Aftermarket Automotive Industry Size and Growth Report 2030 (2023)

Report Overview

The global automotive aftermarket size will be valued at USD 427.51 billion in 2022. According to Grand View Research, Inc., the market is expected to grow at a compound annual growth rate (CAGR) of 4.0% from 2023 to 2030. The market is primarily driven by the desire of car drivers to enhance the performance of their vehicles in terms of exhaust sound, speed, appearance parameters, and many other aspects. Regional regulatory bodies such as the Japan Motor Sports Muffler Association (JASMA) and the U.S. Environmental Protection Agency monitor established standards and environmental impacts related to the performance of automotive components.

For example, the noise emission levels associated with resonators and mufflers in modern car exhaust systems. Digitization of sales and parts supply services, and emergence of online portals to distribute aftermarket parts in sync with the global automotive parts supplier base are expected to attract significant investments from key players. For example, leading parts suppliers in the market such as US Auto Parts Network, Inc. and CarParts.com, will drive the global market demand in the coming years.

With the aforementioned transaction gateways, the secondary market online arcade parade has huge potential in developing countries. Moreover, the growing online sales of auto parts is estimated to provide a huge market demand. Businesses are now turning to digital platforms due to a smoother customer experience. In January 2020, Continental AG announced the creation of an online portal that will contain all of its portfolio of market-oriented services and product information.

The market value chain consists of two main segments: auto parts suppliers and service providers. These major industry sectors exchange value through the automotive industry in several intermittent stages. Access to detailed parts ranges coupled with transactional simplicity afforded by digitization of global auto parts sales aims to address availability issues thereby driving the automotive aftermarket industry forward. As more and more people turn to the Internet of Things (IoT) and digitization trends, the resulting digitization is expected to have a significant impact on the industry.

Furthermore, technological improvements in drives have created numerous opportunities in the market. However, issues associated with high R&D expenditure are expected to hamper market growth over the forecast period. Automakers face certain constraints in executing their production process. Production costs are one of these constraints. However, some auto spare parts in the aftermarket as filters give you the opportunity to choose a part that is suitable for the operating conditions of your vehicle.

Insights into the impact of COVID-19

The automotive and transportation industry is one of the most vulnerable to the ongoing COVID-19 outbreak and is currently in the midst of unprecedented uncertainty. COVID-19 is expected to have a major impact on the supply chain and product demand in the automotive aftermarket industry. Industry concerns have shifted from concerns about supply chain disruptions in China to a general decline in demand for aftermarket products. With all non-essential services shut down, demand for commercial vehicle parts is expected to drop sharply.

Moreover, changes in consumer purchasing behavior due to pandemic-related uncertainties may have a severe impact on the development of the industry in the near future. With the ups and downs of the economy, people tend to keep their vehicles for the long term. At the same time, liquidity shortages and cash crises are already affecting participants in the secondary market, and the shortage is expected to worsen in the coming months. Also, consumers are expected to prefer private transportation in the wake of the pandemic. However, financial disparities are expected to discourage new car purchases; commuters are expected to opt for used cars due to budget constraints. Rising sales of used vehicles are expected to boost demand for aftermarket auto parts used in vehicle repairs. On a larger scale, in developing countries, the pandemic is expected to bring some novices back into the aftermarket. The market is also expected to fluctuate based on the needs of different customer segments, as each category segment has its own preferences for vehicle repair and maintenance.

Notes on spare parts

In terms of market size, other segments will dominate with a share of 48.3% in 2022. The tire segment will be the largest segment among spare parts and is expected to dominate the market in terms of volume. It is expected to remain dominant due to its low tire replacement cycle compared to other components. Aftermarket suppliers include various parts suppliers, lubricant suppliers, tire suppliers, and other aftermarket suppliers.

In addition, the industry value chain also includes service enablers, such as maintenance service providers and entertainment providers. The automotive industry is seeing increasing demand for hybrid electric vehicles, which will ultimately reduce the need for exhaust system parts and specialized tools for these specialized vehicles. This restriction can be attributed to the increase in the price of gasoline and gasoline-engined vehicles. Rising disposable income of customers in developing countries such as China and Brazil is expected to positively impact the market growth rate.

Rising demand for locomotives is expected to drive demand for auto parts sales. Stringent regulatory standards for automotive safety across the globe are expected to drive the market economy. Modern manufacturing techniques such as 3D printing of auto parts are widely used by major players in the industry to optimize production costs, 3D printing enables efficient production and reduces emission toxicity.

Information about distribution channels

In terms of market size, the retail segment will dominate with a share of 56.0% in 2022. The retail segment is projected to dominate the market in terms of volume by 2030. The wholesale and distribution segment will record relatively fast growth in revenue from 2023 to 2030 The automotive aftermarket economy is an important part of the overall vehicle production and repair system because; auto parts must be replaced in a timely manner to maintain the overall performance of the vehicle .

The increasing influence of technological advancements is shifting the market towards digitalization. After the market goes online, the market is changing. Parts and service are sold online. All players in the value chain, such as original equipment manufacturers (OEMs), original equipment suppliers (OES), wholesalers, insurance companies, and repairers, are responding to the growing trend of the online aftermarket. Application of advanced technologies in the production of auto parts, exponential growth in the production of passenger and consumer vehicles, and digitization of automotive repair and maintenance services are some of the factors expected to drive market growth over the forecast period.

