The Global Automotive Aftermarket Industry size was estimated at USD 438.7 billion in 2021 and is expected to hit around USD 771.93 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 6.48% from 2022 to 2030.
Global Automotive Aftermarket Industry: Breakup by Region, 2022 & 2031
Source: Primary Research and Secondary Research Analysis
The term "automotive aftermarket" describes the secondary market for auto parts, accessories, and services, including the buying, selling, installing, fixing, and maintaining of these parts after the manufacturer has first sold the car. In other words, it is the sector of the economy that offers goods and services for the upkeep, modification, and repair of already-road-ready cars.
There are a variety of companies in the automotive aftermarket, including independent repair shops, specialty stores, wholesalers, distributors, and manufacturers. From replacement components like brakes, tyres, and filters to performance enhancements like exhaust systems, suspension kits, and engine tuning, it includes everything. It also includes extras like navigational tools, entertainment systems, and automobile care items.
The global automotive aftermarket industry is a large and complex sector that provides a wide range of products and services to support the repair, maintenance, and customization of vehicles after they leave the original equipment manufacturer (OEM). The industry is comprised of many different businesses, including parts manufacturers, distributors, wholesalers, retailers, service providers, and repair shops.
The replacement parts market and the accessories and performance parts market are the two major segments that can be used to classify the sector. The market for replacement parts consists of parts required for the correct functioning and upkeep of a vehicle, such as brakes, suspension systems, engines, transmissions, and electrical equipment. Products like entertainment systems, navigational aids, car care items, and performance enhancements like exhaust systems, suspension kits, and engine tuning are all included in the market for accessories and performance parts.
The increasing age of vehicles worldwide is one of the primary factors driving growth in the global automotive aftermarket industry. As vehicles age, they require more maintenance and repairs, creating a consistent demand for replacement parts and services. Furthermore, the industry's expansion is accelerated by the growth of e-commerce and online retail platforms, making it easier for consumers to purchase aftermarket parts and accessories.
Another significant trend in the global automotive aftermarket industry is the growing desire for vehicle customization and personalization. Consumers are seeking to distinguish their vehicles from others on the road, resulting in a higher demand for aftermarket accessories and performance parts that enable them to customize their vehicles to their preferences.
All in all, the global automotive aftermarket industry is an expanding and dynamic sector that provides a diverse range of products and services to meet the needs of vehicle owners and enthusiasts worldwide.
Market Breakup: By Application
Market Breakup: By Distribution
Market Breakup: By Vehicle Type
Market Breakup: By Position
The size and scope of the global automobile aftermarket industry vary by region and are important and expanding. Below is a quick summary of the industry's regional analysis:
North America: The greatest automobile aftermarket sector in the world is found in North America. This area has a sizable car fleet, an ageing vehicle population, and a high level of customized consumer demand.
Europe: The second-largest automotive aftermarket market in the globe is in Europe. The sector is fuelled by the rising need for replacement parts, accessories, and services in this area, which has a sizable fleet of vehicles.
Asia Pacific: Asia Pacific automotive aftermarket industry is the fastest-growing in the entire world. The industry is driven by the rising need for replacement parts and services, particularly in developing countries like China and India. This region has a fleet of vehicles that is rapidly expanding.
Latin America: The automotive aftermarket business in Latin America is expanding. The business is fuelled by the rising need for replacement parts and services, particularly in Brazil and Mexico, and this region has a sizable fleet of vehicles.
Middle East and Africa: In this region, the number of vehicles is expanding, and the demand for replacement parts and services is rising, especially in nations like Saudi Arabia and South Africa.
In conclusion, the size and scope of the global automotive aftermarket industry vary by location, and each region has its own traits and growth drivers. Future industry growth is anticipated to be fuelled by the rising need for accessories, replacement parts, and services, particularly in developing economies.
Market Breakup By Region
The Automotive Aftermarket Industry competitive landscape provides details by competitor. Details included are company outline, company financials, revenue generated, market potential, investment in research and development, new market initiatives, worldwide occurrence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The overhead data points providing are only related to the businesses’ focus related to Automotive Aftermarket marketplace.
Major players operating in the Global Automotive Aftermarket Industry are:
Global Automotive Aftermarket Industry Research Report, 2020-2031.
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