Automotive Aftermarket Market Share, Size, Trends, Industry Analysis Report, By Distribution Channel (Wholesalers & Distributors, Retailers); By Replacement parts; By Certification; By Service Channels; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 119
- Format: PDF
- Report ID: PM1028
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global automotive aftermarket market size and share are expected to grow from USD 456.42 Billion in 2023 to USD 735.13 Billion by 2032, growing at a CAGR of 5.5% during the forecast period.
The market is predominantly influenced by the desire of car enthusiasts to improve various aspects of their vehicle's performance, including exhaust sound, speed, and appearance. Additionally, regulatory bodies like the Japanese Automobile Sports Muffler Association (JASMA) and the U.S. Environmental Protection Agency oversee the compliance standards and environmental effects related to the functioning of automotive components.
Anyone who owns a vehicle or completes regular maintenance knows that each automotive system has a subsystem with its components. The exact number of parts in a vehicle varies widely from car to car, but an average automobile has thousands of parts, including screw components. Some automobile manufacturers design and develop universal components that fit every automobile. However, automotive companies typically change the design of their vehicles from year to year. Vehicle owners will usually have the same model and type that varies based on aspects like transmission and body style. So, where does the automotive aftermarket fit into the overall automobile sector landscape? What makes the aftermarket components unique from their original equipment manufacturer (OEM) counterparts? Let’s take a closer look!
The automotive aftermarket is the secondary parts market in the automotive sector. It deals with the manufacturing, distribution, and fitting of vehicle components, parts, and accessories after the sale of the automobile by the original equipment manufacturer to the consumer. In other words, aftermarket equipment is parts made by third-party companies based on the designs by OEMs. Aftermarket products are broadly classified into two categories: replacement parts and accessories. Replacement parts are developed to replace worn automotive parts, whereas accessories are largely meant for customer convenience, comfort, and safety. The desire among automotive owners to enhance vehicle performance predominantly influences the automotive aftermarket market growth.
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- For instance, the levels of noise emissions linked to contemporary automotive resonators and mufflers within vehicle exhaust systems. The digitalization of sales and services for component delivery, coupled with the emergence of an online platform distributing aftermarket components in collaboration with global auto-part supplier groups, is anticipated to attract significant investments from major stakeholders. Notably, prominent market component suppliers like US Auto Parts Network, Inc. and CarParts.com are poised to fuel the future global automotive aftermarket market demand.
The research report offers a quantitative and qualitative analysis of the automotive aftermarket market to enable effective decision-making. It covers the key trends and growth opportunities anticipated to have a favorable impact on the market. Besides, the study covers segment and regional revenue forecasts for market assessment.
Due to the trade gateways mentioned above, the potential for online aftermarket business platforms is substantial in developing nations. Moreover, the increasing online sales of automotive components are expected to generate significant demand for the market. Companies are transitioning to digital platforms to provide a smoother experience for customers. For instance, In January 2020, Continental AG unveiled its online portal, encompassing a comprehensive portfolio of services and product information for the market.
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Moreover, advancements in propulsion technology have generated various opportunities in the market. Nevertheless, concerns regarding high research and development expenses are anticipated to impede market growth in the forecast period. Automotive manufacturers encounter specific limitations in their manufacturing processes, with production costs being a significant constraint. However, certain automotive replacement parts, such as aftermarket filters, provide the opportunity to select a part that suits the conditions in which a vehicle operates.
Industry Dynamics
Growth Drivers
- Diversification of Original Equipment Manufacturers (OEM) into Aftermarket Operations
Original equipment manufacturers have progressively increased their involvement and focus within the automotive parts aftermarket value chain. This includes the establishment of their networks of repair shops that are not brand-specific. To compete with independent aftermarket players and retain customers within their networks for an extended period, major market players have introduced alternative service formats and secondary brands (such as VW Direkt Express) or remanufactured parts to align with the market's trend toward older vehicles. Additionally, OEMs are investing in efforts to optimize customer experience and introduce unique aftermarket service offerings. Leveraging vehicle connectivity, OEMs aim to retain customers and automate decision-making processes related to service and repair, showcasing a strategy to differentiate their aftermarket service offerings.
For instance, In their five-year development strategy, known as Push to Pass, the French automaker PSA has placed significant emphasis on the independent Automotive Aftermarket. Successfully extending several of its brands throughout the entire value chain and completing various acquisitions, PSA now holds shares in the distribution network, including Aramisauto, Autobutler, Distrigo, and Mister Auto. Through this approach, PSA aims to reach all consumers, irrespective of their car brand, age, or distribution channel. Other original equipment manufacturers, both premium and volume players, have followed PSA's lead, making them the primary drivers of market growth in
Report Segmentation
The market is primarily segmented based on distribution channels, replacement parts, certification, service channels, and region.
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By Distribution Channel |
By Replacement Parts |
By Certification |
By Service Channels |
By Region |
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By Replacement Parts Analysis
- The Tire segment held the largest revenue share in 2022
It is expected to lead the market in size and remain the dominant segment due to the comparatively low replacement cycle of tires compared to other component counterparts. The aftermarket replacement part suppliers include various accessory suppliers, lubricants, tire suppliers, and other component replacement suppliers.
