Automotive Aftermarket Market, by Replacement Part (Tire, Battery, Brake Parts, Filters, Body parts, Lighting & Electronic Components, Wheels, Exhaust components, Turbochargers, Others), By Distribution Channel (Retailers, Wholesalers & Distributors), By Service Channel (DIY, DIFM, OE), By Certification (Genuine Parts, Certified Parts, Uncertified Parts), and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America), The Automotive Aftermarket Market size was estimated at USD 443.76 billion in 2023 and is projected to reach USD 576.14 billion in 2030 at a CAGR of 3.80% during the forecast period 2023-2030.
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The automotive aftermarket includes replacement, collision, aesthetic, and functional parts. Replacement components that are not produced by the original equipment manufacturer are known as aftermarket parts. They may also be used for improving and tune-ups, but are often utilized to replace broken parts in cars and other machinery. For almost all vehicle makes and models, the aftermarket offers a large range of components in various quality levels and pricing ranges. Although the amount one saves varies by manufacturer, aftermarket components are generally less expensive than OEM parts. The aftermarket businesses analyse the part's weaknesses and reverse engineer it. There are several businesses that focus on particular parts, which results in a great assortment, a larger range of costs, and greater availability.
The desire of car owners to improve their vehicle performance in terms of exhaust sound, speed, and aesthetic factors, along with many other elements, is a primary driver of the industry. The leading players anticipate making significant investments in the digitized component delivery sales & services and the launch of an online portal selling aftermarket parts in coordination with the international auto-part supplier groupings. Additionally, rising online sales of automobile parts are predicted to generate a sizable amount of market demand. Because the digital platform offers a smoother user experience, businesses are moving there. The advancements in propulsion technology have also opened up a lot of business prospects.
However, concerns regarding expensive R&D costs are anticipated to impede market expansion within the forecast period. The manufacturing procedures used by automakers are subject to various limitations. One of these restrictions is the cost of production.
The prominent players in the Automotive Aftermarket market are:
· 3M
· Aisin Seiki Co. Ltd.
· Aptiv PLC
· Bridgestone Corporation
· Continental AG
· Cooper Tire & Rubber Company
· Denso Corporation
· Faurecia
· Federal-Mogul Corporation
· Goodyear Tire & Rubber Company
· Hyundai Mobis
· Lear Corp.
· Magna International Inc.
· Magneti Marelli S.p.A.
· Michelin
· Pioneer Corporation and More
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The Automotive Aftermarket Market is expected to grow during the forecast period. This growth can be attributed to several factors such as the desire for car owners to improve their vehicle performance, investment in making significant investments in the digitized component delivery sales & services and the launch of an online portal selling aftermarket parts in coordination with the international auto-part supplier groupings. In addition, rising online sales of automobile parts is expected to drive the growth of the market further during the forecast period. However, the high R&D cost and the high cost of production might hamper the growth of the market during the forecast period.
Recent Developments of Automotive Aftermarket Market:
In June 2023, The UltraContact NXT series tire, which was unveiled by Continental, stands out for its extensive use of environmentally friendly materials. Up to 65% of the tire's materials are recyclable, regenerative, and ISCC PLUS mass balance-certified. There will be 19 sizes of tires available.
In June 2023, the Goodyear Tire & Rubber Company added the ‘WORK Series Regional Haul Trailer (RHT) 2’ to its Cooper WORK Series line. The trailer tire is SmartWay-verified and helps deliver better fuel efficiency and durability in tough driving environments and high scrub applications.
Key Findings of Automotive Aftermarket Market:
· Based on Replacement Part, the market can be segmented into Tire, Battery, Brake Parts, Filters, Body parts, Lighting & Electronic Components, Wheels, Exhaust components, Turbochargers, Others. The tire segment dominated the market in this segment due to the low replacement cycle of tires as compared to the other component counterparts.
· Based on Distribution Channel, the market is bifurcated into Retailers, Wholesalers & Distributors. Retailers dominated the market in this segment. This can be attributed to the ease of access to retailers which makes them more preferred over wholesalers & distributors. Moreover, the increasing influence of technological advancement is transforming the market towards digitization. The aftermarket is going online, and the marketplace is changing. Parts and services are being sold online driving the growth of the retailer segment further.
· Based on Service Channel, the market is segmented into DIY, DIFM, OE. OE segment dominated the market in this segment. This is because though OEM parts tend to be more expensive than third-party manufacturers, but they are made to a more exact set of specifications making them more preferred.
· Based on Certification, the market is segmented into Genuine Parts, Certified Parts, Uncertified Parts. Genuine parts dominated the market in this segment. OEMs, often referred to as subcontractors, or automakers produce genuine parts. Genuine replacement parts are more reliable, diversified, simple to find, and come with a warranty.
· The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Asia-Pacific is estimated to account for the largest market share during the forecast period because of advanced technology usage in the fabrication of auto parts, a surge in consumer and passenger automobile production & sales, and the digitalization of automotive component delivery services.
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