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Automotive Aftermarket - Global Market Trajectory & Analytics

  • ID: 338367
  • Report
  • May 2021
  • Region: Global
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • 3M Company
  • Akebono Brake Corporation
  • Continental AG
  • Gates Corporation
  • HELLA KGaA Hueck & Co.
  • Johnson Controls Inc.
  • MORE

Global Automotive Aftermarket Market to Reach US$562 Billion by the Year 2027


Amid the COVID-19 crisis, the global market for Automotive Aftermarket estimated at US$438.8 Billion in the year 2020, is projected to reach a revised size of US$562 Billion by 2027, growing at a CAGR of 3.6% over the analysis period 2020-2027.Mechanical Products, one of the segments analyzed in the report, is projected to grow at a 3.2% CAGR to reach US$228 Billion by the end of the analysis period.After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Exterior & Structural Products segment is readjusted to a revised 3.1% CAGR for the next 7-year period. This segment currently accounts for a 18.7% share of the global Automotive Aftermarket market.



The U.S. Accounts for Over 26.6% of Global Market Size in 2020, While China is Forecast to Grow at a 6.3% CAGR for the Period of 2020-2027


The Automotive Aftermarket market in the U.S. is estimated at US$116.8 Billion in the year 2020. The country currently accounts for a 26.61% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$104.4 Billion in the year 2027 trailing a CAGR of 6.3% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.9% and 2.4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 2.9% CAGR while Rest of European market (as defined in the study) will reach US$104.4 Billion by the year 2027.

Electrical Products Segment Corners a 16.7% Share in 2020


In the global Electrical Products segment, USA, Canada, Japan, China and Europe will drive the 4.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$58.9 Billion in the year 2020 will reach a projected size of US$78 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$33.6 Billion by the year 2027, while Latin America will expand at a 3% CAGR through the analysis period.

