Automotive Aftermarket Market - Global Market Share, Trends, Analysis and Forecast, 2023-2032
The Global Automotive Aftermarket Market was estimated to be US$ 601.92 Billion in 2022 and is expected to grow at a CAGR of 6.3% between 2023 to 2032.
The automotive aftermarket refers to the market for automotive parts, accessories, services, and solutions that are sold and used after the original sale of a vehicle by the original equipment manufacturer (OEM). It encompasses all products and services that are used to repair, maintain, customize, or enhance a vehicle, once it has been sold to the end consumer.
The automotive aftermarket is a significant industry that serves both individual consumers and businesses, including repair shops, garages, and other automotive service providers.
Automotive Aftermarket Market Drivers
Rising demand for vehicle customization and personalization is driving the market growth
The global automotive aftermarket market is driven by several key factors. Firstly, there is a rising demand for vehicle customization and personalization, with consumers seeking unique features and upgrades to make their vehicles stand out. This includes aesthetic enhancements and performance upgrades such as custom paint jobs, body kits, and exhaust systems.
Secondly, the need for replacement and maintenance of automotive components and parts is a significant driver of the aftermarket market. As vehicles age, regular replacement and maintenance of parts such as brakes, filters, and batteries are necessary for optimal vehicle performance and safety.
Additionally, technological advancements in automotive aftermarket products are contributing to market growth. Advancements in lighting, infotainment systems, GPS navigation, and ADAS retrofits are in high demand.
Furthermore, the expansion of e-commerce and online sales channels has transformed the aftermarket landscape, offering consumers convenient access to a wide range of products and services. Online platforms provide extensive product choices, competitive pricing, and convenience, driving the demand for automotive aftermarket products online.
Vehicle Type Segmentation of the Global Automotive Aftermarket Market
Passenger vehicle segment is the largest segment in the automotive aftermarket
Based on vehicle type, the passenger vehicle segment is the largest segment in the automotive aftermarket. This is because passenger vehicles, including cars, SUVs, and light trucks, make up the majority of vehicles on the road globally, and they require regular maintenance, repairs, and upgrades throughout their lifespan.
Passenger vehicles are used by individual consumers for personal transportation purposes and are subject to daily wear and tear, which necessitates the need for replacement parts, accessories, tires, lubricants, and chemicals for maintenance and repair.
Additionally, passenger vehicles are more susceptible to cosmetic upgrades, customization, and personalization options, which further drives the demand for aftermarket products and services. Commercial vehicles, such as trucks, buses, and vans, are typically used for commercial purposes by businesses and organizations.
While these vehicles also require maintenance, repairs, and upgrades, their usage patterns and requirements may differ from passenger vehicles. Commercial vehicles are typically subject to higher mileage, heavier loads, and more intensive use, resulting in different maintenance and repair needs compared to passenger vehicles.
Regional Trends of the Global Automotive Aftermarket Market
North America is the largest market for the automotive aftermarket
Geographically, the global automotive aftermarket market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America.
Following are some of the major trend reports in these regions –
North America: The automotive aftermarket market in North America is characterized by a mature and well-established industry, with a significant demand for replacement parts, accessories, maintenance, and repair services. The region has a large vehicle population, a high level of vehicle ownership, and a strong automotive culture, driving the demand for aftermarket products and services.
Additionally, the presence of a large number of automotive manufacturers, suppliers, and service providers in North America contributes to the growth of the aftermarket industry in the region.
Europe: The automotive aftermarket market in Europe is influenced by factors such as stringent vehicle regulations, environmental concerns, and changing consumer preferences for sustainable and eco-friendly products. Additionally, the European automotive aftermarket is characterized by a well-developed e-commerce landscape, with a significant shift towards online sales channels for aftermarket products and services.
Asia-Pacific: The Asia-Pacific automotive aftermarket market is driven by factors such as a growing vehicle population, rising disposable incomes, increasing urbanization, and a booming automotive industry. The region is home to some of the largest automotive markets, including China, Japan, India, and South Korea, which contribute to the growth of the aftermarket industry.
In addition, there is a growing trend of vehicle customization and personalization in the Asia-Pacific region, driving the demand for aftermarket accessories, performance enhancements, and customization options.
Middle East and Africa: The automotive aftermarket market in the Middle East and Africa region is influenced by factors such as economic growth, increasing vehicle ownership, and high demand for replacement parts and services. The region has a large fleet of commercial vehicles, including trucks and buses, which require regular maintenance, repairs, and replacement parts.
Additionally, the harsh climatic conditions in the Middle East and Africa region can impact the wear and tear of vehicles, driving the demand for aftermarket products and services for vehicle maintenance and repairs.