The automotive industry is witnessing an uptick in demand for hybrid electric cars, which is likely to impact the demand for exhaust parts and specialized tools for these vehicles. This shift can be attributed to the rising prices of gasoline and petrol engine-based vehicles. The growth in disposable income for consumers in developing nations like China and Brazil is expected to influence the market's growth rate positively.
The increasing demand for vehicles is expected to drive sales in the automobile components market. Stringent global regulatory standards for car safety are projected to stimulate market economies. Leading industry players are widely adopting modern production technologies, such as 3D printing of automotive parts, to optimize production costs. The use of 3D printing enables efficient fabrication performance and reduces emission toxicity.
By Distribution Channel Analysis
- The wholesale & distribution segment accounted to hold significant revenue share in 2022
The Wholesale & distribution segment is poised for rapid revenue growth. Automotive aftermarket economies play a crucial role in the comprehensive automotive manufacturing and maintenance system, ensuring timely replacement of automotive components to sustain the overall vehicle performance.
The escalating impact of technological advancements is reshaping the market, steering it towards digitization. The aftermarket is transitioning to an online landscape, transforming the marketplace where parts and services are now available for purchase online. Across the value chain, including Original Equipment Manufacturers (OEMs), Original Equipment Suppliers (OESs), wholesalers, insurers, and workshops, all stakeholders are responding to the increasing trend of the online aftermarket. Factors such as the adoption of advanced technology in auto parts manufacturing, the rise in the production of consumer and passenger automobiles, and the digitization of automotive repair and maintenance services are anticipated to drive market growth in the forecast period.
Regional Insights
- Asia Pacific dominated the largest market in 2022
The Asia Pacific market is marked by rising vehicle sales in both passenger cars and commercial vehicles in emerging economies like China and India. Additionally, there is a growing trend of consolidation among parts distributors, coupled with the implementation of new tax reforms, replacing the current unorganized sector. These developments are expected to result in a dominant share of the Asia Pacific region in the global market. Europe is projected to hold the second-largest market share, with growth fueled by the adoption of advanced technology in auto parts fabrication and the digitization of automotive component delivery sales in this region.
Furthermore, North America is expected to demonstrate consistent growth in this market, with the United States taking the lead in terms of market share. The presence of key manufacturers has established this region as a significant hub for the manufacturing of automotive parts and accessories in the aftermarket.
The Latin America market is projected to exhibit positive growth, driven by increased fabrication and customization activities in Mexico, while the Middle East is currently in its early stages of development.
Key Market Players & Competitive Insights
The market is characterized by intense competition, with established players relying on advanced technology, high-quality products, and a strong brand image to drive revenue growth. These companies employ various strategies such as research and development, mergers and acquisitions, and technological innovations to expand their product portfolios and maintain a competitive edge in the market.
Some of the major players operating in the global market include:
- 3M Company
- Continental AG
- Cooper Tire & Rubber Company
- Delphi Automotive PLC
- Denso Corporation
- Federal-Mogul Corporation
- HELLA KGaA Hueck & Co.
- Robert Bosch GmbH
- Valeo Group
- ZF Friedrichshafen AG
Recent Developments
- In June 2023, Continental introduced the UltraContact NXT series tire, notable for its significant use of sustainable materials. This tire incorporates up to 65% recycled, renewable, and ISCC PLUS mass balance-certified materials. It will be offered in 19 different sizes.
- In April 2023, The Goodyear Tire & Rubber Company expanded its Cooper WORK Series line with the introduction of the 'WORK Series Regional Haul Trailer (RHT) 2.' This trailer tire is SmartWay-verified and is designed to enhance fuel efficiency and durability in challenging driving conditions and high scrub application.
- In April 2023, Delphi Technologies released a total of 87 parts in its product line, with 65 parts dedicated to the company's core portfolio encompassing chassis, fuel delivery, and engine management. Meanwhile, the company's specialty brand, Sparta, introduced the remaining 22 parts for its fuel portfolio.
- In March 2023, HELLA, operating under the FORVIA brand, revealed the expansion of its Black Magic auxiliary headlamp series by introducing 32 new lightbars. Among these, 14 lightbars have obtained ECE approval for on-road usage, while the remaining are designated for off-road applications.
Automotive Aftermarket Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 477.42 billion |
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Revenue forecast in 2032 |
USD 735.13 billion |
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CAGR |
5.5% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments Covered |
By Distribution channel, By Replacement Parts, By Certification, By Service Channels, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, regions and segmentation. |
Quality Assured
We strive to offer our clients the finest in market research with the most reliable and accurate research findings. We use industry-standard methodologies to offer a comprehensive and authentic analysis of the automotive aftermarket market. Besides, we have stringent data-quality checks in place to enable data-driven decision-making for you.
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FAQ's
The global Automotive Aftermarket market size is expected to reach USD 735.13 billion by 2032.
Key players in the market are 3M Company, Continental AG, Cooper Tire & Rubber Company, Delphi Automotive PLC, Denso Corporation
Asia Pacific contributes notably towards the global automotive aftermarket market.
The global automotive aftermarket market is expected to grow at a CAGR of 5.4% during the forecast period.
The automotive aftermarket market report covering key segments are distribution channel, replacement parts, certification, service channels, and region.
