Automotive After Market

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 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. 

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.

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.

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.

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.

• 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

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.

• 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