The automotive aftermarket market size has grown rapidly in recent years. It will grow from $406.6 billion in 2023 to $470.24 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth observed in the historical period can be attributed to the increase in global vehicle ownership, cultural shifts towards DIY maintenance, a rise in independent repair shops, regulatory changes impacting repairs, and trends in vehicle customization.
The automotive aftermarket market size is expected to see rapid growth in the next few years. It will grow to $758.97 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. Projected growth is driven by service-oriented offerings, advanced materials adoption, digital transformation, vehicle electrification, and a focus on sustainability. Key trends include a rise in vehicle age, shifting consumer preferences, increased environmental awareness, growing demand for sustainable products, and innovation in replacement parts.
The automotive aftermarket market is experiencing growth, propelled by the increasing sales of both pre-owned and new vehicles. Notably, consumer preferences for car purchases have nearly returned to pre-COVID-19 levels, with strong demand observed in key markets such as the United States and China. As of 2021, new car sales have reached 94%, while used car sales have surpassed pre-COVID-19 levels at 97%. This resurgence in vehicle sales is indicative of a robust market. Furthermore, there is a notable surge in the purchase intent for electric vehicles, contributing to the overall momentum. The rising preference for both new and pre-owned vehicles is a key driver fueling the demand within the automotive aftermarket sector.
The anticipated increase in demand for spare parts is poised to drive the automotive aftermarket market in the future. Spare parts play a crucial role as components or items used to replace or repair damaged, worn-out, or malfunctioning parts of vehicles. Within the automotive aftermarket, these spare parts are essential for supporting maintenance, repair, and customization activities. As of July 2023, data from The Bureau of Labor Statistics, a US-based federal agency, indicates a notable 11.0% increase in motor vehicle parts manufacturing export prices from December 2019 to December 2022. This trend reflects a 1.7% price increase in 2020, followed by a 1.6% rise in 2021. The escalating demand for spare parts is expected to be a key driver propelling the growth of the automotive aftermarket market.
Prominent companies within the automotive aftermarket are strategically focusing on the development of innovative solutions, exemplified by the introduction of the latest aftermarket brake pads. Aftermarket brake pads refer to replacement brake pads manufactured by third-party entities, distinct from the original equipment manufacturer (OEM) parts provided by the vehicle's maker. As of October 2023, Brembo S.p.A., an Italy-based automotive braking systems manufacturer, has announced the launch of the 'Copper Free XTRA' brake pad line. This innovative line is equipped with Low Met and Ceramic NAO formulations, effectively bridging the gap between Brembo's aftermarket and performance lines. The 'Copper Free XTRA' brake pad line offers two distinct variations. The XTRA Low Met line is designed to deliver top-tier performance, enhanced braking capabilities, and an exceptional driving experience tailored for car enthusiasts. On the other hand, the XTRA Ceramic line prioritizes outstanding performance and comfort while minimizing dust generation, ensuring cleaner wheels. This strategic emphasis on innovative brake pad solutions exemplifies major companies' commitment to advancing and diversifying their offerings in the automotive aftermarket sector.
Key players in the automotive aftermarket sector are strategically directing their efforts towards the development of innovative solutions, with a notable focus on eCommerce platforms. An eCommerce platform serves as a digital framework or software solution, empowering businesses to conduct online transactions, sell products or services, and effectively manage their online presence. A case in point is AutoNation, a US-based automotive retailer company, which, in October 2023, unveiled 'AutoNationParts.com' - an eCommerce platform dedicated to auto parts and accessories. This newly launched platform provides customers with a convenient avenue to purchase products at competitive prices and have them delivered directly to their doorstep. 'AutoNationParts.com' offers an extensive selection of authentic manufacturer parts spanning over 25 brands. Customers can easily search for specific parts using criteria such as the vehicle identification number (VIN), year, make, model, trim, and engine, as well as through keywords and part numbers. This strategic move highlights major players' commitment to leveraging eCommerce platforms as part of their innovative solutions in the automotive aftermarket.
