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Automotive After Market

Automotive After Market

Automotive After Market Global Industry Assessment & Forecast

# Pages:

142

Base Year:

2021

Nov - 2021

Format:

Report Code:

VMR-2021-0570

Segments Covered
  • By Replacement Parts Tire, Battery, Brake Parts, Filters, Body Parts, Lighting & Electronic Components, Wheels, Exhaust Components, Turbochargers, Others
  • By Certification Genuine Parts, Certified Parts, Uncertified Parts
  • By Distribution Channel Retail, Wholesalers & Distributors
Snapshot
Forecast YearsForecast Years: 2021 - 2028
Historical YearsHistorical Years: 2016 - 2020
Revenue 2021Revenue 2021: 381.28 Billion
Revenue 2028Revenue 2028: 532.45 Billion
Revenue CAGRRevenue CAGR (2021 - 2028): 4.20%
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst

Key Insights

The global Automotive After market was valued at USD 381.28 Billion in 2020 and is projected to reach USD 532.45 Billion by 2028, growing at a CAGR of 4.20%% from 2021 to 2028.

Years Parameters
Historical Data (Actual Data) 2016-2020
Base Year Data 2020
Current Year Date 2021
Projected year data 2021-2026
Annual Market Size (2028) 532.45 Billion
Annual Market Size (2021)
CAGR (2021 - 2028) 4.20%%

Definition And Overview

The automotive aftermarket is the secondary market of the automotive industry, concerned with the manufacturing, remanufacturing, distribution, retailing, and installation of all vehicle parts, chemicals, equipment, and accessories, after the sale of the automobile by the original equipment manufacturer (OEM) to the consumer. Aftermarket parts are divided into two categories that are replacement parts and accessories. Replacement parts are automotive parts built or remanufactured and accessories are parts made for comfort, convenience, performance, safety, or customization, and are designed for add-on after the original sale of the motor vehicle. The aftermarket provides a wide variety of parts of varying qualities and prices for nearly all vehicle makes and models.


The global Automotive After market was valued at USD 381.28 Billion in 2020 and is projected to reach USD 532.45 Billion by 2028, growing at a CAGR of 4.20%% from 2021 to 2028.

The global Automotive After market is segmented into product, application, regions, and countries. The regional segmentation covers current and forecasts demand on the basis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments are analyzed on the basis of current and future trends. The report covers a complete evaluation of the market based on competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2016 to 2020 and forecast from 2021 to 2028. 

Yearly Infographics 381.28 Billion 532.45 Billion

COVID-19 Impact Analysis

Outbreak of COVID-19 led various countries impose strict lockdown measures during the initial stages of the pandemic. Numerous companies from different verticals faced challenges due to remote work environments. As a result, companies from various sectors switched to online/virtual platforms to maintain a steady flow in their daily business activities. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.


The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

o   Impact Assessment of COVID-19 Pandemic

o   Pre & Post COVID-19 Market Size

o   Qualitative analysis on the short term & long term impact of COVID-19 on the market

o   The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

Market Insights

The increasing digitization of component delivery sales and services coupled with the arrival of online portal distributing aftermarket components is expected to augment the growth of the automotive aftermarket during the forecast period. This is due to the global auto-part supplier groups that are likely to draw huge investments from the key participants. Additionally, the presence of leading market component suppliers, such as US Auto Parts Network, Inc. and CarParts.com, is also expected to increase the demand of the market in the years to come. Furthermore, growing online sales of automotive components are projected to fuel growth of the market.

The increasing demand for replacement parts is anticipated to augment the growth of the automotive aftermarket in the years to come. The replacement parts dominated the industry with around 74.3% of the automotive aftermarket revenue share in 2020. This is due to the extreme strain by poor road conditions and low life cycle of the parts. The vehicles’ early aging will provide a positive outlook for aftermarket components. Along with that, factors such as low production cost, rising number of manufacturers, and increasing number of accidents, are likely to support the growth of the market.

A major factor that is hampering the growth of the automotive aftermarket is the counterfeit market. This is creating hurdle for the organized players of the components in the aftermarket. Additionally, the increased lifecycle of aftermarket components are also hindering the automotive component aftermarket as they lead to longer time gaps between consecutive vehicle servicing.