Select Competitors (Total 186 Featured) -

  • 3M Company
  • ACDElco
  • Akebono Brake Corporation
  • American Axle & Manufacturing Inc.
  • ASIMCO Technologies Limited
  • Bridgestone Corporation
  • Compagnie Générale des Etablissements Michelin
  • Continental AG
  • Denso Corporation
  • Gates Corporation
  • Goodyear Tire & Rubber Company
  • Grupo Kuo S.A.B. de C.V.
  • HELLA KGaA Hueck & Co.
  • Hyundai Mobis Co. Ltd.
  • Johnson Controls Inc.
  • Kumho Tires Co. Inc.
  • Pirelli & C. S.p.A.
  • Prestone Products Corporation
  • Robert Bosch GmbH
  • Tenneco Inc.
  • ZF Friedrichshafen AG
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • 3M Company
  • Akebono Brake Corporation
  • Continental AG
  • Gates Corporation
  • HELLA KGaA Hueck & Co.
  • Johnson Controls Inc.
  • MORE
I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Impact of COVID-19 Pandemic and Looming Global Recession: 2020 Marked as a Year of Disruption & Transformation
  • EXHIBIT 1: World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • Impact of the Pandemic on the Automotive Industry
  • Automotive Aftermarket to Register Protracted Recovery Post the Pandemic
  • A Prelude to Automotive Aftermarket Industry
  • Market Overview
  • Product Replacement Cycles: Key Factor Influencing Demand for Aftermarket Parts
  • Maximizing Efficiency of Automobiles: Business Case for Automotive Parts
  • The Worldwide Automotive Aftermarket Industry: Key Growth Drivers
  • Automotive Market Set for Revival and Anticipated to Extend Growth Opportunities
  • Emerging Markets to Drive Automotive Industry
  • Opportunities in Store & Outlook
  • Expanding Vehicle PARC & Longer Service Life of Vehicles Drive Opportunities in the Aftermarket
  • An Insight into the Rapidly Growing Online Automotive Aftermarket Industry
  • Competitive Scenario
  • OEMs Come Up with New Strategies to Counter Independent Players
  • OEMs Pose a Challenge to Aftermarket Players
  • OEMs Upstage Aftermarket Suppliers with New Designs
  • Manufacturers in Emerging Markets Intensify Competition
  • Player Consolidation Intensifies to Achieve Scale Economies
  • Private Label Brands Establish a Stronghold on the Aftermarket Brake Friction Products Segment
  • Discounters Hurt Business Prospects for Small Retailers and Branded Suppliers
  • Entry Barriers High in the Aftermarket Vehicular Lighting Segment
  • Independent Aftermarket Suppliers Better Placed in Comparison to Original Equipment Suppliers in the Aftermarket Vehicular Lighting Segment
  • Efficient Customer Service: A Key Competitive Variable
  • Internet: Transforming Distribution of Automotive Aftermarket Parts
  • The Rise of Amazon in the eCommerce Automotive Aftermarket Industry
  • Recent Market Activity
  • Select Global Brands
2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS
  • Large Global Base of Vehicle Fleet Offers Potential Opportunities for Aftermarket Products
  • EXHIBIT 2: Global Passenger Car & Commercial Vehicle Population (In Million Units) for the Years 2017 and 2020
  • With Consumers Preferring to Keep their Vehicles for Longer Periods, Market Opportunities Remain Rife
  • EXHIBIT 3: Average Age of Light Vehicles (Cars & Light Trucks) in the US for the Years 2011, 2015 & 2019
  • EXHIBIT 4: Average Age of Passenger Cars and Light Commercial Vehicles in the European Union (EU-27) for the Years 2013, 2016 & 2019
  • EXHIBIT 5: EU Passenger Cars Fleet Age (2019): Percentage Breakdown by Age
  • Anticipated Rise in New Car Sales to Shore Up Demand for Aftermarket Enhancements in the Coming Years
  • EXHIBIT 6: World Automobile Production in Million Units: 2008-2022
  • Automotive Aftermarket Industry Influenced by Prevailing Diverse Trends
  • Dynamic Changes on Several Fronts in the Store
  • As OEMs Embrace Customer-Oriented Approach, Dynamics in Aftermarket Market Likely to Change
  • Autonomous Vehicles & ADAS to Impact Uptake of Aftermarket Products
  • EXHIBIT 7: Global Autonomous Vehicle Sales (In Million) for Years 2020, 2025 & 2030
  • EXHIBIT 8: Autonomous Vehicle Commercialization & Technology Penetration Timeline
  • Battery Electric Vehicles to Influence Prospects of Parts Aftermarket
  • EXHIBIT 9: Global Electric Car Fleet Size (In Thousand Units) for the Years 2014, 2016, 2018 and 2021
  • Predictive Maintenance: New Norm in the Automotive Aftermarket Market
  • High Passenger Car Density in Developed Regions Spurs Opportunities
  • EXHIBIT 10: Motorization Rates for Select Countries: 2019
  • Growing Lenience Towards Small Affordable Cars in Developing Markets Bodes Well
  • New Technologies Keep Aftermarket Players on Their Toes
  • Pre-Owned Cars & Auto Leasing Drives Growth
  • Bad Road Conditions & Rise in Automotive Accidents Generate Demand for Aftermarket Parts
  • EXHIBIT 11: Number of Deaths Caused by Road Accidents Worldwide by Region for the Years 2017 & 2030
  • EXHIBIT 12: World Collision Replacement Products (2019): Percentage Breakdown of Revenues for Auto OEMs & Independent Aftermarket Component Manufacturers (Alternative Products)
  • EXHIBIT 13: World Mechanical Replacement Products Market (2019): Percentage Breakdown of Revenues for Auto OEMs & Independent Aftermarket Component Manufacturers (Alternative Products)
  • Rising Consumer Awareness on Vehicle Maintenance Boosts Market Prospects
  • DIY Customers Lending Traction to the Market
  • Market Attributes for Auto Parts in DIY Segment
  • Market Attributes for Auto Parts in DIY Segment
  • Growing Demand for DIFM Services Turn Service Providers into Target Customers for Aftermarket Products
  • Aftermarket Products Made in Asia Gain Importance in Global Market
  • With Low Price Tag, Asian Make Aftermarket Products Sustain Momentum
  • Emphasis on Product Innovation & Advancements Augurs Well
  • Remanufactured Aftermarket Parts & Components Gain Prominence
  • Remanufactured Aftermarket Parts & Components Gain Prominence
  • Remanufactured Starters & Alternators Continue to Find Significant Demand
