The global automotive aftermarket size is projected to reach USD 513.8 billion by 2027, according to Million Insights. The major factor responsible for boosting the market growth is the easy availability of automotive components on e-portal and the introduction of new players who offer quality components compared to its original/stock counterpart at a much lower price is expected to boost the market growth. Increasing penetration of electric vehicles, autonomous and hybrid cars, and semi-autonomous cars is projected to propel the market growth over the next few years.
Growth of automotive manufacturing across the globe along with strict norms regarding harmful gas emission is anticipated to boost the demand for aftermarket component sales during the projected years. Moreover, technological advancement and increasing penetration of third-party services are expected to open new avenues for automotive aftermarket growth. Growing pre-owned vehicle sales is expected to surge the market growth in order to improve the vehicle performance, as owners of pre-owned vehicles would prefer aftermarket components or parts which are cheaper than the stock component but equivalent in quality and performance. In addition, ageing vehicle fleet along with increasing demand for replacement parts is expected to escalate the revenue generation in this industry.
In developing regions, market players are implementing several strategies such as partnerships, mergers, and acquisitions to strengthen their position in the automotive aftermarket. Asia Pacific is projected to emerge as the fastest-growing region due to high production rate of automobile in the region.
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Further key findings from the report suggest:
• The market is expected to witness significant growth over the forecast period due to increasing requirement for timely maintenance of vehicle parts.
• Growing investment by manufacturers for product innovations is expected to open new market growth opportunities over the forecast period.
• Europe is early adopter of new technologies in automotive industry which is expected to witness high adoption rate of hybrid vehicles than other regions.
• This market is expected to gain traction due to rising number of collision repair centres across the globe.
• The major industry participants are Continental AG, 3M Company, Federal-Mogul Corporation, Magneti Marelli S.p.A., Denso Corporation, Robert Bosch GmbH, and Delphi Automotive PLC.
Million Insights segmented the global automotive aftermarket market on the basis of replacement part, distribution channel, service channel, certification, and region:
Automotive Aftermarket Replacement Part Outlook (Revenue, USD Billion, 2016 - 2027)
• Brake Parts
• Body parts
• Lighting & Electronic Components
• Exhaust components
Automotive Aftermarket Distribution Channel Outlook (Revenue, USD Billion, 2016 - 2027)
• Repair Shops
• Wholesalers & Distributors
Automotive Aftermarket Service Channel Outlook (Revenue, USD Billion, 2016 - 2027)
• DIY (Do it Yourself)
• DIFM (Do it for Me)
• OE (Delegating to OEM’s)
Automotive Aftermarket Certification Outlook (Revenue, USD Billion, 2016 - 2027)
• Genuine Parts
• Certified Parts
• Uncertified Parts
Automotive Aftermarket Regional Outlook (Revenue, USD Billion, 2016 - 2027)
• North America
• Asia Pacific
• South America
• Middle East & Africa