In November 2021, Spiffy, a dynamic mobile car care, technology, and services company, unveiled a strategic partnership with RepairPal, an established auto repair network. Through this collaboration, Spiffy's fleet customers gained access to independent auto repair shops within RepairPal's extensive network. RepairPal, headquartered in the United States, is recognized for providing car owners with free car repair estimates and connecting them with trustworthy shops that offer fair and accurate prices along with quality parts.
Major companies operating in the automotive aftermarket market report are Royal Dutch Shell PLC, Robert Bosch GmbH, ZF Friedrichshafen AG, Denso Corporation, Continental AG, Magna International Inc., AISIN SEIKI CO. LTD., Minnesota Mining and Manufacturing Company, Faurecia SE, Valeo SA, Lear Corporation, Goodyear Tire & Rubber Company, Cooper Tire & Rubber Company, Schaeffler AG, BorgWarner Inc., Adient PLC, Adient PLC, Dana Incorporated, Autoliv Inc., Magneti Marelli S.p.A., Mahle GmbH, DRiV Incorporated, Hella GmbH & Co. KGaA, Delphi Technologies PLC, Visteon Corporation, Garrett Motion Inc., Meritor Inc., Gentex Corporation, Exide Technologies Inc., Federal-Mogul LLC, Knorr-Bremse AG, Osram Licht AG, Veoneer Inc., WABCO Holdings Inc.
Asia-Pacific was the largest region in the automotive aftermarket market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive aftermarket market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the automotive aftermarket market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive aftermarket market primarily comprises product categories such as tires, batteries, brake components, filters, body parts, lighting and electronic elements, wheels, exhaust parts, and turbochargers. These diverse products play essential roles in the maintenance and repair of automobiles. In terms of certification, they fall into three main categories such as genuine parts, certified parts, and uncertified parts. Their application extends predominantly to passenger cars and commercial vehicles. Distribution of these products primarily occurs through offline retail outlets and online distribution channels.
The automotive aftermarket research report is one of a series of new reports that provides automotive aftermarket statistics, including automotive aftermarket industry global market size, regional shares, competitors with automotive aftermarket share, detailed automotive aftermarket segments, market trends and opportunities, and any further data you may need to thrive in the automotive aftermarket industry. This automotive aftermarket research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The automotive aftermarket includes revenue earned by entities by vehicle parts, equipment, replacement tires, service repair, collision repair and accessories. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The automotive aftermarket market size is expected to see rapid growth in the next few years. It will grow to $758.97 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. Projected growth is driven by service-oriented offerings, advanced materials adoption, digital transformation, vehicle electrification, and a focus on sustainability. Key trends include a rise in vehicle age, shifting consumer preferences, increased environmental awareness, growing demand for sustainable products, and innovation in replacement parts.
The automotive aftermarket market is experiencing growth, propelled by the increasing sales of both pre-owned and new vehicles. Notably, consumer preferences for car purchases have nearly returned to pre-COVID-19 levels, with strong demand observed in key markets such as the United States and China. As of 2021, new car sales have reached 94%, while used car sales have surpassed pre-COVID-19 levels at 97%. This resurgence in vehicle sales is indicative of a robust market. Furthermore, there is a notable surge in the purchase intent for electric vehicles, contributing to the overall momentum. The rising preference for both new and pre-owned vehicles is a key driver fueling the demand within the automotive aftermarket sector.
The anticipated increase in demand for spare parts is poised to drive the automotive aftermarket market in the future. Spare parts play a crucial role as components or items used to replace or repair damaged, worn-out, or malfunctioning parts of vehicles. Within the automotive aftermarket, these spare parts are essential for supporting maintenance, repair, and customization activities. As of July 2023, data from The Bureau of Labor Statistics, a US-based federal agency, indicates a notable 11.0% increase in motor vehicle parts manufacturing export prices from December 2019 to December 2022. This trend reflects a 1.7% price increase in 2020, followed by a 1.6% rise in 2021. The escalating demand for spare parts is expected to be a key driver propelling the growth of the automotive aftermarket market.