  • EXHIBIT 14: Green House Gas Emissions (in kgCO2-eq) by Type of Manufacturing Activity: Remanufacturing with Secondary Material, New Production with Secondary Material, Remanufacturing with Primary Material and New Production with Primary Material
  • EXHIBIT 15: Waste Generated (in Kgs) by Type of Manufacturing Activity: Remanufacturing and New Product Manufacturing
  • EXHIBIT 16: Breakdown of the Real and Resorted Value of Material, Labor, Energy and Plant & Equipment (in %) for New Product and Remanufactured Product
  • EXHIBIT 17: Breakdown of the Volume of Material Consumed (in Kgs) by Type of Manufacturing Activity: Remanufacturing and New Product Manufacturing
  • EXHIBIT 18: Breakdown of the Volume of Energy Consumed (in Megajoule (MJ)) by Type of Manufacturing Activity: Remanufacturing (with Primary and Secondary Material) and New Production (with Primary and Secondary Material)
  • Demographic Trends to Underpin Future Revenue Growth
  • Urban Sprawl: Prominent Driver for Automotive Industry & Aftermarket Market
  • EXHIBIT 19: World Urban Population in Millions: 1950-2050
  • EXHIBIT 20: Percentage of Urban Population in Select Countries (2018 & 2050)
  • Middle Class Segment Emerges as Major Consumer Group
  • EXHIBIT 21: Breakdown of World Middle Class Population (in Million) by Region for the Years 2016, 2020 & 2030
  • EXHIBIT 22: Breakdown of World Middle Class Spending (in US$ Billion) by Region for the Years 2016, 2020 & 2030
  • A REVIEW OF SELECT PRODUCT SEGMENTS
  • Mechanical Products: Dominant Product Category
  • Aftermarket Radiators Segment Witnesses Robust Demand
  • Aftermarket Brake Shoes & Brake Pads Market: A Review
  • Regulatory Guidelines Dictate Material Selection in Brake Friction Products
  • Focus on Light-Weight and Non-Toxic Friction Material
  • Ceramic Brake Pads Make their Way into the Market
  • Concerns Over Automotive Emissions Steer Demand for Aftermarket Air Filters
  • Cabin Air Filters Replacement Demand Also Means Easy Money for Service Providers
  • Technological Advancements: Spearheading Growth
  • Finer Separation Designs with Reduced Energy Consumption Come to the Fore
  • Nanotechnology Powered Air Filters to Gain Attention
  • A Look into Aftermarket Fuel Pumps Market
  • Stringent Emission Regulations Drive Regular Electric Fuel Pumps Replacements
  • Aftermarket Gear Shifters & Drives Find Considerable Demand
  • Aftermarket Electronic Products: High Growth Segment
  • Vehicle Electronification Trend to Intensify the Demand for Aftermarket Automotive Electronics in the Coming Years
  • EXHIBIT 23: Automotive Electronics as a Percentage (%) of Vehicle Production Cost for the Years 2010, 2020 & 2030
  • EXHIBIT 24: Average Value of In-Vehicle Electronics (In US$) Per Vehicle for the Years 2018, 2025 & 2030
  • Connected Cars Solidify the Relevance of Integrated Electronic Parts
  • EXHIBIT 25: Global Number of Connected Cars Shipped (In 000 Units) for the Years 2017, 2019 and 2022
  • Robust Opportunities in On-Board Aftermarket Infotainment & Electronic Systems Vertical
  • Desire to Replace Obsolete Audio Systems Driving Demand for New Age Replacements
  • Integrated Entertainment Devices Growing in Popularity
  • In-Car Streaming Radio: A Promising Segment
  • Entertainment Becomes Punchier With Aftermarket Infotainment Systems
  • EXHIBIT 26: Global Automotive Infotainment Systems Market (2019): Percentage Share Breakdown of OEM & Aftermarket Segments
  • Aftermarket Automobile Navigation Systems Gain Popularity
  • Aftermarket GPS Systems Commands Increasing Usage in Fleet Management
  • Aftermarket GPS Car Security Systems: Getting Smaller and Simpler
  • Vehicle Security Systems: Auto Producers Storm into Aftermarket Security Systems Market
  • Aftermarket Exterior & Structural Products: Driven Mostly By Tires
  • Aftermarket Tires: Prominent Category
  • Retreaded Tires Grow in Popularity in Aftermarket
  • Vehicular Wiper Systems: Advanced Sensors Augment Usability
  • Wiper Blades: Main Replacement Component
  • Universal Fit Aftermarket Wiper Systems Grow in Popularity
  • Growing Demand in DIY Segment
  • Pricing: The Main Competitive Variable for Aftermarket Wiper Systems
  • Factors Influencing Wiper Purchases in Aftermarket - on a Scale of 1 to 10
  • Growing Preference for Integrated Systems
  • Aftermarket Rear Wiper Systems: Untapped Opportunity in Low Cost Car Segment
  • Rise in Demand for Quieter, Lighter and Cleaner Windshield Systems
  • Aftermarket Electrical Products: Batteries Remain Extremely Relevant
  • Dominance of Automotive Lead Acid Battery Remains Even More Clear in Aftermarket Market
  • New Age Cars to Drive Battery Replacement Demand
  • Advanced Vehicular Lighting Systems Augment Aftermarket Demand
  • Product Developments & Technology Innovations to Continue in Aftermarket Lighting Systems Vertical
  • Aftermarket Motor Oil, Fluids & Additives: A Compulsion for Healthy Operation of the Vehicle
  • Emission Regulations Accelerate Adoption of High-Quality Aftermarket Lubricants
  • Engine Oils: Major Revenue Generators
  • Recycled Oils Score Over Virgin Oils
  • Products Specifically Developed for and Used by Specific End Users
  • Additives Continue to Make Gains
  • Aftermarket Appearance Chemicals Seek Opportunities
  • Luxury Cars: Primary Target Segment for Appearance Chemicals
  • Growing Investments on Vintage & Classic Cars Augurs Well
  • KEY CHALLENGES
  • Counterfeit Products Pose a Threat to the Market
  • Casual Attitude of Customers Towards Replacement of Parts
  • Extended Life of OEM Engine & Transmission Systems Hampers Growth
  • Extended Warranties Hinder Prospects of Independent Service Providers
  • New & Advanced OEM Fittings Threaten Aftermarket Opportunities
  • Longer Drain Times Quell Demand for Lubricant Refills
  • Lower Crankcase Capacities too Reduce Quantity of Lubricants & Oil Consumption
  • PRODUCT OVERVIEW
  • Automotive Aftermarket: A Definition
  • Automotive Aftermarket Product Segments
  • Key Channels of Distribution
  • Auto Parts Glossary
4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

