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, 2020 – 2026

Published Date: Dec 2020  |  Report ID: GMI1166  |  Authors: Kiran Pulidindi, Akshay Prakash

Report Format: PDF   |   Pages: 250   |   Base Year: 2019

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Automotive Aftermarket size valued at USD 983 billion in 2019 and will grow at 5.3% CAGR from 2020 to 2026. The industry is mainly consumer-driven and undergoes rapid changes owing to constantly evolving consumer preferences and demands. The shifting market competitiveness in emerging economies, such as China, India, Thailand, and Vietnam, is another contributory factor enabling manufacturers to offer economical goods to the global market, aiding global expansion. Advancement in technology coupled with rapid improvement in logistics has also allowed manufacturers to offer goods faster, farther, and in high quality.

Automotive aftermarket includes remanufacturing, retailing, distributing and installing vehicle parts and equipment post the sale of the car. Automotive aftermarket market value will surge with the consistent demand and production of car exterior accessories.

Automotive Aftermarket
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Increasing used-vehicle sales is further propelling the maintenance and repair side of the automotive aftermarket. According to the Bureau of Transportation Statistics of the U.S., used car sales in the country is on the constant rise from 37,255,000 in 2015 to 40,805,000 vehicles in 2019. Ageing vehicle fleet, especially in developed regions, is also considered to be a growth factor driving the demand for aftermarket service and maintenance.

The impact of COVID-19 on automotive and associated sectors has drastically affected the aftermarket owing to disrupted supply chains and weak consumer demand. The contagious nature of the virus has forced some countries into imposition of strict citywide lockdowns, dipping consumer confidence and shifting consumer expenditure priorities to essential buying. The manufacturing industry is also hard hit as the industrial production was massively disrupted owing to concentrated supply chains in regions, such as China, and shutdown of non-essential manufacturing operations.

Automotive Aftermarket Report Coverage
Report Coverage Details
Base Year:2019Historical Data for:2016 to 2019
Market Size in 2019:983 Billion (USD)Forecast Period:2020 to 2026
Forecast Period 2020 to 2026 CAGR:5.4%No. of Pages:250
2026 Value Projection:1,174 Billion (USD) Tables, Charts & Figures:278
Geographies covered (18):U.S., Canada, Germany, UK, Russia, Poland, France, China, India, Japan, South Korea, Indonesia, Thailand, Brazil, Mexico, Argentina, South Africa, Saudi Arabia
Segments covered:Product, Sales Outlet, and Region
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 segment to remain dominant in terms of market share

The replacement part subsegment dominated the industry with more than 85% share in 2019 driven by several factors from increasing vehicle ownership to surging car accidents due to increased vehicle ownership. As stated by the Alliance of American Insurers (AAI), the price to build a vehicle worth USD 25,000 on an average only using OEM parts could cost about USD 100,000. Several loan reforms in developing and developed regions have resulted in increased car ownership by lowering interest rates and reduction in down payment, indirectly supporting the automotive aftermarket demand. However, inverse to reduced down payments, the markets that embraced increase in down-payments saw surge in demand for pre-owned vehicles, in turn, increasing the demand for accessories.

Evolving consumer lifestyles along with the rising need for functional and specialized gadgets are fueling consumer demand. The interior accessory segment leads the market on account of increasing adoption of audio video accessories, multicolor lights, gauges, and switches. Fast-paced innovation and rapid prototyping are enabling manufacturers to quickly meet the industry needs. For instance, with the advent of COVID-19 virus, SOFIMA Filters in August 2020, announced the launch of D+fend anti-virus cabin filters for passenger vehicle application. The filter is made from copper & silver ion layers and is meant to replace existing OEM air filters.

Professional outlets to give momentum to aftermarket sales

Automotive Aftermarket Size

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Professional outlets held the major automotive aftermarket share with around USD 650 billion in 2019 propelled by increasing vehicle sales and widening service network. The facilities are expected to be equipped with all major auto diagnostics equipment and dedicated accidental repair facility. Automobile dealers also have vast consumer data and are increasingly practicing data-driven approach to understand service patterns and consumer behavior. Additionally, the advent of low-cost sensor technology has further accelerated predictive maintenance, driving profits for automotive dealers.


Asia Pacific to capture major share in passenger and commercial vehicle sales

Automotive Aftermarket Share

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The Asia Pacific automotive aftermarket size is likely to witness over 6% CAGR through 2026 impelled by increasing vehicular sales in terms of both commercial and passenger vehicle segments. The industry in the region is going through major consolidation with new large-scale players and replacing the current unorganized sector. The advent of new tax reforms is further allowing the sector to shift from unorganized to organized management.

The increase in the per capita average income in the region has also increased the ownership of new vehicles and fostered sector growth. Finance reforms to ease credit facilities to middle class have further propelled the sector toward growth strategy. The DIY subsegment is amongst the speedily growing segment and is increasing in popularity especially in developing regions. The proliferating e-commerce use and shifting consumer interest are other contributory factors.

Players are engaged in consolidation to increase revenue

The aftermarket sector is rigorous in terms of competitive driven by presence of major players and several small scale players. The sector is regulated with oversight of government entities monitoring compliance with safety standard and applicable use of accessories and components. SAIC, NDRC, MOFCOM are government authorities which jointly and promptly publishes specific guidelines with regard to transformation and upgradation of automobiles.

The major players operating in the automotive aftermarket comprises of Denso Corporation, Bridgestone Corporation, Continental, Hella KGaA Hueck & Co., Delphi Automotive, Fauraecia, ACDelco, BASF, Robert Bosch, etc. Industry participants are undergoing acquisitions & mergers to solidify their foothold., ZF Friedrichshafen AG’s acquisition of automotive division of Romanian Engineering Services Provider BeeSpeed in January 2019 is another example of growing consolidation in the industry.

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:

Aftermarket 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

Aftermarket 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) :

The global size of automotive aftermarket in 2019 had reached USD 983 billion in 2019 and is anticipated to witness more than 5.3% CAGR through 2026.
More than 85% of the industry share was held by replacement parts segment during 2019 owing to rise in car accidents and increased volume of vehicle ownership worldwide.
Automotive aftermarket share from professional sales outlets was pegged at over USD 650 billion in 2019 and will grow due to a gradual rise in vehicle sales and expanding service networks.
APAC automotive aftermarket share is projected to record more than 6% CAGR between 2020-2026 with the consistent increase in both passenger and commercial vehicle sales across the region.

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Premium Report Details

  • Published Date: Dec 2020
  • Pages: 250
  • Tables: 264
  • Charts / Figures: 14
  • Companies covered: 22
  • Countries covered: 18

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