Automotive After Market
Automotive After Market Global Industry Assessment & Forecast
#
Pages:
142
2021
Nov - 2021
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
Years:
|
2021 - 2028 |
 Historical
Years:
|
2016 - 2020 |
 Revenue
2021: |
381.28 Billion |
 Revenue 2028:
|
532.45 Billion |
 Revenue CAGR
(2021 - 2028): |
4.20% |
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
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
FAQ
Frequently Asked Question
What is the global demand for Automotive After in terms of revenue?
-
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%%.
Which are the prominent players in the market?
-
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..
At what CAGR is the market projected to grow within the forecast period?
-
The market is project to grow at a CAGR of 4.20%% between 2021 and 2028.
What are the driving factors fueling the growth of the market?
-
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.
Which region accounted for the largest share in the market?
-
Asia Pacific was the leading regional segment of the Automotive After in 2020.