South America: The automotive aftermarket market in South America is driven by factors such as increasing vehicle sales, rising urbanization, and changing consumer preferences for vehicle customization and performance enhancements. Additionally, the presence of a vibrant motorsports culture in South America, particularly in countries like Brazil and Argentina, contributes to the demand for aftermarket products and services related to motorsports and high-performance vehicles.
Key players and market strategies:
Companies operating in the global automotive aftermarket market employ various growth strategies to expand their market share and remain competitive.
Some of the major growth strategies adopted by these companies include:
Product Innovation: Companies focus on continuous product innovation to offer differentiated and advanced aftermarket products, such as replacement parts, accessories, and automotive components, that meet the evolving needs and preferences of customers. This includes investing in research and development (R&D) to develop innovative products with enhanced performance, durability, and sustainability, and staying ahead of the competition.
Expansion and Acquisition: Companies seek to expand their presence in new markets or strengthen their existing market share through expansion strategies such as opening new distribution centers, retail outlets, or online sales channels. Additionally, companies may pursue acquisition strategies to acquire smaller companies or strategic partnerships to gain access to new technologies, customer bases, or geographic regions, thereby expanding their reach and capabilities.
E-commerce and Digitalization: Companies embrace e-commerce and digitalization to tap into the growing online sales channels for automotive aftermarket products and services. This includes building robust online platforms, investing in digital marketing and advertising, and offering seamless online purchasing experiences to customers.
E-commerce and digitalization enable companies to reach a wider customer base, improve customer convenience, and enhance their overall competitiveness in the market.
Customer Relationship Management (CRM): Companies focus on building strong customer relationships through effective CRM strategies. This includes offering personalized and customized solutions, providing superior customer service, and fostering long-term customer loyalty. Building strong customer relationships helps in retaining customers, generating repeat business, and gaining a competitive advantage in the market.
Geographic Expansion: Companies may expand their geographic footprint by entering new markets, particularly in emerging economies with a growing automotive aftermarket demand. This may involve setting up local operations, partnerships with local distributors, or adapting products and services to meet regional requirements, thereby tapping into new opportunities and increasing market penetration.
3M Company, BorgWarner Inc., Continental AG, Delphi Automotive PLC, Denso Corporation, Federal-Mogul Corporation, Genuine Parts Company, Magneti Marelli S.p.A., Mann+Hummel Group, Robert Bosch GmbH, Schaeffler AG, Tenneco Inc., Valeo SA, WABCO Holdings Inc., ZF Friedrichshafen AG and many more.
Global Automotive Aftermarket Market Segmentation:
By Product Type:
- Replacement Parts
- Accessories
- Tires
- Lubricants
- Chemicals
By Vehicle Type:
- Passenger Vehicle
- Commercial vehicles
- Off-road Vehicles
By Service Provider:
- DIY (Do-It-Yourself)
- DIFM (Do-It-For-Me)
- OE (Original Equipment)
By Certification:
- Certified Parts
- Uncertified Parts
By Region
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
- Introduction
- Research Objectives
- Report Assumptions
- Research Methodology
- Abbreviations
- Preface
- Market Definition
- Report Scope and Market Segmentation
- Research Highlights
- Market Synopsis: Global Automotive Aftermarket Market
- Global Automotive Aftermarket Market Qualitative Analysis
- Trends
- Market trends
- Technology Trends
- PESTLE Analysis (For 3 prominent countries)
- Market Influencers
- Driving Forces
- Hindering Forces
- Opportunities
- COVID-19 impact
- Porter’s Five Forces Analysis
- Value Chain Analysis
- Trends
- Global Automotive Aftermarket Market Analysis and Forecast, by Product Type
- Overview and definitions
- Key segment analysis
- Global Automotive Aftermarket Market Estimates (US$ Mn and Units), by Product Type, 2019 – 2032
- Replacement Parts
- Air Conditioning System Components
- Brake Parts
- Chassis
- Battery
- Lighting & Electronic Components
- Wheels
- Others