Prominent companies within the automotive aftermarket are strategically focusing on the development of innovative solutions, exemplified by the introduction of the latest aftermarket brake pads. Aftermarket brake pads refer to replacement brake pads manufactured by third-party entities, distinct from the original equipment manufacturer (OEM) parts provided by the vehicle's maker. As of October 2023, Brembo S.p.A., an Italy-based automotive braking systems manufacturer, has announced the launch of the 'Copper Free XTRA' brake pad line. This innovative line is equipped with Low Met and Ceramic NAO formulations, effectively bridging the gap between Brembo's aftermarket and performance lines. The 'Copper Free XTRA' brake pad line offers two distinct variations. The XTRA Low Met line is designed to deliver top-tier performance, enhanced braking capabilities, and an exceptional driving experience tailored for car enthusiasts. On the other hand, the XTRA Ceramic line prioritizes outstanding performance and comfort while minimizing dust generation, ensuring cleaner wheels. This strategic emphasis on innovative brake pad solutions exemplifies major companies' commitment to advancing and diversifying their offerings in the automotive aftermarket sector.
Key players in the automotive aftermarket sector are strategically directing their efforts towards the development of innovative solutions, with a notable focus on eCommerce platforms. An eCommerce platform serves as a digital framework or software solution, empowering businesses to conduct online transactions, sell products or services, and effectively manage their online presence. A case in point is AutoNation, a US-based automotive retailer company, which, in October 2023, unveiled 'AutoNationParts.com' - an eCommerce platform dedicated to auto parts and accessories. This newly launched platform provides customers with a convenient avenue to purchase products at competitive prices and have them delivered directly to their doorstep. 'AutoNationParts.com' offers an extensive selection of authentic manufacturer parts spanning over 25 brands. Customers can easily search for specific parts using criteria such as the vehicle identification number (VIN), year, make, model, trim, and engine, as well as through keywords and part numbers. This strategic move highlights major players' commitment to leveraging eCommerce platforms as part of their innovative solutions in the automotive aftermarket.
In November 2021, Spiffy, a dynamic mobile car care, technology, and services company, unveiled a strategic partnership with RepairPal, an established auto repair network. Through this collaboration, Spiffy's fleet customers gained access to independent auto repair shops within RepairPal's extensive network. RepairPal, headquartered in the United States, is recognized for providing car owners with free car repair estimates and connecting them with trustworthy shops that offer fair and accurate prices along with quality parts.
Major companies operating in the automotive aftermarket market report are Royal Dutch Shell PLC, Robert Bosch GmbH, ZF Friedrichshafen AG, Denso Corporation, Continental AG, Magna International Inc., AISIN SEIKI CO. LTD., Minnesota Mining and Manufacturing Company, Faurecia SE, Valeo SA, Lear Corporation, Goodyear Tire & Rubber Company, Cooper Tire & Rubber Company, Schaeffler AG, BorgWarner Inc., Adient PLC, Adient PLC, Dana Incorporated, Autoliv Inc., Magneti Marelli S.p.A., Mahle GmbH, DRiV Incorporated, Hella GmbH & Co. KGaA, Delphi Technologies PLC, Visteon Corporation, Garrett Motion Inc., Meritor Inc., Gentex Corporation, Exide Technologies Inc., Federal-Mogul LLC, Knorr-Bremse AG, Osram Licht AG, Veoneer Inc., WABCO Holdings Inc.
Asia-Pacific was the largest region in the automotive aftermarket market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive aftermarket market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the automotive aftermarket market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive aftermarket market primarily comprises product categories such as tires, batteries, brake components, filters, body parts, lighting and electronic elements, wheels, exhaust parts, and turbochargers. These diverse products play essential roles in the maintenance and repair of automobiles. In terms of certification, they fall into three main categories such as genuine parts, certified parts, and uncertified parts. Their application extends predominantly to passenger cars and commercial vehicles. Distribution of these products primarily occurs through offline retail outlets and online distribution channels.
