Global Automotive Aftermarket Market size was valued at USD 450.9 Billion in 2024 and is expected to reach USD 619.6 Billion by 2033, at a CAGR of 4.1% during the forecast period 2024 – 2033.
Automotive Aftermarket Market: Overview
The automotive aftermarket is a sector which offers goods, services, and solutions for cars after they have been sold by their original equipment manufacturer. This sector includes a diverse variety of firms, such as producers, retailers, distributors, service providers, and repair shops, all of which cater to car owners’ demands for vehicle maintenance, repair, customization, and enhancements.
The increasing global focus on digitization and e-commerce, with more customers choosing to buy aftermarket accessories and parts via the Internet, is fueling the growth of online retail channels.
Furthermore, as cars become more complicated, integrating advanced electronics and communication technologies, there is a growing need for specialized aftermarket items and services designed specifically for modern automobiles.
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Furthermore, there is a growing emphasis on sustainability and environmentally friendly practices, which has led to the use of remanufactured and recycled car components. Consumer demands for car customization and personalization are driving demand for aftermarket equipment and cosmetic enhancements.
In general, these developments are altering the global automotive aftermarket market, pushing innovation and opening up new possibilities for industry participants.
By replacement parts, tires & wheels segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. Tires and wheels dominate the automotive aftermarket industry due to their regular wear and tear, desire for customization, performance improvements, and the need for replacements, all of which influence vehicle aesthetics, safety, and performance.
By vehicle type, the passenger vehicle segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. Because of the huge number of passenger cars on the road, the automotive aftermarket industry is driven by rising demand for replacement parts, accessories, and maintenance services.
By distribution channel, OEM & repair shops segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. OEMs supply components, while repair shops provide installation and maintenance services, which are both critical for vehicle maintenance. They support the aftermarket industry by addressing consumers’ repair and customization requirements.
North America dominates the automotive aftermarket industry owing to its huge population, high vehicle ownership rates, wide road network, culture of customization, competitive market environment, and favorable regulatory framework.
Delphi Technologies was created in 2017 when Delphi Automotive, formerly a part of General Motors, rebranded itself Aptiv and sold off its powertrain and aftermarket operations to become Delphi Technologies PLC.
CMI has comprehensively analyzed the Global Automotive Aftermarket market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict an in-depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this Global Automotive Aftermarket industry.
The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.
List of the prominent players in the Automotive Aftermarket Market:
- Robert Bosch GmbH
- Continental AG
- Denso Corporation
- Magna International Inc.
- Delphi Technologies
- ZF Friedrichshafen AG
- Valeo SA
- Tenneco Inc.
- Aisin Seiki Co. Ltd.
- Faurecia SA
- Aptiv PLC
- Federal-Mogul Motorparts
- Hella GmbH & Co. KGaA
- BorgWarner Inc.
- Lear Corporation
- Mahle GmbH
- Bridgestone Corporation
- 3M Company
- Osram GmbH
- Continental Tyres
- Others
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