Automotive Aftermarket Market Overview

 

The Global Automotive Aftermarket Market is valued at USD 408 billion. Between 2023 and 2032 the market is projected to expand at the rate of 3.1 percent CAGR. The automotive industry is driving motorists to improve their cars in terms of sound, speed, appearance, and many other factors. The Japanese Automobile Sports Muffler Association (JASM) and the U.S. Environmental Protection Agency (EPA) examine environmental effects as well as standards for component performance. For instance, they track noise emissions associated with modern-day automotive resonances.

 

The Automotive Aftermarket Market and its Driving Factors

 

Because of the growing competitiveness in the industry of automobiles, online forums for part sales are gaining popularity. Manufacturers must offer simple delivery options, versatility, and easy access to online information to increase sales. When making a purchase customers will most likely look at the prices and features. The ease of ordering and the low shipping costs boost sales of automotive products in the assessment time. The rapid growth of foreign manufacturers' penetration in Asian countries, particularly China and India is likely to further increase the market demand.

Automotive Aftermarket Market Restraining Factors

 

Original equipment producers are increasing their operations and focusing on the value chain of automotive parts. For instance, they have set up networks of repair facilities that aren't tied to a specific car model. To stay ahead of the rapidly changing market for vehicles, large market players have launched new service formats and brands (e.g., VW Direkt Express) and remanufactured products to compete against independent aftermarket companies and also to keep customers within their networks over longer durations. OEMs invest in customer service optimization and provide differentiated aftermarket service. They can, for instance, leverage the connectivity of vehicles to keep customers and automate decision-making on service and repair.

Modern automobiles are more complicated than ever before, which has resulted in an increase in the costs of replacing parts and maintenance. The Automotive Aftermarket Market is restricted by technological advances in tools for maintenance and replacement parts. While most auto owners have their cars repaired or replaced during the warranty the frequency of their service drops significantly after the warranty expires. This is due to the apathetic attitude of car owners to vehicle safety, and the increasing importance placed on preventative maintenance. These limitations will limit future growth in the market over the next years.

 

Automotive aftermarket market Key Trends

Social media and digital channels like social media have gained more influence on customer buying and research processes in developed and emerging markets. Online users can quickly get information on pricing. The end-users also use these channels to decide which parts of their car they want to purchase. Customers can receive online peer reviews of workshop quality, value, and price. Online participation is increasing among OEMs, suppliers, as well as distributors. Hella GmbH & Co. KGaA are just one of the leading players that have created online channels. Digital sales allow for a more compact and efficient value chain that benefits suppliers. The supplier layer can be made more efficient and intermediaries eliminated. This allows them to make substantial margins and save money that can then be passed on to the customers.

 

Automotive Aftermarket Market: Key industry developments

April 20th, 2121: Lippert Components Inc. announced its acquisition of Kaspar Ranch Hand Equipment, LLC. With this acquisition, Lippert Components Inc. aims to expand its reach in the aftermarket of automotive parts.

February 2020 - MotoRad LTD. joined forces with the Automotive Aftermarket Suppliers Association and Auto Care Association to endorse "Your Car." Your personal information. Your choice. This campaign was launched to provide owners of vehicles with information about the vehicle's data as well as important information on maintenance and repairs.

Key Companies

• 3M Company Company Profile
• Delphi Automotive PLC
• Continental AG
• Robert Bosch GmbH
• Denso Corporation
• Federal-Mogul Corporation
• Valeo Group
• ZF Friedrichshafen AG
• Other key players

Segmentation

Ersatzteile
Tire
Brake Parts
Batteries
Parts of the body
Filters
Wheels
Lighting & Electronic Components
Turbochargers
Exhaust components
Other
Distribution Channel
* Retailers

  Repair Shops
OEMs
* Wholesalers & Distributors

Service Channel
DIFM (Do It for Me)
DIY (Do It Yourself)
OE (Delegating to OEMs)
Certification
Parts with Certification
Genuine Parts
Parts that are not certified

FAQ

• How much is the global automotive parts aftermarket worth today?
• What is driving the demand for parts for vehicles that are aftermarket?
• What CAGR did demand for automotive parts in the market for aftermarket parts increase in the last five years?
• What is the outlook on demand for auto parts in 2031?
• What are the major trends that are being observed in this marketplace?
• What is the market share of the top 5 automotive parts makers on the market for aftermarket parts?
• At what rate is the market in Germany registering growth in Europe?

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