- Accessories
- Interior
- Exterior
- Tires
- Lubricants
- Chemicals
- Replacement Parts
- Global Automotive Aftermarket Market Analysis and Forecast, by Vehicle Type
- Overview and definitions
- Key segment analysis
- Global Automotive Aftermarket Market Estimates (US$ Mn), by Vehicle Type, 2019 – 2032
- Passenger Vehicle
- Commercial vehicles
- Off-road Vehicles
- Global Automotive Aftermarket Market Analysis and Forecast, by Service Provider
- Overview and definitions
- Key segment analysis
- Global Automotive Aftermarket Market Estimates (US$ Mn), by Service Provider, 2019 – 2032
- DIY (Do-It-Yourself)
- DIFM (Do-It-For-Me)
- OE (Original Equipment)
- Global Automotive Aftermarket Market Analysis and Forecast, by Certification
- Overview and definitions
- Key segment analysis
- Global Automotive Aftermarket Market Estimates (US$ Mn), by Certification, 2019 – 2032
- Certified Parts
- Uncertified Parts
- Global Automotive Aftermarket Market Analysis and Forecast, by Region
- Overview and definitions
- Key segment analysis
- Global Automotive Aftermarket Market Estimates (US$ Mn), by Region, 2019 – 2032
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America Automotive Aftermarket Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- North America Automotive Aftermarket Market Estimates (US$ Mn and Units), by Product Type, 2019 – 2032
- Replacement Parts
- Air Conditioning System Components
- Brake Parts
- Chassis
- Battery
- Lighting & Electronic Components
- Wheels
- Others
- Accessories
- Interior
- Exterior
- Tires
- Lubricants
- Chemicals
- Replacement Parts
- North America Automotive Aftermarket Market Estimates (US$ Mn), by Vehicle Type, 2019 – 2032
- Passenger Vehicle
- Commercial vehicles
- Off-road Vehicles
- North America Automotive Aftermarket Market Estimates (US$ Mn), by Service Provider, 2019 – 2032
- DIY (Do-It-Yourself)
- DIFM (Do-It-For-Me)
- OE (Original Equipment)
- North America Automotive Aftermarket Market Estimates (US$ Mn), by Certification, 2019 – 2032
- Certified Parts
- Uncertified Parts
- North America Automotive Aftermarket Market Estimates (US$ Mn), by Country, 2019 – 2032
- United States
- Canada
- Rest of North America
- Europe Automotive Aftermarket Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Europe Automotive Aftermarket Market Estimates (US$ Mn and Units), by Product Type, 2019 – 2032
- Replacement Parts
- Air Conditioning System Components
- Brake Parts
- Chassis
- Battery
- Lighting & Electronic Components
- Wheels
- Others
- Accessories
- Interior
- Exterior
- Tires
- Lubricants
- Chemicals
- Replacement Parts
- Europe Automotive Aftermarket Market Estimates (US$ Mn), by Vehicle Type, 2019 – 2032
- Passenger Vehicle
- Commercial vehicles
- Off-road Vehicles
- Europe Automotive Aftermarket Market Estimates (US$ Mn), by Service Provider, 2019 – 2032
- DIY (Do-It-Yourself)
- DIFM (Do-It-For-Me)
- OE (Original Equipment)
- Europe Automotive Aftermarket Market Estimates (US$ Mn), by Certification, 2019 – 2032
- Certified Parts
- Uncertified Parts
- Europe Automotive Aftermarket Market Estimates (US$ Mn), by Country, 2019 – 2032
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific Automotive Aftermarket Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Asia Pacific Automotive Aftermarket Market Estimates (US$ Mn and Units), by Product Type, 2019 – 2032
- Replacement Parts
- Air Conditioning System Components
- Brake Parts
- Chassis
- Battery
- Lighting & Electronic Components
- Wheels
- Others
- Accessories
- Interior
- Exterior
- Tires
- Lubricants
- Chemicals
- Replacement Parts
- Asia Pacific Automotive Aftermarket Market Estimates (US$ Mn), by Vehicle Type, 2019 – 2032
- Passenger Vehicle
- Commercial vehicles
- Off-road Vehicles
- Asia Pacific Automotive Aftermarket Market Estimates (US$ Mn), by Service Provider, 2019 – 2032
- DIY (Do-It-Yourself)
- DIFM (Do-It-For-Me)
- OE (Original Equipment)
- Asia Pacific Automotive Aftermarket Market Estimates (US$ Mn), by Certification, 2019 – 2032
- Certified Parts
- Uncertified Parts
- Asia Pacific Automotive Aftermarket Market Estimates (US$ Mn), by Country, 2019 – 2032
- China
- Japan
- South Korea
- India
- Australia
- Rest of Asia Pacific
- Middle East & Africa Automotive Aftermarket Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Middle East & Africa Automotive Aftermarket Market Estimates (US$ Mn and Units), by Product Type, 2019 – 2032
- Replacement Parts
- Air Conditioning System Components
- Brake Parts
- Chassis
- Battery
- Lighting & Electronic Components
- Wheels
- Others
- Accessories
- Interior
- Exterior