The automotive aftermarket research report is one of a series of new reports that provides automotive aftermarket statistics, including automotive aftermarket industry global market size, regional shares, competitors with automotive aftermarket share, detailed automotive aftermarket segments, market trends and opportunities, and any further data you may need to thrive in the automotive aftermarket industry. This automotive aftermarket research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The automotive aftermarket includes revenue earned by entities by vehicle parts, equipment, replacement tires, service repair, collision repair and accessories. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Table of Contents
1. Executive Summary2. Automotive AfterMarket Characteristics3. Automotive AfterMarket Trends and Strategies32. Global Automotive AfterMarket Competitive Benchmarking33. Global Automotive AfterMarket Competitive Dashboard34. Key Mergers and Acquisitions in the Automotive AfterMarket
4. Automotive AfterMarket - Macro Economic Scenario
5. Global Automotive AfterMarket Size and Growth
6. Automotive AfterMarket Segmentation
7. Automotive AfterMarket Regional and Country Analysis
8. Asia-Pacific Automotive AfterMarket
9. China Automotive AfterMarket
10. India Automotive AfterMarket
11. Japan Automotive AfterMarket
12. Australia Automotive AfterMarket
13. Indonesia Automotive AfterMarket
14. South Korea Automotive AfterMarket
15. Western Europe Automotive AfterMarket
16. UK Automotive AfterMarket
17. Germany Automotive AfterMarket
18. France Automotive AfterMarket
19. Italy Automotive AfterMarket
20. Spain Automotive AfterMarket
21. Eastern Europe Automotive AfterMarket
22. Russia Automotive AfterMarket
23. North America Automotive AfterMarket
24. USA Automotive AfterMarket
25. Canada Automotive AfterMarket
26. South America Automotive AfterMarket
27. Brazil Automotive AfterMarket
28. Middle East Automotive AfterMarket
29. Africa Automotive AfterMarket
30. Automotive AfterMarket Competitive Landscape and Company Profiles
31. Automotive AfterMarket Other Major and Innovative Companies
35. Automotive AfterMarket Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Automotive Aftermarket Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on automotive aftermarket market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for automotive aftermarket? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Types: Tire; Battery; Brake Parts; Filters; Body Parts; Lighting and Electronic Components; Wheels; Exhaust Components; Turbochargers
2) By Vehicle Type: Passenger Cars; Commercial Vehicles
3) By Certification Outlook: Genuine Parts; Certified Parts; Uncertified Parts
4) By Distribution Channels: Offline Distribution Channel; Online Distribution Channel
Key Companies Mentioned: Royal Dutch Shell PLC; Robert Bosch GmbH; ZF Friedrichshafen AG; Denso Corporation; Continental AG
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Royal Dutch Shell PLC
- Robert Bosch GmbH
- ZF Friedrichshafen AG
- Denso Corporation
- Continental AG
- Magna International Inc.
- AISIN SEIKI CO. LTD.
- Minnesota Mining and Manufacturing Company
- Faurecia SE
- Valeo SA
- Lear Corporation
- Goodyear Tire & Rubber Company
- Cooper Tire & Rubber Company
- Schaeffler AG
- BorgWarner Inc.
- Adient plc
- Adient plc
- Dana Incorporated
- Autoliv Inc.
- Magneti Marelli S.p.A.
- Mahle GmbH
- DRiV Incorporated
- Hella GmbH & Co. KGaA
- Delphi Technologies PLC
- Visteon Corporation
- Garrett Motion Inc.
- Meritor Inc.
- Gentex Corporation
- Exide Technologies Inc.
- Federal-Mogul LLC
- Knorr-Bremse AG
- Osram Licht AG
- Veoneer Inc.
- WABCO Holdings Inc.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | February 2024 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value ( USD | $ 470.24 Billion |
| Forecasted Market Value ( USD | $ 758.97 Billion |
| Compound Annual Growth Rate | 12.7% |
| Regions Covered | Global |