Service channel information

In terms of market size, the original equipment segment will dominate with a share of 71.1% by 2022. The OE segment is projected to dominate the spare parts market in terms of size by 2030. From 2023 to 2030, the DIY segment will experience relatively rapid growth in revenue. DIY customers are tech-savvy and interested in maintaining, repairing and upgrading their cars themselves. DIFM customers purchase parts online, but install them in specialty workshops.

Aftermarket service channels include members such as raw material suppliers, first-tier distributors, auto exhaust hubs/manufacturing units, and aftermarket units including workers and final repair shops. Repair centers are important stakeholders in the service channel. The industry is witnessing a trend of strategic alliances and collaborations between accident repair centers and leading auto insurance companies to gain a competitive advantage and significant market share. For example, Utica Mutual Insurance Company, State Farm Mutual Automobile Insurance Company, and Progressive Casualty Insurance Company have affiliations with certified auto repair shops in every state in the United States.

Certification Information

In terms of market size, the original parts segment will dominate the market with a 51.8% market share in 2022. The original parts segment is expected to dominate the aftermarket segment by 2030. The revenue of the non-certification segment will grow relatively faster from 2023 to 2030. Counterfeit parts are illegal, not tested or certified, and not covered by warranty. Genuine parts are produced by the car manufacturer or original equipment manufacturer (also known as a subcontractor). Genuine spare parts offer better quality assurance and are available in greater variety, easy to find and guaranteed. The downside of these parts is that they are expensive and must be purchased from a dealer.

Certified auto parts are tested and inspected by a certification body. The Certified Auto Parts Association (CAPA) is a not-for-profit organization founded in 1987. CAPA provides testing programs to verify and guarantee the quality and suitability of automotive replacement parts. It is the brainchild of insurance companies in the automotive industry to ensure the quality of spare parts used in accident repair workshops. Certified parts are a cost-effective alternative to expensive original parts. However, non-certified parts can be used in place of original car parts. Non-certified parts are not approved by the automaker. However, the low cost of non-certified parts creates a huge opportunity for the growth of this segment in the coming years.

area information

In terms of market size, the Asia Pacific region will dominate with a 28.5% market share in 2022. The Asia Pacific market is also expected to witness significant growth during 2023-2030. The use of advanced technologies in the production of auto parts, the rapid growth in the number of consumers, the production and sales of passenger vehicles, and the digitization of auto parts distribution services are expected to stimulate auto sales in the region. In order to gain more market share, various companies are focusing on acquisitions. For example, in February 2021, The Goodyear Tire & Rubber Company acquired Cooper Tire & Rubber Company to consolidate its brand portfolio and provide end-to-end services across market value ranges.

Universities and other research and development institutions are increasingly working to improve the cost and operational efficiency of such critical automotive components in hopes of reducing their price and ultimately the price of the final product. The new design, developed by a team of scientists from Imperial College London's Department of Chemical Engineering, uses up to 80 per cent less rare metals, significantly reducing the cost of producing vehicles and components.

The prototype is expected to surpass existing cars. The rules put pressure on parts suppliers to produce environmentally friendly, high-performance auto parts for domestic and global markets. Over the past few years, emerging economies including China, India, and Brazil have confirmed urgent changes to ensure positive growth prospects for the sector in Asia Pacific.

Information about key companies and market shares

Diffusion of technology and increasing investments in research and development activities by manufacturers and associations are expected to drive the growth of the industry. The market is dominated by numerous national and regional competitors who must offer innovative products that help buyers meet changing technology, security needs, and business practices. Key players are in a favorable but vulnerable position to gain market share or lose points. Key players are adopting merger and acquisition strategies to expand their presence globally. Some of the big names in the automotive aftermarket industry include:

• Fengma 3M

• Continental

• cooper tire & rubber co.

  See Also

  Aftermarket SLI Battery Industry Size | Global Analysis - 2032The future of the car - KPMG Global

• Delphi Motors

• Signature Denso

• Federal-Mogul

• HELLA KGaA Hueck & Co.

• robert bosch gmbh

• Valeo Group

• ZF AG

Aftermarket Automotive Industry Report Scope

Global Auto Parts MarketindustrySplit

The report forecasts the regional revenue growth of each segment from 2017 to 2030 and analyzes the industry trends. For this study, Grand View Research has segmented the global automotive aftermarket report on the basis of aftermarket parts, distribution channel, service channel, certification, and region:

• Spare Parts Outlook (Revenue, USD Billion, 2017-2030)

  • fetal

  • Battery

  • brake parts

  • filter

  • body parts

  • Lighting and Electronic Components

  • wheel

  • Exhaust System Components

  • Turbocharger

  • in

• Distribution Channel Outlook (Revenue, USD Billion, 2017-2030)

  • retailer

    • OEM production

    • repair shop

  • Wholesalers and Distributors

• Service Channel Outlook (Revenue, USD Billion, 2017-2030)

  • do it yourself (do it yourself)

  • DIFM (do it for me)

  • OE (entrusted to OEM)

• Certification Outlook (Revenue, USD Billion, 2017-2030)

  • original accessories

  • certified parts

  • Non-certified parts

• Regional Outlook (Revenue, USD Billion, 2017-2030)

  • Kitami

    • NAS。

    • You have

    • Mexico

  • Europa

    • Germany

    • Great Britain

    • France

  • Asia-Pacific

    • China

    • Japan

    • independent

  • South America

    • Brazil

  • middle east and africa