- Tires
- Lubricants
- Chemicals
- Replacement Parts
- Middle East & Africa Automotive Aftermarket Market Estimates (US$ Mn), by Vehicle Type, 2019 – 2032
- Passenger Vehicle
- Commercial vehicles
- Off-road Vehicles
- Middle East & Africa Automotive Aftermarket Market Estimates (US$ Mn), by Service Provider, 2019 – 2032
- DIY (Do-It-Yourself)
- DIFM (Do-It-For-Me)
- OE (Original Equipment)
- Middle East & Africa Automotive Aftermarket Market Estimates (US$ Mn), by Certification, 2019 – 2032
- Certified Parts
- Uncertified Parts
- Middle East & Africa Automotive Aftermarket Market Estimates (US$ Mn), by Country, 2019 – 2032
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America Automotive Aftermarket Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- South America Automotive Aftermarket Market Estimates (US$ Mn and Units), by Product Type, 2019 – 2032
- Replacement Parts
- Air Conditioning System Components
- Brake Parts
- Chassis
- Battery
- Lighting & Electronic Components
- Wheels
- Others
- Accessories
- Interior
- Exterior
- Tires
- Lubricants
- Chemicals
- Replacement Parts
- South America Automotive Aftermarket Market Estimates (US$ Mn), by Vehicle Type, 2019 – 2032
- Passenger Vehicle
- Commercial vehicles
- Off-road Vehicles
- South America Automotive Aftermarket Market Estimates (US$ Mn), by Service Provider, 2019 – 2032
- DIY (Do-It-Yourself)
- DIFM (Do-It-For-Me)
- OE (Original Equipment)
- South America Automotive Aftermarket Market Estimates (US$ Mn), by Certification, 2019 – 2032
- Certified Parts
- Uncertified Parts
- South America Automotive Aftermarket Market Estimates (US$ Mn), by Country, 2019 – 2032
- Brazil
- Argentina
- Rest of South America
- Competition Analysis – Global Automotive Aftermarket Market
- Market Composition
- Market Share Analysis (%), by Supplier (2022)
- Company Profiles
- 3M
- Business overview
- Geographic presence
- Product portfolio
- Financial facts
- Relevant news and strategic view
- BorgWarner Inc.
- Continental AG
- Delphi Automotive PLC
- Denso Corporation
- Federal-Mogul Corporation
- Genuine Parts Company
- Magneti Marelli S.p.A.
- Mann+Hummel Group
- Robert Bosch GmbH
- Schaeffler AG
- Tenneco Inc.
- Valeo SA
- WABCO Holdings Inc.
- ZF Friedrichshafen AG
- 3M
- Conclusion & Recommendations
Frequently asked questions about this report
How large is the automotive aftermarket market?
The automotive aftermarket market size was estimated to be US$ 601.92 Billion in 2022.
How much is the automotive aftermarket market growth?
The automotive aftermarket market is expected grow at a CAGR of 6.3% between 2023 to 2032.
What are the major driving factors in the automotive aftermarket market?
The global automotive aftermarket market is driven by several key factors including rising demand for vehicle customization and personalization, with consumers seeking unique features and upgrades to make their vehicles stand out and the need for replacement and maintenance of automotive components and parts.
Which product type is the largest in the automotive aftermarket market?
The passenger vehicle segment is the largest segment in the automotive aftermarket. This is because passenger vehicles, including cars, SUVs, and light trucks, make up the majority of vehicles on the road globally, and they require regular maintenance, repairs, and upgrades throughout their lifespan.
Which region is the fastest-growing market for automotive aftermarket?
The Asia-Pacific automotive aftermarket market is driven by factors such as a growing vehicle population, rising disposable incomes, increasing urbanization, and a booming automotive industry.
What are the key growth strategies of automotive aftermarket market companies?
Some of the major growth strategies adopted by these companies focus on continuous product innovation to offer differentiated and advanced aftermarket products, such as replacement parts, accessories, and automotive components, that meet the evolving needs and preferences of customers.
What segments are covered in the automotive aftermarket market report?
The automotive aftermarket market segmented on the basis of product type, vehicle type, service provider, certification and region.
Which are leading players in the automotive aftermarket market?
3M Company, BorgWarner Inc., Continental AG, Delphi Automotive PLC, Denso Corporation, Federal-Mogul Corporation, Genuine Parts Company, Magneti Marelli S.p.A., Mann+Hummel Group, Robert Bosch GmbH, Schaeffler AG, Tenneco Inc., Valeo SA, WABCO Holdings Inc., and ZF Friedrichshafen AG are leading players in the automotive aftermarket market.