Automotive Aftermarket Size By Product (Replacement Parts [Belt, Brakes, Clutch, Electrical Parts, Lighting, Electrical & AC Parts, Exhaust, Filters, Suspensions, Transmission, Wiper Parts], Accessories [Car Exteriors, Car Interiors]), By Sales Outlet (Professional [Quick Lubes, Garages & Service Stations, Automobile Dealerships, Government, Commercial Fleets & Other Professional Outlets], DIY [Discount Department Stores, Auto Parts Stores], OEM Factory Fill ), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026

Published Date: Oct 2019  |  Report ID: GMI1166  |  Authors: Kiran Pulidindi, Hemant Pandey

Report Format: PDF   |   Pages: 254   |   Base Year: 2018




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Automotive Aftermarket size valued at USD 923.1 billion in 2018 and will grow at a CAGR of 5.5% from 2019 to 2026.
 

Automotive Aftermarket

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Automotive aftermarket, frequently referred to as secondary market, manufactures and supplies spare parts, accessories and other components for various automobiles. Aftermarket industry provides services such as repair and maintenance for the vehicles. It is highly consumer driven and undergoing changes with evolving consumer expectations, technological advancement and changing dynamics. Shifts in competitive power in emerging economies contribute to transforming the industry landscape periodically. New technology in terms of innovative components and logistics are set to reduce gap between OEM and aftermarket offerings.
 

Surging pre-owned vehicle sales in turn help propel the repair and maintenance side of the automotive market, for improved vehicle performance. Growing middle class population in conjunction with increasing purchasing power is driving the vehicle sales and providing potential opportunities for aftermarket part manufacturers and supply chain providers. Ageing vehicle fleet, along with growing demand for replacement parts will further escalate the revenue generation in next few years.
 

Usage of sensor technology in vehicles provides optimum driving behavior that leads to less wear and tear of vehicle parts including brakes and tires. This reduces the replacement requirement that may hamper the automotive aftermarket industry growth. Ongoing R&D for new materials to decrease the deterioration wear and tear of vehicle parts that limit the product penetration. For instance, in March 2019, UBC Okanagan, University of Toronto and Sharif University of Technology developed self-lubricant brakes for cars. The carbon fiber-infused polymer-based brake are expected to provide high performance over wide range of temperatures with smaller brake pads and higher performance life.
 

Automotive Aftermarket Report Coverage
Report Coverage Details
Base Year: 2018 Market Size in 2018: 923.1 Billion (USD)
Historical Data for: 2016 to 2018 Forecast Period: 2019 to 2026
Forecast Period 2019 to 2026 CAGR: 5.5% 2026 Value Projection: 1,430.5 Billion (USD)
Pages: 254 Tables, Charts & Figures: 278
Geographies covered (18): U.S., Canada, Germany, UK, Russia, Poland, France, China, India, South Korea, Japan, Indonesia, Thailand, Brazil, Mexico, Argentina, South Africa, Saudi Arabia
Segments covered: Product, Sales Outlet, Region
Companies covered (25): Lear Corporation, BASF SE, YAZAKI Corporation, Cooper Tire & Rubber Company, ALCO Filters Ltd, Continental AG, Bridgestone Corporation, Delphi automotive PLC, Denso Corporation, Hella KGaA Hueck & Co, 3M, Akebono Brake Corporation, Federal-Mogul Holdings LLC, Shandong Zhengnuo Group Co., Ltd, ASIMCO, ACDelco, Faurecia USA Holdings, Inc, Magnetic Marelli, Robert Bosch GmbH, Aisin Seiki, Hyundai Mobis Co., Ltd, Johnson Controls, Toyota Motor Corporation, ZF FRIEDRICHSHAFEN AG, Magna International, Inc.
Growth Drivers:
  • Growing demand for vehicle upgradation along with digitization of distribution channels
  • Increasing vehicle sales of new and preowned vehicles
  • Ageing vehicle fleet along with poor road infrastructure
Pitfalls & Challenges:
  • Adoption of vehicle safety technologies and rising electric vehicle sales

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Replacement parts to continue driving the automotive aftermarket revenue

Replacement Parts Vs Accessories, 2018 (USD Million)
Replacement Parts Vs Accessories, 2018 (USD Million)

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The replacement parts segment includes the revenue generated from belts, brakes, clutch, electrical parts, lighting, exhaust, suspensions, transmission, electrical & ac parts, and wiper parts. The growth is mainly attributed to the cost advantages offered by replacement parts. For instance, Alliance of American Insurers (AAI) stated that average price to build a USD 25,000 vehicle using only OEM parts could cost over USD 100,000. Escalating car ownerships in emerging economies with improving economic conditions and increasing disposable income. Other industry trends such as increasing shared mobility trends will proliferate the need for maintenance owing to higher average distance driven by the vehicle annually.
 

