The Automotive Aftermarket Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automotive Aftermarket Global Market Report 2024, The automotive aftermarket market size has grown rapidly in recent years. It will grow from $406.6 billion in 2023 to $470.24 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth in the historic period can be attributed to global vehicle ownership growth, cultural shifts towards DIY maintenance, rise in independent repair shops, regulatory changes impacting repairs, vehicle customization trends.
The automotive aftermarket market size is expected to see rapid growth in the next few years. It will grow to $758.97 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to service-oriented offerings, adoption of advanced materials, digital transformation, vehicle electrification and hybridization, focus on sustainability. Major trends in the forecast period include rise in vehicle age, shift in consumer preference, environmental awareness and sustainable products, rising demand for vehicle accessories, innovation in replacement parts.
Increasing sales of pre-owned and new vehicles are driving the automotive aftermarket market. For instance, as of 2021, consumers’ preference to purchase cars has almost reached pre-COVID-19 levels, mainly supported by demand in the United States and China, with new cars at 94% and used cars at 97% compared to pre-COVID-19 levels. In addition, there has been a significant increase in purchase intent for electric vehicles. So, the increasing preference for new and pre-owned vehicles is driving the demand for automotive aftermarket.
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The automotive aftermarket market covered in this report is segmented –
1) By Types: Tire, Battery, Brake Parts, Filters, Body Parts, Lighting and Electronic Components, Wheels, Exhaust Components, Turbochargers
2) By Vehicle Type: Passenger Cars, Commercial Vehicles
3) By Certification Outlook: Genuine Parts, Certified Parts, Uncertified Parts
4) By Distribution Channels: Offline Distribution Channel, Online Distribution Channel
Major players operating in the automotive aftermarket are concentrating their efforts on developing innovative solutions such as eCommerce platforms. An eCommerce platform refers to a digital framework or software solution that enables businesses to conduct online transactions, sell products or services, and manage various aspects of their online presence. For instance, in October 2023, AutoNation, a US-based automotive retailer company, announced the launch of ‘AutoNationParts.com’ for auto parts and accessories. The recently launched eCommerce platform enables customers to conveniently purchase these products at competitive prices and have them delivered to their doorstep. It provides an extensive range of authentic manufacturer parts spanning over 25 brands. Customers can search for parts using various criteria such as the vehicle identification number (VIN), year, make, model, trim, and engine, as well as through keywords and part numbers.
The automotive aftermarket market report table of contents includes:
1. Executive Summary
2. Automotive AfterMarket Characteristics
3. Automotive AfterMarket Trends And Strategies
4. Automotive AfterMarket – Macro Economic Scenario
5. Global Automotive AfterMarket Size and Growth
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26. South America Automotive AfterMarket
27. Brazil Automotive AfterMarket
28. Middle East Automotive AfterMarket
29. Africa Automotive AfterMarket
30. Automotive AfterMarket Competitive Landscape And Company Profiles
Top Major Players:
- Royal Dutch Shell PLC
- Robert Bosch GmbH
- ZF Friedrichshafen AG
- Denso Corporation
- Continental AG
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