Automotive Aftermarket Market Size Worth $735.13 Billion By 2032 | CAGR: 5.5%

The global Automotive Aftermarket market size is expected to reach USD 735.13 billion by 2032, according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The automotive aftermarket constitutes the secondary market in the automotive industry, encompassing the manufacturing, remanufacturing, distribution, retailing, and installation of all vehicle parts, chemicals, equipment, and accessories after the original equipment manufacturer (OEM) sells the automobile to the consumer. The OEM may or may not have produced the components, accessories, and other items available for sale.

The term "automotive parts aftermarket" refers to the components and parts added to vehicles after they have been shipped from the manufacturer. This sector includes the sale of aftermarket products such as replacement tires, equipment, car parts, service repairs, accident repairs, and accessories for already purchased vehicles.

Companies involved in the production, distribution, retailing, installation, and remanufacturing of various automobile components and accessories fall under this category. The digitalization of vehicle repair and component sales has emerged due to technological advancements, further contributing to the growth of the automotive aftermarket business.

The automotive and transportation industry is one of the most vulnerable sectors to the ongoing COVID-19 outbreak and is currently facing unprecedented uncertainty. The impact of COVID-19 on the automotive aftermarket industry is anticipated to be substantial, affecting both the supply chain and product demand. The industry's focus has shifted from concerns about supply chain disruption from China to a general decline in demand for aftermarket products. The demand for parts for commercial vehicles is expected to decline significantly due to the shutdown of all non-essential services.

Do you have any questions? Would you like to request a sample or make an inquiry before purchasing this report? Simply click the link below: https://www.polarismarketresearch.com/industry-analysis/automotive-aftermarket-market/request-for-sample

Additionally, a study published in the National Library of Medicine in June 2021 highlighted the significant impact of coronary artery disease (CAD) on global health. CAD alone is responsible for approximately 610,000 deaths annually, accounting for an estimated one in four deaths and making it the foremost cause of mortality in the United States. With the incidence of CAD rising, there is a growing demand for effective Automotive Aftermarket devices to address this pressing medical need. Consequently, this factor is projected to drive the demand for Automotive Aftermarkets throughout the forecast period.

Automotive Aftermarket Market Report Highlights

• The Tire segment dominated the revenue share in 2022. It is projected to maintain its leading position in the market due to the relatively low replacement cycle of tires in comparison to other component counterparts. Aftermarket replacement part suppliers encompass a variety of accessory suppliers, lubricants, tire suppliers, and other component replacement providers.
• The Wholesale & Distribution segment is set for accelerated revenue growth. Automotive aftermarket economies are integral to the holistic automotive manufacturing and maintenance system, ensuring the timely replacement of automotive components to uphold overall vehicle performance.
• In 2022, Asia Pacific emerged as the leading market. The Asia Pacific market is characterized by an upswing in vehicle sales, encompassing both passenger cars and commercial vehicles, especially in emerging economies like China and India. Moreover, a noticeable trend of consolidation among parts distributors, along with the introduction of new tax reforms to replace the existing unorganized sector, is prevalent. These dynamics are anticipated to secure a predominant share for the Asia Pacific region in the global market. Europe is forecasted to hold the second-largest market share, driven by the adoption of advanced technology in auto parts fabrication and the digitization of automotive component delivery sales within the region.
• The global key market players include Leading automotive companies 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, and ZF Friedrichshafen AG.

Polaris Market Research has segmented the Automotive Aftermarket market report based on distribution channel, replacement parts, certification, service channels, and region:

Automotive Aftermarket, Distribution Channel Outlook (Revenue - USD Billion, 2019 - 2032)

• Wholesalers & Distributors
• Retailers

• Repair Shops
• OEMs

Automotive Aftermarket, Replacement Parts Outlook (Revenue - USD Billion, 2019 - 2032)

• Battery
• Turbochargers
• Lighting & Electronic Components
• Exhaust Components
• Body Parts
• Filters
• Brake Parts
• Tire
• Wheels
• Others

Automotive Aftermarket, Certification Outlook (Revenue - USD Billion, 2019 - 2032)

• Certified Parts
• Genuine Parts
• Uncertified Parts

Automotive Aftermarket, Service Channels Outlook (Revenue - USD Billion, 2019 - 2032)

• OE (Delegating to OEM’s)
• DIFM (Do it for Me)
• DIY (Do it Yourself)

Automotive Aftermarket, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Automotive Aftermarket Market Report Scope