UNITED STATES
  • Increasing Average Life of Vehicle Drives Demand for US Automotive Aftermarket Appearance Chemicals
  • EXHIBIT 27: US Motor Vehicle Aftermarket Industry (2020): Percentage Market Share Breakdown by Market Segment
  • EXHIBIT 28: The US Passenger Car & Commercial Vehicle Population (In Million Units) for the Years 2009 through 2020
  • Automotive Lead-Acid Batteries Continue to Gain Market Demand
  • EXHIBIT 29: US Battery Market (2020): Percentage Breakdown of Demand by Battery Type - Alkaline, Lead-Acid, Rechargeable Lithium, Other Primary and Other Secondary
  • Asian Products Gain Traction in US Automotive Aftermarket
  • Focus on Premium Components Sale and Better Product Differentiation: Key Growth Drivers for the Aftermarket
  • Key Trends & Issues
  • Mandated Extended Warranties
  • Renewed Interest for Extended Drain Oils
  • Right to Repair Bill
  • Women - 'Target Customers' for Auto Parts Stores
  • Fashionable Accents Gain Popularity
  • Extreme Weather Conditions Add to Aftermarket Sales of Automotive Parts
  • Do-It-For-Me Segment Continues to be Major Sales Contributor
  • EXHIBIT 30: US Automotive Aftermarket Industry (2020): Percentage Share Breakdown of Sales for Do-It-For-Me (DIFM) & Do-It-Yourself (DIY) Market Segments
  • EXHIBIT 31: US Automotive Do-It-For-Me Market (2020): Percentage Market Share Breakdown by Outlet Type
  • Soaring Demand for Aftermarket Automotive Entertainment Systems Adds Growth in the Aftermarket Electronics Segment
  • Brake Systems Market in the US - A Review
  • Demand Drivers in the US Brake Parts Aftermarket
  • Impact of Demand Drivers on the US Brake Parts Aftermarket
  • Challenges and Factors Limiting Growth in the US Brake Parts Aftermarket
  • Impact of Market Restraints on the US Brake Parts Aftermarket
  • Distribution Channels in the US Aftermarket for Brakes
  • Automotive Gauge Aftermarket
  • Challenging Factors in the US Automotive Gauge Aftermarket
  • Impact of Market Drivers on the US Automotive Gauge Aftermarket
  • Impact of Market Restraints on the US Automotive Gauge Aftermarket
  • Distribution Channels of Automotive Gauge
  • Ride Control Equipment Aftermarket
  • Competitive Scenario in the Ride Control Equipment Market
  • Challenging Factors in the US Ride Control Equipment Aftermarket
  • Impact of Market Drivers on the US Ride Control Equipment Aftermarket
  • Impact of Market Restraints on the US Ride Control Equipment Aftermarket
  • Strut Aftermarket
  • Impact of Market Drivers on the US Strut Aftermarket
  • Impact of Market Restraints on the US Strut Aftermarket
  • Replacement Tires - An Important Segment in Automotive Aftermarket
  • EXHIBIT 32: The US Market for Consumer Tires (2020): Percentage Market Share Breakdown of Retail Sales by Distribution Channel
  • Auto Part Retailers in the US Target Commercial Customers to Improve Business Prospects
  • Weather and Aging Vehicles Prompt Growth in the Automotive Battery Market
  • US Automotive Aftermarket to Witness Increased Demand for Repair and Maintenance Post COVID-19 Pandemic
  • Market Analytics
CANADA
  • Market Overview
  • EXHIBIT 33: Canadian Passenger Car & Light Commercial Vehicle Population (In Million Units) for the Years 2010 through 2020
  • Canadian Automotive and Automotive Aftermarket Perspective
  • Canadian Vs American Automotive Aftermarket
  • Aftermarket Comes to the Rescue of Lead Acid Battery Manufacturers
  • Market Analytics
JAPAN
  • Market Overview
  • EXHIBIT 34: Japanese Passenger Car & Commercial Vehicle Population (In Million Units) for the Years 2010 through 2020
  • Premium Placed on Quality
  • Distribution Dynamics
  • Demand for Independent Auto Garages
  • Growth Inhibiting Factors
  • Market Evolution Over the Years: Historic Perspective
  • Market Analytics
CHINA
  • Chinese Vehicles in Operation Increasing
  • EXHIBIT 35: Chinese Passenger Car & Commercial Vehicle Population (In Million Units) for the Years 2010 through 2020
  • China Still a Major Market for Aftermarket Products
  • EXHIBIT 36: Automotive Electrical Product Aftermarket in China (2020): Percentage Share Breakdown of Value Sales by Product Segment
  • EXHIBIT 37: Automotive Brake Parts & Assemblies Aftermarket in China (2020): Percentage Share Breakdown of Value Sales by Product Segment
  • Distribution Dynamics
  • COVID-19 Impact on Chinese Automotive Aftermarket
  • Market Analytics
EUROPE
  • Market Overview
  • Factors Affecting the European Automotive Aftermarket
  • EXHIBIT 38: Motorization Rates for Select Countries in Europe: 2021E
  • Market Analytics
FRANCE

