to handle their own auto maintenance, upgrades, and repairs. Parts are purchased by DIFM customers online, but they are installed by a skilled workshop.

Some of the players in the aftermarket service channel include the raw material suppliers, tier 1 distributors, manufacturing facilities for vehicle exhaust hubs, and aftermarket units, which include jobbers and repair shops. Repair centers are the main participants in the service channel. Collision repair shops and leading auto insurance companies are increasingly forging strategic alliances and cooperating in order to get a competitive edge and capture a substantial market share. In every state in the country, for instance, Utica Mutual Insurance Company, State Farm Mutual Automobile Insurance Company, and Progressive Casualty Insurance Company have contracts with authorized auto repair shops.

Automotive Aftermarket Market Analysis by Distribution Channel

The retail sector dominated the market in terms of size with a share of 56.0%. The revenue for the Wholesale & Distribution segment would increase rather quickly between 2022 and 2030. Automotive aftermarket economies are essential elements of the whole automotive manufacturing & maintenance scheme since automotive components must be changed on schedule to preserve the overall function of the vehicle.

Due to the increasing impact of technology, the market is transforming in favor of digitalization. As the aftermarket moves to the internet, the market is changing. Online merchants provide both goods and services. Original Equipment Suppliers (OESs), distributors, insurers, workshops, and Original Equipment Manufacturers (OEMs) are just a few of the value chain participants responding to the growing online aftermarket trend. The increased use of cutting-edge technology in the manufacture of auto parts, the surge in the production of consumer and passenger vehicles, and the digitalization of automotive repair and maintenance services are just a few factors that are anticipated to fuel market expansion during the forecast period.

Global Automotive Aftermarket Market By Service Channel, 2023 (%)

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Automotive Aftermarket Market Regional Insights

Asia Pacific dominated the market in terms of size, holding a share of 28.5%. The Asia Pacific market is expected to grow significantly between 2023 and 2030. Due to rising consumer and passenger car production and sales, the employment of cutting-edge technology in the production of auto parts, and the digitization of automotive component delivery services, there is likely to be an increase in automobile sales in the region. A lot of companies are focusing on acquisitions to grow their market share. For example, in February 2021, Goodyear Tire & Rubber Company acquired Cooper Tire & Rubber Company in order to combine the brand portfolio and provide complete services across the market's value range.

Universities and other R&D institutions are working harder than ever to enhance their cost and operational efficiencies in order to cut the cost of these crucial automotive components and eventually the cost of the finished product. A group of researchers from Imperial College London's Department of Chemical Engineering has developed a revolutionary design that uses up to 80% less rare metal, cutting the cost of the vehicle and the component's manufacturing. The prototype is anticipated to outperform the present vehicles. These rules have put pressure on component manufacturers to provide highly efficient, eco-friendly car parts for both home and foreign markets. Three growing economies China, India, and Brazil have recently verified long-term tendencies that are expected to provide optimistic prospects.

Global Automotive Aftermarket Market By Region, 2024-2031
  • Largest
  • Fastest

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Automotive Aftermarket Market Dynamics

Automotive Aftermarket Market Drivers

Increasing vehicle age

  • As vehicles become older, they require more maintenance and repairs, which drive demand for aftermarket parts and services. The average age of vehicles on the road is increasing, which is fueling growth in the aftermarket market.

Rise of e-commerce

  • The growth of e-commerce has made it easier for consumers to access aftermarket parts and services, particularly for niche products that may not be available through traditional retail channels.

Growing preference for customization

  • Many consumers are looking to personalize and customize their vehicles, which is driving demand for aftermarket parts and accessories that allow them to do so.

Advancements in technology

  • New technologies such as connected cars, autonomous vehicles, and advanced driver assistance systems (ADAS) are creating new opportunities for aftermarket companies to develop specialized products and services.

Automotive Aftermarket Market Restraints

Technological advancements

  • With the automotive industry moving towards electrification and autonomous vehicles, there is a risk that traditional aftermarket products and services may become obsolete. This may limit the growth of the automotive aftermarket market as it struggles to keep up with new technologies and products.

Environmental concerns

  • There is a growing global concern about the impact of automotive emissions on the environment. This has led to a shift towards electric and hybrid vehicles, which have fewer emissions. While this trend presents new opportunities for the automotive aftermarket market, it also poses a challenge for traditional aftermarket products and services that are designed for gasoline-powered vehicles.

Increasing competition

  • The automotive aftermarket market is highly competitive, with many players vying for market share. As a result, there is a risk of price wars, which could impact the profitability of companies in the market. Additionally, new entrants may offer innovative products and services that disrupt the market.

Counterfeit products

  • The automotive aftermarket market is also facing a significant problem with counterfeit products. Counterfeit products are usually of poor quality, and their use can cause significant harm to the vehicle and passengers. This has led to a decline in consumer confidence, as many buyers are unsure of the quality of the products they are purchasing.

