The passenger cars aftermarket market size has grown strongly in recent years. It will grow from $250.68 billion in 2023 to $263.87 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The expansion observed in the historical period can be ascribed to shifts in consumer preferences, increased vehicle longevity, economic factors, the do-it-yourself (DIY) trend, and regulatory changes.
The passenger cars after market market size is expected to see steady growth in the next few years. It will grow to $318.38 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The anticipated growth in the forecast period can be linked to factors such as an aging vehicle fleet, heightened environmental awareness, customization trends, the emergence of new markets, and the transition to electric vehicles. Key trends expected in the forecast period involve a focus on sustainable and green products, the DIY (do-it-yourself) approach to repair and maintenance, the integration of augmented reality (AR) for maintenance purposes, a heightened demand for performance upgrades, and retrofitting for autonomous features.
One of the primary drivers of the passenger car aftermarket market is the extension of the average lifespan of cars, leading to increased consumer engagement in regular maintenance and scheduled servicing. The lifespan of a vehicle is characterized by its maximum service life in terms of mileage and time. Key components such as wheels, batteries, spark plugs, and air filters play a crucial role in extending a vehicle's life. According to IHS Automotive Markit in 2021, the average age of cars on the road in the US increased from 11.9 years in 2020 to 12.1 years. Consequently, the push to increase the average lifespan of cars is fueling the growth of the passenger car aftermarket market.
The anticipated growth in the passenger car aftermarket market is also driven by the increasing demand for tires. Tires, whether cylindrical, air-filled, or solid rubber structures, are mounted on vehicle wheels to provide a resilient and durable contact surface with the road or ground. They play a vital role in enhancing safety, performance, and comfort, offering a diverse range of options to meet the varied needs and preferences of car owners. For instance, in August 2023, Tire Grades, a US-based website providing automotive tire information, reported an annual sale of 300 million tires in the US. Hence, the rising demand for tires is a significant factor propelling the growth of the passenger car aftermarket market.
The market faces a challenge due to the offering of extended warranties by companies to third parties on vehicle parts or services, impacting independent service providers. Extended warranties, provided on specific vehicle parts or services, aim to extend the vehicle's lifetime, leading to complimentary services or discounts for consumers. As warranty repairs are exclusively conducted by the Original Equipment Manufacturers (OEMs), the aftermarket sales and services market, predominantly generated through dealer service centers, experiences a setback. According to the Motor & Equipment Manufacturers Association (MEMA), in California, extended warranties for all light-duty vehicles did not have a significant impact on independent repair shops.
The passenger car aftermarket market is incorporating 3D printing technology, also known as Additive Manufacturing (AM), to produce high-quality off-the-shelf car parts using 3D printers capable of working with metals and alloys. 3D printing involves creating a virtual 2D object in software and constructing the 3D framework using the printer. The adoption of 3D printing in the production of automobile parts enhances efficiency and elevates the production standards of companies. Leading companies, including General Motors, BMW, Ford, and Porsche, have already initiated investments in this technological trend.
Prominent players in the passenger car aftermarket market are emphasizing innovative products such as TRW shock absorbers, brake pads, and discs to drive revenues in their respective markets. These components, crucial for the proper functioning and safety of a vehicle's braking and suspension systems, are integral to ensuring vehicle safety. For example, in April 2023, ZF Friedrichshafen AG, a Germany-based technology company specializing in driveline and chassis technology, introduced three new products, TRW shock absorbers, brake pads, and discs. The TRW True Originals brake pads are meticulously designed and rigorously tested using various methods to ensure an efficient braking system. The TRW line of shock absorbers employs innovative technology and well-established procedures to deliver enhanced safety and performance, undergoing extensive testing protocols, including low and high-velocity testing, endurance checks, damping and dimension verification, and testing in challenging weather and road conditions.