Changing consumer lifestyles, along with surge in requirement for personalized functional gadgets, are driving buying patterns. Interior accessory segment leads the industry size with surge in adoption of multicolor lights, audio video accessories, switches, and gauges. Technological advancement is granting the manufacturers to address industry problems through introduction of innovative and functional solutions. For instance, in October 2018, Amway, a direct selling company introduced an in-car air purifier accessory integrated with advanced filters to tackle worsening air quality. Exterior accessories are also showcasing significant growth outlook due to increasing adoption of wrap-overs instead of paints due to price advantages, apart from wraps personalized plates, and polished wheels are also a major contributor in increasing exterior accessories.
 

Professional outlets give impetus to aftermarket product sales

Professional outlets dominate the automotive aftermarket industry and will showcase significant growth owing to increasing consumer trust and participation from new players. For instance, in October 2015 Autoyaar, an Indian end-to-end car service provider debuted with an aggregator-based platform allowing users access to more than 1,000 2-wheelers and 4-wheelers service providers including Bosch car service, Carzspa, and Castrol pit stop. Automobile dealers showcased strong growth in the professional outlets with widespread existing customer service network conjugated with increasing number of vehicular sales. Automobile dealers possess vast customer data and are effectively utilizing data driven approach to understand consumer behavior and service patterns. Additionally, rising adoption of low-cost sensors have increased predictive maintenance owing profits to automotive dealers.
 

Asia Pacific to dominate passenger and commercial vehicle sales

Asia Pacific Vs Other Regions, by Car Sales 2018 & 2026 (USD Billion)
Asia Pacific Vs Other Regions, by Car Sales 2018 & 2026 (USD Billion)

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Asia Pacific automotive aftermarket witness high growth with increasing vehicular sales in terms of both passenger and commercial vehicle segment. Aftermarket industry in the region is experiencing major consolidation from new and organized entrants by replacing current unorganized sector. Implication of new tax reforms is further enabling the sector to shift from unorganized to organized management.
 

Improving average income in the region has enabled widespread ownership of new vehicles and promoted industry growth. Easier credit facilities have further propelled industry in consolidation. Do It Yourself (DIY) is amongst fastest growing segment in terms of sales outlet in the region with proliferating e-commerce and increasing consumer interest. For instance, in September 2016, Bosch announced Fast Fit store in China offering high quality and professional servicing and maintenance.
 

Regulations play major role in market consolidation

The aftermarket is highly competitive industry with presence of major industry players. It is regulated industry with government entities monitoring compliance with safety standard and applicable use of accessories and components. NDRC, SAIC, MOFCOM are government authorities which jointly published specific guidelines regarding upgradation and transformation of automobiles.
 

The prominent players operating in the automotive aftermarket includes Bridgestone Corporation, Denso Corporation, Hella KGaA Hueck & Co., Continental, Delphi Automotive, ACDelco, Fauraecia, Robert Bosch, BASF, etc. The industry participants are undergoing merger & acquisition to strengthen their industry foothold. In January 2019, ZF Friedrichshafen AG announced the acquisition of automotive division of Romanian Engineering Services Provider BeeSpeed. This acquisition enabled the company to enhance its expertise in software, system testing and mechanical systems.
 

The automotive aftermarket industry research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD billion from 2016 to 2026, for the following segments:

By Product

  • Replacement parts
    • Belt
    • Brakes
    • Clutch
    • Electrical parts
    • Lighting
    • Engine & AC parts
    • Exhaust
    • Filters
    • Suspensions
    • Transmission
    • Wiper parts
    • Others
  • Accessories
    • Car exteriors
    • Car interiors

By Sales Outlet

  • Professional
    • Quick lubes
    • Garages & service stations
    • Automobile dealerships
    • Government
    • Commercial fleets & other professional outlets
  • DIY
    • Discount department stores
    • Auto part stores
  • OEM factory fill

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • Russia
    • Poland
    • France
  • Asia Pacific
    • China
    • India
    • South Korea
    • Japan
    • Indonesia
    • Thailand
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • South Africa
    • Saudi Arabia

Frequently Asked Questions (FAQ) :

According to this report by GMI, the industry size was valued at USD 923.1 billion in 2018.
Asia Pacific automotive aftermarket is said to witness high growth with increasing vehicular sales in terms of both passenger and commercial vehicle segment. Aftermarket industry in the region is experiencing major consolidation from new and organized entrants by replacing current unorganized sector. Implication of new tax reforms is further enabling the sector to shift from unorganized to organized management.
Automotive Aftermarket industry will grow at a CAGR of 5.5% during the forecast period of 2019-2026, as estimated by analysts at Global Market Insights, Inc.
Professional outlets dominated the market and will showcase significant growth in the coming years owing to increasing consumer trust and participation from new players.
The replacement parts domination is mainly attributed to the cost advantages offered by them. The segment includes the revenue generated from belts, brakes, clutch, electrical parts, lighting, exhaust, suspensions, transmission, electrical & ac parts, and wiper parts.

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