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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), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI1166
  • Published Date: Mar 2022
  • Report Format: PDF

Industry Trends

Automotive Aftermarket industry size exceeded USD 560 billion in 2021 and will exhibit a growth rate of over 6.4% CAGR from 2022 to 2028. Factors including crash repair and wear & tear are supporting the aftermarket component demand. Increasing customer expectations, ongoing technological innovations, and rising competition across the automotive sector are the major factors fueling the industry expansion.

Automotive Aftermarket

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 Increasing competition in the automotive industry is enhancing the development of online forums for automotive parts. Manufacturers are expected to offer easy shipping options, flexibility, and seamless online information to boost the sale of their products. Consumers are likely to compare products & prices before making a purchase. The increase in convenience combined with the low cost of shipping are further augmenting the sale of automotive products throughout the assessment period. Additionally, the surge in demand for cars from emerging economies along with rapid growth of international manufacturers penetration in Asian countries, particularly China, and India, shall further supported the product demand.
 

Rising demand for replacement parts

The replacement parts segment dominates the market and will capture nearly 80% of the revenue share by 2028. In revenue, the segment in anticipated to generate a revenue of about USD 700 billion by 2028.Growing vehicle registrations across various regions are significantly spurring the demand for replacement automotive parts & components. The introduction of technologically advanced spare parts providing improved vehicle efficiency will prominently drive the industry growth. The shifting consumer inclination toward utilizing refurbished & pre-owned cars will showcase positive growth prospects in the market size. The requirement for customization, repair, and maintenance of refurbished vehicles will provide a positive outlook for the automotive aftermarket share.
 

Electrical systems improve vehicle performance & efficiency and also provide better fuel efficiency, horsepower, and faster starts. To gain more engine power and trouble-free starts in all weather conditions, electrical systems must be well maintained which is another factor attributing to the product demand.
 

The accessories segment is projected to witness significant growth owing to the rising demand for vehicle customization, which provides aesthetic look, lightness, high standards of design, engineering, and safety functions.
 

Increasing inclination of consumer towards professional outlets

Automotive Aftermarket, By Sales Outlet 

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The automotive aftermarket from professional stores segment is set to account for USD 550 billion by 2028. Consumer preferences for economic services, close-to-home benefits, and personalized services are likely to increase the growth rate of garages, service stations, and car dealerships. Service quality, high-quality components, and technical skills are the major factors enhancing the market size from professional stores.
 

The garages & service stations segment is poised to register a growth rate of above 6% through 2028. This segment includes authorized service stations & workshops that provide a series of maintenance procedures, which are carried out when a vehicle has traveled a certain distance.
 

Asia Pacific to observe substantial growth

Automotive Aftermarket, By Region 

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North America is predicted to reach USD 275 billion by 2028. The regional car market is driven by an increase in the production of new cars coupled with the development of older & used cars. New technological advancements in the automotive sector are creating growth opportunities for aftermarket trading companies to develop their businesses.
 

Asia Pacific automotive aftermarket is slated to observe 7% gains till 2028. Increased sales of electric, hybrid, and gas vehicles due to growing interest in energy-efficient vehicles are fueling product entry in the region. Digital installation & customization of vehicles and the growing demand for Bluetooth & various other electronic devices will propel the car market in Japan, South Korea, and Australia.
 

Europe is expected to provide lucrative opportunities as the region has a significant need for advanced technologies, engine heaters, custom-made accessories, old car parts, and rear truck market items. Moreover, the presence of major automobile manufacturers in the region shall further augment the market demand.
 

Product expansion is one of the major strategic outlooks

Parts manufacturers are expanding their product portfolio to serve larger number of consumers. Further, they are collaborating with car care product suppliers to strengthen their presence in automotive aftermarket. A high degree of competition is present in the global industry. Key participants are also expanding their presence in emerging economies to meet the growing need for aftermarket products & solutions.
 

This research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Billion from 2018 to 2028 for the following segments:

Analysis, 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

Analysis, 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

Analysis, By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • Russia
    • Poland
    • France
  • Asia Pacific
    • China
    • India
    • South Korea
    • Japan
    • Indonesia
    • Thailand
    • Malaysia
    • Vietnam
    • Australia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
       
Authors: Kiran Pulidindi, Akshay Prakash

Frequently Asked Questions (FAQ) :

The automotive aftermarket industry size was pegged around USD 560 billion in 2021 and it may record a CAGR of 6.4% through 2028, according to this GMI report.

The replacement parts segment is a dominant one in the market and may account for more than 80% revenue share by 2028 owing to rising number of vehicle registrations worldwide.

The professional stores segment is likely to hold USD 550 billion by 2028 driven by consumer preferences toward close-to-home benefits and personalized services, which may increase the demand for car dealerships and garages.

North American industry is poised to reach around USD 275 billion by 2028, on account of a rise in the manufacturing of new cars in tandem with the development of older cars.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 24
  • Tables & Figures: 293
  • Countries covered: 21
  • Pages: 345

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