In October 2021, Motus, a South Africa-based automotive company affiliated with Toyota, acquired FAI Automotive PLC, strengthening its international presence in the UK and expanding its aftermarket parts business. FAI Automotive PLC, a UK-based distributor of premium aftermarket automotive components, is a leading supplier of high-quality engine and chassis components to the UK and international aftermarket, providing repair solutions for a wide range of vehicles.
Major companies operating in the passenger cars aftermarket market report are Robert Bosch Gmbh, JTEKT Corporation, ZF friedrichshafen AG, Denso Corporation, Continental AG, Hyundai Mobis Co. Ltd., Aisin Corporation, 3M company, Bridgestone Corporation, Sumitomo Electric Industries Ltd., Valeo SA, Lear Corporation, Goodyear tire & rubber company, Eaton Corporation PLC, Aptiv PLC, Schaeffler Technologies AG & Co. KG, BorgWarner Inc., Mahle GmbH, Marelli Europe S.p.A., Federal -Mogul Corporation, Pirelli & C. S.p.A., Hella GmbH & Co. KGaA, American Axle & Manufacturing Inc., Gates Corporation, Kumho Tire Co. Inc., Cooper tire & Rubber Company, Exide Industries Ltd., Yazaki Corp., Akebono Brake Corporation Ltd., ACDelco, NSK Ltd. Asia-Pacific was the largest region in the passenger car aftermarket market in 2023. North America was the second-largest region in the global passenger car aftermarket market share. The regions covered in the passenger cars after market market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Within the passenger car aftermarket, key categories include tires, batteries, brake parts, filters, body parts, lighting, wheels, exhaust components, turbochargers, and other essential elements. A tire, commonly referred to as a tire, is a circular device that encases the rim of a wheel, supporting the vehicle's load from the axle to the ground and providing traction on the surface over which the wheel moves. Various certifications are available, including genuine parts, certified parts, and uncertified parts, accessible through diverse distribution channels such as retailers (OEMs, repair shops), wholesalers, and distributors.
The passenger car aftermarket market research report is one of a series of new reports that provides passenger car aftermarket market statistics, including passenger car aftermarket industry global market size, regional shares, competitors with a passenger car aftermarket market share, detailed passenger car aftermarket market segments, passenger car aftermarket market trends and opportunities, and any further data you may need to thrive in the passenger car aftermarket industry. This passenger car aftermarket market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The countries covered in the passenger cars aftermarket market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The passenger car aftermarket market includes revenues earned by entities by providing services such as manufacturing, distribution, retailing, installation, and remanufacturing of all vehicle parts and accessories. Revenues include fees, interest payments, commissions or transaction charges. 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 passenger cars after market market size is expected to see steady growth in the next few years. It will grow to $318.38 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The anticipated growth in the forecast period can be linked to factors such as an aging vehicle fleet, heightened environmental awareness, customization trends, the emergence of new markets, and the transition to electric vehicles. Key trends expected in the forecast period involve a focus on sustainable and green products, the DIY (do-it-yourself) approach to repair and maintenance, the integration of augmented reality (AR) for maintenance purposes, a heightened demand for performance upgrades, and retrofitting for autonomous features.
One of the primary drivers of the passenger car aftermarket market is the extension of the average lifespan of cars, leading to increased consumer engagement in regular maintenance and scheduled servicing. The lifespan of a vehicle is characterized by its maximum service life in terms of mileage and time. Key components such as wheels, batteries, spark plugs, and air filters play a crucial role in extending a vehicle's life. According to IHS Automotive Markit in 2021, the average age of cars on the road in the US increased from 11.9 years in 2020 to 12.1 years. Consequently, the push to increase the average lifespan of cars is fueling the growth of the passenger car aftermarket market.
The anticipated growth in the passenger car aftermarket market is also driven by the increasing demand for tires. Tires, whether cylindrical, air-filled, or solid rubber structures, are mounted on vehicle wheels to provide a resilient and durable contact surface with the road or ground. They play a vital role in enhancing safety, performance, and comfort, offering a diverse range of options to meet the varied needs and preferences of car owners. For instance, in August 2023, Tire Grades, a US-based website providing automotive tire information, reported an annual sale of 300 million tires in the US. Hence, the rising demand for tires is a significant factor propelling the growth of the passenger car aftermarket market.