Supply chain disruptions

  • The COVID-19 pandemic has highlighted the importance of supply chain management in the automotive aftermarket market. The pandemic has disrupted global supply chains, leading to delays in the delivery of products and an increase in prices. This has impacted the profitability of companies in the market, and there is a risk of similar disruptions in the future.

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Automotive Aftermarket Market Competitive Landscape

The automotive aftermarket market is highly competitive, with a large number of players operating in the industry. The competitive landscape is influenced by several factors, such as product innovation, distribution channels, pricing strategies, and brand image. The market is dominated by a few key players, but there are also many small and medium-sized companies that cater to specific niches within the industry. These companies operate globally and offer a wide range of products, including engine components, filters, brake systems, and electronics. They compete on factors such as product quality, price, distribution, and brand image. In addition to the established players, there are also several emerging players that are disrupting the market with innovative products and business models. These companies are often focused on specific niches within the industry, such as custom parts and accessories, and are leveraging e-commerce platforms to reach customers directly.

Automotive Aftermarket Market Top Player’s Company Profiles

  • 3M Company (U.S.)
  • Aisin Seiki Co., Ltd. (Japan)
  • Continental AG (Germany)
  • Delphi Technologies (U.K.)
  • Federal-Mogul LLC (U.S.)
  • Gates Corporation (U.S.)
  • Hella KGaA Hueck & Co. (Germany)
  • Hitachi Automotive Systems, Ltd. (Japan)
  • Johnson Controls, Inc. (U.S.)
  • Magna International Inc. (Canada)
  • MANN+HUMMEL GMBH (Germany)
  • NGK Spark Plug Co., Ltd. (Japan)
  • Robert Bosch GmbH (Germany)
  • Schaeffler AG (Germany)
  • Tenneco Inc. (U.S.)
  • Valeo SA (France)
  • ZF Friedrichshafen AG (Germany)

Automotive Aftermarket Market Recent Developments

  • In January 2022, German automotive parts supplier Continental announced plans to restructure its business, focusing on electric mobility, software, and services. The company plans to spin off its powertrain unit and combine it with an existing joint venture with China's CITC, creating a new company focused on electric vehicle components and systems.
  • In December 2021, American multinational automotive retail chain AutoZone reported strong financial results for the first quarter of the fiscal year 2022. The company saw a 6.7% increase in sales compared to the same period last year, driven by increased demand for auto parts and accessories.
  • In November 2021, French automotive supplier Valeo announced plans to acquire German electronics manufacturer Tristone, expanding its portfolio of thermal management products for electric and hybrid vehicles.
  • In October 2021, American automotive parts manufacturer Dana Incorporated announced that it had completed the acquisition of American Axle & Manufacturing Driveline division, expanding its portfolio of drivetrain products and solutions.
  • In September 2021, Swedish automotive safety systems supplier Autoliv announced the formation of a new joint venture with Chinese automotive supplier Liuzhou Wuling, aimed at developing and manufacturing airbags and other safety systems for the Chinese market.

Automotive Aftermarket Key Market Trends

  • Technological advancements: With the rise of advanced technologies such as 3D printing, the Internet of Things (IoT), and Artificial Intelligence (AI), the automotive aftermarket industry is rapidly adopting these technologies to offer more advanced and innovative products to customers. These technologies also help manufacturers in improving production efficiency and reduce costs.
  • Increasing vehicle age: The average age of vehicles on the road is increasing, resulting in a higher demand for replacement parts and maintenance services. This trend is driven by better vehicle durability and improvements in vehicle manufacturing processes, leading to a longer lifespan for vehicles.
  • Rise in customized products: With an increasing demand for personalized products, customization is becoming a key trend in the automotive aftermarket industry. Customers want to personalize their vehicles with custom accessories and parts, which is driving growth in the aftermarket industry.
  • Increase in vehicle modification: Vehicle modification is becoming increasingly popular among car enthusiasts, driving the demand for aftermarket products. The modification trend is also being driven by the increasing number of do-it-yourself (DIY) customers.
  • Focus on sustainability: The automotive aftermarket industry is becoming more environmentally conscious, with a focus on developing sustainable products and services. Customers are looking for eco-friendly products that are made with sustainable materials and reduce environmental impact.
  • Growth of hybrid and electric vehicles: With the rise of hybrid and electric vehicles, the automotive aftermarket industry is shifting towards developing products that meet the unique needs of these vehicles. This trend is driven by increasing demand for alternative fuel vehicles and government initiatives promoting eco-friendly transportation.