GERMANY

ITALY

UNITED KINGDOM

SPAIN

RUSSIA

REST OF EUROPE

ASIA-PACIFIC

AUSTRALIA

INDIA

SOUTH KOREA

REST OF ASIA-PACIFIC

LATIN AMERICA

ARGENTINA

BRAZIL
  • Brazilian Automotive Parts and Components Industry: An Overview
  • EXHIBIT 39: Brazilian Passenger Car & Commercial Vehicle Population (In Million Units) for the Years 2010 through 2020
  • Automobile Parts and Components Manufactured in Brazil
  • Market Analytics
MEXICO
  • Mexico: An Important Automotive Aftermarket
  • EXHIBIT 40: Mexican Passenger Car & Commercial Vehicle Population (In Million Units) for the Years 2010 through 2020
  • Mexican Automotive Aftermarket Overview
  • Market Analytics
REST OF LATIN AMERICA

MIDDLE EAST

IRAN

ISRAEL

SAUDI ARABIA

UNITED ARAB EMIRATES

REST OF MIDDLE EAST

AFRICA

IV. COMPETITION
  • Total Companies Profiled: 186

Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • 3M Company
  • ACDElco
  • Akebono Brake Corporation
  • American Axle & Manufacturing Inc.
  • ASIMCO Technologies Limited
  • Bridgestone Corporation
  • Compagnie Générale des Etablissements Michelin
  • Continental AG
  • Denso Corporation
  • Gates Corporation
  • Goodyear Tire & Rubber Company
  • Grupo Kuo S.A.B. de C.V.
  • HELLA KGaA Hueck & Co.
  • Hyundai Mobis Co. Ltd.
  • Johnson Controls Inc.
  • Kumho Tires Co. Inc.
  • Pirelli & C. S.p.A.
  • Prestone Products Corporation
  • Robert Bosch GmbH
  • Tenneco Inc.
  • ZF Friedrichshafen AG
Note: Product cover images may vary from those shown
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