Global Automotive After Market Report Scope

Parameter Details
Market Size Provided for Years 2016-2028
Base Year 2020
Historic Years 2016-2020
Forecast Years 2021-2028
Market Size Provided In Terms Of Revenue & Volume
Segments Covered Replacement Parts, Certification, Distribution Channel
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Countries Covered The U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, South East Asia, Brazil, Argentina, GCC Countries, and South Africa, among others
Companies Covered Denso Corporation, The Michelin Group, Magneti Marelli S.p.A., Hyundai Mobis, Bridgestone Corporation, Aisin Seiki Co. Ltd., Robert Bosch GmbH, Continental AG, 3M, Goodyear Tire & Rubber Company, ZF Friedrichshafen AG.
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and Asia Pacific, company market share analysis, and COVID-19 impact analysis

Market Segmentation

Replacement Parts  Analysis: Preview

On the basis of Replacement Parts, the market is segmented into Tire, Battery, Brake Parts, Filters, Body Parts, Lighting & Electronic Components, Wheels, Exhaust Components, Turbochargers, Others. Tires  held the highest share in 2020 and is expected to grow at a significant rate over the forecast period. This is attributed to the rising demand for the Tires in developing countries such as China and India. Digitalization in Asia Pacific region has led to a surge in the usage of technology in various business processes over the past few years. Rising adoption of online platforms across various sectors along with analytical solutions, IoT, AI, and Blockchain technology to gain a competitive advantage is also paving the way for the Automotive After market growth.

Certification Analysis: Preview

Based on Certification, the market is segmented into Genuine Parts, Certified Parts, Uncertified Parts. Genuine Parts  held the largest share and is projected to grow at a notable CAGR over the coming years. Rising demand for Automotive After  in various countries such as the U.S., Germany, China, India, and Japan, among others is likely to support the growth of the market. Numerous companies are focusing on investing heavily in this application to cater the end user requirements effectively.

Global Automotive After Market: Replacement Parts Segment Analysis

    • Tire
    • Battery
    • Brake Parts
    • Filters
    • Body Parts
    • Lighting & Electronic Components
    • Wheels
    • Exhaust Components
    • Turbochargers
    • Others

Global Automotive After Market: Certification Segment Analysis

    • Genuine Parts
    • Certified Parts
    • Uncertified Parts

Global Automotive After Market: Distribution Channel Segment Analysis

    • Retail
    • Wholesalers & Distributors

Regional Analysis Preview

On the basis of region, the global Automotive After market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region held a leading share of the global Automotive After market in 2020. Some of the major countries contributing to the market growth are the U.S., U.K., Germany, France, China, India, Japan, and South Korea. China is considered as the most lucrative country for market players. This is attributed to the presence of major companies operating in the region.

Market Size, 2021 (USD Billion)
North America
Europe
Asia Pacific
South America
Middle East Africa

Global Automotive After Market: Regional Analysis

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East and Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

Competitive Landscape

The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the global Automotive After market are Denso Corporation, The Michelin Group, Magneti Marelli S.p.A., Hyundai Mobis, Bridgestone Corporation, Aisin Seiki Co. Ltd., Robert Bosch GmbH, Continental AG, 3M, Goodyear Tire & Rubber Company, ZF Friedrichshafen AG.. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.

Key Highlights – Global Automotive After Market

  • Global Automotive After Market is projected to reach USD 532.45 Billion by 2028
  • Asia Pacific held the highest share of the Automotive After market
  • Tires held the largest share of the product segment in the Automotive After market
  • Genuine Parts held the major share of the application segment in the Automotive After market

FAQ
Frequently Asked Question
  • The global Automotive After valued at 381.28 Billion in 2020 and is expected to reach 532.45 Billion in 2028 growing at a CAGR of 4.20%%.

  • The prominent players in the market are Denso Corporation, The Michelin Group, Magneti Marelli S.p.A., Hyundai Mobis, Bridgestone Corporation, Aisin Seiki Co. Ltd., Robert Bosch GmbH, Continental AG, 3M, Goodyear Tire & Rubber Company, ZF Friedrichshafen AG..

  • The market is project to grow at a CAGR of 4.20%% between 2021 and 2028.

  • The driving factors of the Automotive After include

    • The increasing digitization of component delivery sales and services coupled with the arrival of online portal distributing aftermarket components is expected to augment the growth of the automotive aftermarket during the forecast period. This is due to the global auto-part supplier groups that are likely to draw huge investments from the key participants. Additionally, the presence of leading market component suppliers, such as US Auto Parts Network, Inc. and CarParts.com, is also expected to increase the demand of the market in the years to come. Furthermore, growing online sales of automotive components are projected to fuel growth of the market.
    • The increasing demand for replacement parts is anticipated to augment the growth of the automotive aftermarket in the years to come. The replacement parts dominated the industry with around 74.3% of the automotive aftermarket revenue share in 2020. This is due to the extreme strain by poor road conditions and low life cycle of the parts. The vehicles’ early aging will provide a positive outlook for aftermarket components. Along with that, factors such as low production cost, rising number of manufacturers, and increasing number of accidents, are likely to support the growth of the market.

  • Asia Pacific was the leading regional segment of the Automotive After in 2020.