Global Automotive Aftermarket Market

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

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

Global Automotive Aftermarket Market News

  • 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.
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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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