The market faces a challenge due to the offering of extended warranties by companies to third parties on vehicle parts or services, impacting independent service providers. Extended warranties, provided on specific vehicle parts or services, aim to extend the vehicle's lifetime, leading to complimentary services or discounts for consumers. As warranty repairs are exclusively conducted by the Original Equipment Manufacturers (OEMs), the aftermarket sales and services market, predominantly generated through dealer service centers, experiences a setback. According to the Motor & Equipment Manufacturers Association (MEMA), in California, extended warranties for all light-duty vehicles did not have a significant impact on independent repair shops.
The passenger car aftermarket market is incorporating 3D printing technology, also known as Additive Manufacturing (AM), to produce high-quality off-the-shelf car parts using 3D printers capable of working with metals and alloys. 3D printing involves creating a virtual 2D object in software and constructing the 3D framework using the printer. The adoption of 3D printing in the production of automobile parts enhances efficiency and elevates the production standards of companies. Leading companies, including General Motors, BMW, Ford, and Porsche, have already initiated investments in this technological trend.
Prominent players in the passenger car aftermarket market are emphasizing innovative products such as TRW shock absorbers, brake pads, and discs to drive revenues in their respective markets. These components, crucial for the proper functioning and safety of a vehicle's braking and suspension systems, are integral to ensuring vehicle safety. For example, in April 2023, ZF Friedrichshafen AG, a Germany-based technology company specializing in driveline and chassis technology, introduced three new products, TRW shock absorbers, brake pads, and discs. The TRW True Originals brake pads are meticulously designed and rigorously tested using various methods to ensure an efficient braking system. The TRW line of shock absorbers employs innovative technology and well-established procedures to deliver enhanced safety and performance, undergoing extensive testing protocols, including low and high-velocity testing, endurance checks, damping and dimension verification, and testing in challenging weather and road conditions.
In October 2021, Motus, a South Africa-based automotive company affiliated with Toyota, acquired FAI Automotive PLC, strengthening its international presence in the UK and expanding its aftermarket parts business. FAI Automotive PLC, a UK-based distributor of premium aftermarket automotive components, is a leading supplier of high-quality engine and chassis components to the UK and international aftermarket, providing repair solutions for a wide range of vehicles.
Major companies operating in the passenger cars aftermarket market report are Robert Bosch Gmbh, JTEKT Corporation, ZF friedrichshafen AG, Denso Corporation, Continental AG, Hyundai Mobis Co. Ltd., Aisin Corporation, 3M company, Bridgestone Corporation, Sumitomo Electric Industries Ltd., Valeo SA, Lear Corporation, Goodyear tire & rubber company, Eaton Corporation PLC, Aptiv PLC, Schaeffler Technologies AG & Co. KG, BorgWarner Inc., Mahle GmbH, Marelli Europe S.p.A., Federal -Mogul Corporation, Pirelli & C. S.p.A., Hella GmbH & Co. KGaA, American Axle & Manufacturing Inc., Gates Corporation, Kumho Tire Co. Inc., Cooper tire & Rubber Company, Exide Industries Ltd., Yazaki Corp., Akebono Brake Corporation Ltd., ACDelco, NSK Ltd. Asia-Pacific was the largest region in the passenger car aftermarket market in 2023. North America was the second-largest region in the global passenger car aftermarket market share. The regions covered in the passenger cars after market market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Within the passenger car aftermarket, key categories include tires, batteries, brake parts, filters, body parts, lighting, wheels, exhaust components, turbochargers, and other essential elements. A tire, commonly referred to as a tire, is a circular device that encases the rim of a wheel, supporting the vehicle's load from the axle to the ground and providing traction on the surface over which the wheel moves. Various certifications are available, including genuine parts, certified parts, and uncertified parts, accessible through diverse distribution channels such as retailers (OEMs, repair shops), wholesalers, and distributors.
