Automotive Aftermarket Industry Size [2021-2028] USD value

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Pune, India, June 01, 2022 (GLOBE NEWSWIRE) — The world Automotive Aftermarket Industry Size is expected to touch USD 529.88 billion by 2028, growing at a CAGR of 3.8% during the forecast period. Growing focus on digitization of aftermarket services in the automotive industry will aid in the growth of this market, says Fortune Business Insights™ in its report titled, “Automotive Aftermarket Industry Size, Share and Analysis.” by spare part type (battery, brake pads, filters, gaskets and seals, lighting components, body parts, wheels, others), by vehicle type (passenger cars, commercial vehicles) and regional forecast , 2021-2028.” The report further states that the value of this market stood at $392.35 billion in 2020.

Automakers, component suppliers and distributors, and original equipment manufacturers (OEMs) are intensely focused on using digital means to optimize value chain processes. The digitalization of channels and services will also allow consumers to do more research before buying or repairing their vehicle and provide them with the necessary information on the quality of the workshop, the location and the availability of services. Many vendors are already taking steps toward digitalization, which are driving automotive aftermarket industry trends. For example, in 2018 Hella KGaA Hueck & Co., the German automotive parts supplier, established a “Mobility Solutions” unit to promote digital business models in the aftermarket area.

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Report Highlights:

Report cover Details
Forecast period 2021-2028
Forecast Period 2021 to 2028 CAGR 3.8%
2028 value projection $529.88 billion
base year 2020
Market size in 2020 $392.35 billion
Historical data for 2017-2019
Number of pages 200
Segments Covered Battery, brake pads, filters, gaskets and seals, lighting components, body parts, wheels and tires, others
Growth engines Strategic expansion of aftermarket operations by OEMs to fuel growth
Increase in vehicle sales to support the Asia-Pacific market

market engine

Strategic expansion of aftermarket operations by OEMs to fuel growth

OEMs are aggressively expanding their aftermarket operations with a view to improving the value chain of the automotive aftermarket industry and providing high-quality services to customers. Many companies are implementing various strategies to maintain their lead in this niche. For example, French car and motorcycle manufacturer Groupe PSA unveiled its five-year “Push to Pass” strategy (2016-2021) with the aim of cementing its position as an aftermarket specialist. The company’s goal is to meet the needs of all customers worldwide, regardless of age, brand or vehicle budget. In addition, the company has specialized divisions to meet different after-sales requirements. For example, the distribution of multi-brand spare parts for PSA is handled by Distrigo, the company’s distribution brand. Thus, automobile manufacturers are focusing on improving the quality of after-sales services, thereby increasing the growth of the automotive aftermarket industry.

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Regional analysis

Increase in vehicle sales to support the Asia-Pacific market

Asia-Pacific, with a market size of USD 101.52 billion in 2018, is expected to dominate the automotive aftermarket industry share during the forecast period due to the rapid increase in sales of passenger and utility vehicles in the region. In Europe, the main driver of growth is expected to be the high rate of adoption of advanced technologies in automotive parts manufacturing. This, together with an increasing digitization of component sales, will ensure that Europe maintains its second position in this market in the years to come. In North America, on the other hand, the strong presence of major automobile manufacturers will be the central factor propelling the market growth in the region.

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Other highlights of the report include:

  • In-depth analysis of automotive aftermarket industry trends;
  • In-depth study of market drivers and constraints;
  • In-depth research of the different market segments; and
  • Comprehensive assessment of regional and competitive dynamics shaping the market.

Competitive landscape

Digital innovation will be the highlight of market competition

According to the Automotive Aftermarket Industry report, the prominent feature of the competition in this market is the adoption of digitalization measures by the major players. Innovation in this market therefore finds a solid foundation in the digital platforms set up by companies to meet the strong demand from the automotive industry’s aftermarket.

Industry developments:

  • January 2020: Continental AG, the German auto parts manufacturer, has launched a specialized web portal to allow quick access to all information related to the automotive aftermarket industry. Available in 7 languages, the portal also offers a catalog containing a substantial set of spare parts information, helping consumers find the right spare parts for their vehicles.
  • October 2019: Canadian auto parts manufacturer Magna International has received its largest order to date for the production of drivetrain technology from German automotive giant BMW Group. The order takes the form of a multi-year contract that includes the manufacture and delivery of front-wheel dual-clutch transmissions for conventional and hybrid vehicles.

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List of companies featured in the report:

  • 3M Company
  • Delphi automotive automaton
  • Tenneco Inc.
  • Valeo SA
  • Hyundai Mobi
  • ZF Friedrichshafen AG
  • Magna International Inc.
  • Robert Bosch GmbH
  • Akebono Brake Corporation
  • Cooper Tire & Rubber Company
  • Faurecia
  • Lear Company
  • Aisin Seiki Co.
  • Continental SA
  • Denso Company

Contents:

  • Introduction
    • Search scope
    • Market segmentation
    • Research Methodology
    • Definitions and assumptions
  • Summary
  • Market dynamics
    • Market factors
    • Market constraints
    • Market opportunities
  • key ideas
    • Key Industry Developments – Mergers, Acquisitions and Partnerships
    • Porter’s Five Forces Analysis
    • SWOT analysis
    • Technological development
    • Value chain analysis
    • Impact of COVID-19 on the Automotive Aftermarket
  • Global Automotive Aftermarket Market Analysis, Outlook and Forecast, 2017-2028

Continued…

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