Automotive Aftermarket Industry Size, Trends: 2023–2030 Forecasts and Key Insights
The data and information presented in this report, titled “Automotive Aftermarket Industry Size, Share & Trends Analysis Report By Replacement Part, By Distribution Channel, By Service Channel, By Certification, By Region, And Segment Forecasts, 2023–2030,” are sourced from Grand View Research, Inc. The original report can be found on their website at grandviewresearch.com. I am utilizing this content solely for informational purposes, giving full credit to the owner of the content, Grand View Research, Inc.
Overview:
The global automotive aftermarket industry, valued at USD 427.51 billion in 2022, is projected to witness a compound annual growth rate (CAGR) of 4.0% from 2023 to 2030, as reported by Grand View Research, Inc. The market is primarily fueled by the desire of vehicle owners to enhance various aspects of their vehicles, including exhaust sound, speed, appearance, and more. Regulatory authorities, such as the Japanese Automobile Sports Muffler Association (JASMA) and the U.S. Environmental Protection Agency, closely monitor standards and environmental impacts related to automotive component functioning.
The market’s value chain consists of two key sectors: suppliers of automotive replacement parts and service enablers. These central segments within the industry are engaged in value exchange across various intermittent stages within the automotive sectors. The accessibility of a comprehensive range of components, combined with streamlined transactions facilitated by the digitization of global automotive component sales, is expected to address availability issues, consequently propelling the automotive aftermarket industry. The subsequent digitalization is foreseen to significantly influence the industry, as an increasing number of individuals align with Internet-of-Things (IoT) and digitization trends.
Regional Insights:
In terms of market size, Asia Pacific held a dominant share of 28.5% in 2022, and significant growth is expected from 2023 to 2030. Factors such as advanced technology in auto parts fabrication increased consumer and passenger automobile production and sales, and the digitalization of automotive component delivery services are anticipated to drive automotive sales in the region. Market players are strategically focusing on acquisitions to gain a larger market share. For instance, in February 2021, Goodyear Tire & Rubber Company acquired Cooper Tire & Rubber Company, combining brand portfolios to offer comprehensive services across the market spectrum.
Expectations are high for the prototype to outperform current automobiles. These expectations have exerted pressure on automotive spare parts suppliers to manufacture environmentally friendly and highly efficient automotive components for both local and global markets. In recent years, emerging economies, including China, India, and Brazil, have witnessed significant advancements, contributing to optimistic prospects for the growth of this segment in the Asia Pacific region.
Global Automotive Aftermarket Industry Segmentation:
This report by Grand View Research forecasts revenue growth at the regional level and analyzes industry trends in segments from 2017 to 2030. The segmentation is based on replacement parts, distribution channels, service channels, certification, and region.
- Replacement Parts Outlook: Includes tire, battery, brake parts, filters, body parts, lighting & electronic components, wheels, exhaust components, turbochargers, and others.
- Distribution Channel Outlook: Encompasses retailers, OEMs, repair shops, and wholesalers & distributors.
- Service Channel Outlook: Divided into DIY (Do it Yourself), DIFM (Do it for Me), and OE (Delegating to OEM’s).
- Certification Outlook: Categorized into genuine parts, certified parts, and uncertified parts.
- Regional Outlook: Covers North America (U.S., Canada, Mexico), Europe (Germany, U.K., France), Asia Pacific (China, Japan, India), South America (Brazil), and the Middle East & Africa.
Automotive Aftermarket Industry Report Table