The passenger car aftermarket market research report is one of a series of new reports that provides passenger car aftermarket market statistics, including passenger car aftermarket industry global market size, regional shares, competitors with a passenger car aftermarket market share, detailed passenger car aftermarket market segments, passenger car aftermarket market trends and opportunities, and any further data you may need to thrive in the passenger car aftermarket industry. This passenger car aftermarket market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The countries covered in the passenger cars aftermarket market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The passenger car aftermarket market includes revenues earned by entities by providing services such as manufacturing, distribution, retailing, installation, and remanufacturing of all vehicle parts and accessories. Revenues include fees, interest payments, commissions or transaction charges. 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. Passenger Cars After Market Characteristics3. Passenger Cars After Market Trends and Strategies32. Global Passenger Cars After Market Competitive Benchmarking33. Global Passenger Cars After Market Competitive Dashboard34. Key Mergers and Acquisitions in the Passenger Cars After Market
4. Passenger Cars After Market - Macro Economic Scenario
5. Global Passenger Cars After Market Size and Growth
6. Passenger Cars After Market Segmentation
7. Passenger Cars After Market Regional and Country Analysis
8. Asia-Pacific Passenger Cars After Market
9. China Passenger Cars After Market
10. India Passenger Cars After Market
11. Japan Passenger Cars After Market
12. Australia Passenger Cars After Market
13. Indonesia Passenger Cars After Market
14. South Korea Passenger Cars After Market
15. Western Europe Passenger Cars After Market
16. UK Passenger Cars After Market
17. Germany Passenger Cars After Market
18. France Passenger Cars After Market
19. Italy Passenger Cars After Market
20. Spain Passenger Cars After Market
21. Eastern Europe Passenger Cars After Market
22. Russia Passenger Cars After Market
23. North America Passenger Cars After Market
24. USA Passenger Cars After Market
25. Canada Passenger Cars After Market
26. South America Passenger Cars After Market
27. Brazil Passenger Cars After Market
28. Middle East Passenger Cars After Market
29. Africa Passenger Cars After Market
30. Passenger Cars After Market Competitive Landscape and Company Profiles
31. Passenger Cars After Market Other Major and Innovative Companies
35. Passenger Cars After Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Passenger Cars 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 passenger cars 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 passenger cars 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 Type: Tires; Battery; Brake parts; Filters; Body parts; Lighting; Wheels; Exhaust components; Turbochargers; Other Types
2) By Certifications: Genuine Parts; Certified Parts; Uncertified Parts
3) By Distribution Channel: Retailers (OEM's; Repair Shops); Wholesalers & Distributors
Key Companies Mentioned: Robert Bosch Gmbh; JTEKT Corporation; 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:
- Robert Bosch Gmbh
- JTEKT Corporation
- ZF friedrichshafen AG
- Denso Corporation
- Continental AG
- Hyundai Mobis Co. Ltd.
- Aisin Corporation
- 3M company
- Bridgestone Corporation
- Sumitomo Electric Industries Ltd.
- Valeo SA
- Lear Corporation
- Goodyear tire & rubber company
- Eaton Corporation plc
- Aptiv plc
- Schaeffler Technologies AG & Co. KG
- BorgWarner Inc.
- Mahle GmbH
- Marelli Europe S.p.A.
- Federal -Mogul Corporation
- Pirelli & C. S.p.A.
- Hella GmbH & Co. KGaA
- American Axle & Manufacturing Inc.
- Gates Corporation
- Kumho Tire Co. Inc.
- Cooper tire & Rubber Company
- Exide Industries Ltd.
- Yazaki Corp.
- Akebono Brake Corporation Ltd.
- ACDelco
- NSK Ltd.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 250 |
| Published | February 2024 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value ( USD | $ 263.87 Billion |
| Forecasted Market Value ( USD | $ 318.38 Billion |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | Global |