Automotive Aftermarket Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our automotive aftermarket market analysis, the market is a diverse and dynamic industry that includes a wide range of products and services, from replacement parts and accessories to customization and maintenance services. The market is driven by several factors, including the increasing average age of vehicles, growing vehicle parc, rising demand for vehicle customization, and the growing popularity of e-commerce platforms. The market has significant growth potential in developing regions such as Asia-Pacific and Latin America. Asia-Pacific is expected to be the fastest-growing region, driven by the growing vehicle parc, increasing disposable income, and rising demand for vehicle customization. The automotive aftermarket market is highly competitive, with several key players operating in the market. These companies are focused on expanding their product offerings, developing new technologies, and investing in research and development to stay ahead of the competition. Overall, the market is a dynamic and evolving industry that is expected to see significant growth in the coming years. Factors such as the increasing demand for vehicle customization, the growing popularity of e-commerce platforms, and the expansion of the market in developing regions are likely to drive the market growth.

Report Metric Details
Market size value in 2023 USD 411 billion
Market size value in 2031 USD 584.9 billion
Growth Rate 4%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Service Channel
    • OE (Delegating to OEMs), DIY (Do It Yourself), and DIFM (Do It for Me)
  • Distribution Channel
    • Retailers and wholesalers & distributors
  • Vehicle Type
    • Passenger Vehicle and Commercial Vehicles
  • Type
    • Tire, Battery, Brake Parts, Filters, Body Parts, Lighting and Electronic Components, Wheels, Exhaust Components, Turbochargers
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • 3M Company (U.S.)
  • Aisin Seiki Co., Ltd. (Japan)
  • Continental AG (Germany)
  • Delphi Technologies (U.K.)
  • Federal-Mogul LLC (U.S.)
  • Gates Corporation (U.S.)
  • Hella KGaA Hueck & Co. (Germany)
  • Hitachi Automotive Systems, Ltd. (Japan)
  • Johnson Controls, Inc. (U.S.)
  • Magna International Inc. (Canada)
  • MANN+HUMMEL GMBH (Germany)
  • NGK Spark Plug Co., Ltd. (Japan)
  • Robert Bosch GmbH (Germany)
  • Schaeffler AG (Germany)
  • Tenneco Inc. (U.S.)
  • Valeo SA (France)
  • ZF Friedrichshafen AG (Germany)
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Automotive Aftermarket Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Automotive Aftermarket Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Automotive Aftermarket Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Aftermarket Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Aftermarket Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Automotive Aftermarket Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQs

Automotive Aftermarket Market size was valued at around USD 411 billion in 2019 and is expected to reach a value of USD 584.9 billion by 2031, at a CAGR of 4% over the forecast period (2024-2031).

The automotive aftermarket market is highly competitive, with a large number of players operating in the industry. The competitive landscape is influenced by several factors, such as product innovation, distribution channels, pricing strategies, and brand image. The market is dominated by a few key players, but there are also many small and medium-sized companies that cater to specific niches within the industry. These companies operate globally and offer a wide range of products, including engine components, filters, brake systems, and electronics. They compete on factors such as product quality, price, distribution, and brand image. In addition to the established players, there are also several emerging players that are disrupting the market with innovative products and business models. These companies are often focused on specific niches within the industry, such as custom parts and accessories, and are leveraging e-commerce platforms to reach customers directly. '3M Company (U.S.)', 'Aisin Seiki Co., Ltd. (Japan)', 'Continental AG (Germany)', 'Delphi Technologies (U.K.)', 'Denso Corporation (Japan)', 'Federal-Mogul LLC (U.S.)', 'Gates Corporation (U.S.)', 'Hella KGaA Hueck & Co. (Germany)', 'Hitachi Automotive Systems, Ltd. (Japan)', 'Johnson Controls, Inc. (U.S.)', 'Magna International Inc. (Canada)', 'MANN+HUMMEL GMBH (Germany)', 'NGK Spark Plug Co., Ltd. (Japan)', 'Robert Bosch GmbH (Germany)', 'Schaeffler AG (Germany)', 'Standard Motor Products, Inc. (U.S.)', 'Tenneco Inc. (U.S.)', 'Valeo SA (France)', 'ZF Friedrichshafen AG (Germany)'

As vehicles become older, they require more maintenance and repairs, which drive demand for aftermarket parts and services. The average age of vehicles on the road is increasing, which is fueling growth in the aftermarket market.

Technological advancements: With the rise of advanced technologies such as 3D printing, the Internet of Things (IoT), and Artificial Intelligence (AI), the automotive aftermarket industry is rapidly adopting these technologies to offer more advanced and innovative products to customers. These technologies also help manufacturers in improving production efficiency and reduce costs.

Asia Pacific dominated the market in terms of size, holding a share of 28.5%. The Asia Pacific market is expected to grow significantly between 2023 and 2030. Due to rising consumer and passenger car production and sales, the employment of cutting-edge technology in the production of auto parts, and the digitization of automotive component delivery services, there is likely to be an increase in automobile sales in the region. A lot of companies are focusing on acquisitions to grow their market share. For example, in February 2021, Goodyear Tire & Rubber Company acquired Cooper Tire & Rubber Company in order to combine the brand portfolio and provide complete services across the market's value range.

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Global Automotive Aftermarket Market

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