Automotive Aftermarket - By Product (Replacement Parts, Accessories), By Sales Outlet (Professional, DIY, OEM Factory Fill) & Forecast, 2022-2028

Automotive AfterMarket Size

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.

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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.
 

Automotive AfterMarket Analysis

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.
 

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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.
 

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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.
 

Automotive AfterMarket Share

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.

• Lear Corporation
• BASF SE
• Yazaki Corporation
• Cooper Tire & Rubber Company
• ALCO Filters Ltd.
• Continental AG
• Bridgestone Corporation
• Delphi Technologies
• Denso Corporation
• Hella GmbH & Co. KGaA
• 3M
• Akebono Brake Corporation
• Federal-Mogul Holdings LLC.
• Shandong Zhengnuo Group Co., Ltd.
• ASIMCO
• ACDelco Corporation
• Faurecia USA Holdings, Inc.
• Magneti Marelli
• Robert Bosch GmbH
• Aisin Seiki
• Hyundai Mobis Co., Ltd.
• Johnson Controls
• Toyota Motor Corporation
• ZF Friedrichshafen AG
• Magna International, Inc

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:

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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