Automotive Aftermarket Market to reach USD 519.7 billion by 2028 | Actual Need Outlook, Supportive Judgment & Forecast Reports
The report is titled ‘Automotive Aftermarket Market: Opportunity Analysis and Future Assessment 2020-2028’. An overview of conceptual frameworks, analytical approaches of the automotive aftermarket market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The automotive aftermarket market is expected to grow at a significant rate in the near future.
The global automotive aftermarket market was valued at US$ 394.4 Bn by the end of 2020 and is expected to reach a value of US$ 519.7 Bn by 2028 with a significant CAGR of 3.5%.
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Automotive Aftermarket Market Definition
Automotive aftermarket refers to the after-sale market of the automotive industry. The after-sale market of the automotive industry comprises vehicle equipment, parts, service repair, replacement tires, collision repair, and accessories, which are mainly sold after the sale of the original vehicle.
The automotive aftermarket includes the companies which are involved in manufacturing, refurbishing, retailing, distribution, and installation of replacing parts of the vehicle, service repair, equipment, and automotive accessories.
Automotive Aftermarket Market Dynamics
The increased buying and selling of used vehicles or second-hand vehicles, around the world, has dramatically propelled the repair and maintenance segment of the automotive aftermarket, thereby boosting the overall growth of the global automotive aftermarket. As per the statistics of the Bureau of Transportation of the United States, the sales of second-hand vehicles is constantly on the rise in the country ranging from 37,255,000 in the year 2015 to 40,805,000 vehicles in the year 2019. Owing to this, the global automotive aftermarket is expected to flourish swiftly in the forthcoming future.
The growing length of service of vehicle fleets, especially in developed regions, has resulted in the maturation and aging of fleet vehicles which is estimated to be a major stimulating factor for the growth in demand of aftermarket maintenance and service, which is projected to ultimately propel the market growth of automotive aftermarket in the years to come.
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However, the sudden strike of global crisis of COVID-19 has drastically impacted the automotive and related industries, around the world, which in turn has affected the automotive aftermarket due to the huge disruption in the supply chains as well as lower consumer demand. Such factors have enormously hindered the overall growth of the global automotive aftermarket.
Furthermore, the deadly virus forced the governments and regulatory authorities of most of the countries around the world to restrict the movement of people and implement nationwide lockdown, thus immediately switching the consumer expenditure priorities to essential purchasing.
On top of that, due to the concentrated supply chains in few regions, the manufacturing industry has also been through a lot of complications. Attributed to all of this, the automotive aftermarket is expected to observe stagnant growth over the coming years.
Automotive Aftermarket Market Segmentation
The global automotive aftermarket market is segmented on the basis of replacement parts, distribution channel, service channel, certification, and regions. On the basis of the replacement parts, the automotive aftermarket market is segmented into Tire, Battery, Brake parts, Filters, Body parts, Lighting & Electronic components, Wheels, Exhaust components, Turbochargers, and Others. On the basis of the distribution channel, the market is categorized into Retailers (OEMs, Repair Shops) and Wholesalers & Distributors. Further, on the basis of the service channel, the market is segmented into DIY (Do It Yourself), DIFM (Do It for Me), and OE (Delegating to OEM’s). Furthermore, the market is segmented on the basis of certification into Genuine Parts, Certified Parts, and Uncertified Parts.
The research report classifies the global automotive aftermarket market based on replacement parts, distribution channel, service channel, certification, and regions.
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By Replacement Parts
Tire
Battery
Brake parts
Filters
Body parts
Lighting & Electronic components
Wheels
Exhaust components
Turbochargers
Others
By Distribution Channel
Retailers
OEMs
Repair Shops
Wholesalers & Distributors
By Service Channel
DIY (Do It Yourself)
DIFM (Do It for Me)
OE (Delegating to OEM’s)
By Certification
Genuine Parts
Certified Parts
Uncertified Parts
By Region
North America
Latin America
Africa
Europe
Asia Pacific
Middle East
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Automotive Aftermarket Market Key Players
The global automotive aftermarket market is dominated by Continental AG, 3M Company, Delphi Automotive PLC, Federal-Mogul Corporation, Denso Corporation, Magneti Marelli S.p.A., Robert Bosch GmbH, among others.
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