DUBLIN--(BUSINESS WIRE)--The Automotive Aftermarket Industry Market: Global Industry Analysis, Trends, Size, Share and Forecasts to 2030 report has been added to ResearchAndMarkets.com's offering.
The report on the global automotive aftermarket industry market provides qualitative and quantitative analysis for the period from 2021-2030.
The global automotive aftermarket industry market was valued at USD 490.61 million in 2022 and is expected to reach USD 741.84 million in 2030, with a CAGR of 4.66% during the forecast period 2023-2030. The study on the automotive aftermarket industry market covers the analysis of the leading geographies such as North America, Europe, Asia Pacific, and RoW for the period of 2021-2030.
The automotive aftermarket refers to the industry that provides products, services, and solutions for vehicles after their original sale by the Original Equipment Manufacturer (OEM). It includes a wide range of products and services that are used for repairing, replacing, upgrading, and maintaining vehicles, including cars, trucks, motorcycles, and other types of vehicles. The automotive aftermarket is a large and dynamic industry that serves the needs of vehicle owners.
The aftermarket industry is constantly evolving, with changing consumer demands, technological advancements, and regulatory changes, and it serves as a vital component of the global automotive aftermarket industry. Growth driving factors of the global automotive aftermarket industry market, rising demand for vehicle customization and personalization like aesthetic look and performance upgrades.
Tire to Dominate the Type segment of the Automotive Aftermarket Industry Market
In terms of market size, the others segment dominated the market with an approximate share of 48.3% in 2022. Based on replacement parts type, the market is segmented into tires, battery, brake pads, filters, lighting & electronic components, body parts, wheel, and others. The Tire segment accounted for the majority of revenue share in the global market.
The tire segment would be the largest segment in terms of the replacement part and is anticipated to dominate the market in terms of size. It is expected to remain the dominant segment on account of the low replacement cycle of tires as compared to the other component. The aftermarket replacement part suppliers comprise various accessories suppliers, lubricants, tire suppliers, and other component replacement suppliers.
"Asia Pacific is the Dominant Region in the Automotive Aftermarket Industry Market."
The global market is segmented into North America, Europe, Asia Pacific, South America, and MEA. In terms of market size, Asia Pacific dominated the market with a share of 28.5% in 2022. The Asia Pacific market is also expected to deliver significant growth from 2023 to 2030.
Advanced technology usage in the fabrication of auto parts, a surge in consumer and passenger automobile production & sales, and the digitalization of automotive component delivery services are anticipated to spur automotive sales in the region. Various companies are focusing on acquisitions for achieving a higher share of the market.
Market Dynamics
Drivers
- Growing sales of vehicles are propelling the growth of the global market.
- Rising focus of car owners on vehicle customization due to increasing disposable income.
Restraints
- Fluctuation in raw material prices may hamper the growth of the market.
Opportunities
- New innovative products at affordable rates for consumers is anticipated to offer new growth opportunities.
Segment Covered
The global automotive aftermarket industry market is segmented on the basis of part, vehicle type, and distribution channel.
The Global Automotive Aftermarket Industry Market by Part
- Tire
- Battery
- Brake Parts
- Filters
- Body Parts
- Lighting & Electronic Components
- Wheels
- Others
The Global Automotive Aftermarket Industry Market by Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
The Global Automotive Aftermarket Industry Market by Distribution Channel
- Retailers
- Wholesale & Distribution
- Online
Company Profiles
The companies covered in the report include
- 3M
- Valeo
- Continental AG
- Robert Bosch GmbH
- Delphi Automotive (acquired by Aptiv)
- Federal-Mogul (acquired by Tenneco)
- ZF Friedrichshafen AG
- Stellantis NV
- Marelli Holdings Co., Ltd.
- Dana Limited
What does this Report Deliver?
1. Comprehensive analysis of the global as well as regional markets of the automotive aftermarket industry market.
2. Complete coverage of all the segments in the automotive aftermarket industry market to analyze the trends, and developments in the global market and forecast of market size up to 2030.
3. Comprehensive analysis of the companies operating in the global automotive aftermarket industry market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.
4. Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand and/or diversify.
For more information about this report visit https://www.researchandmarkets.com/r/w5kagw
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