Automotive Aftermarket to Gain Substantial Growth During the Forecast Period 2022-2030

Posted on 2022-05-20 by researchinsights in Automotive // 0 Comments

San Francisco, California , USA, May 20, 2022 — /EPR Network/ —

Automotive Aftermarket Industry Overview

The global automotive aftermarket size was valued at USD 408.5 billion in 2021. The market is expected to register a compound annual growth rate (CAGR) of 3.4% from 2022 to 2030.

The market is majorly driven by the pursuit of automobile drivers to enhance their vehicle performance in terms of exhaust sound, speed, and appearance parameters along with many other aspects. Regional regulatory authorities, such as Japanese Automobile Sports Muffler Association (JASMA) and the U.S. Environmental Protection Agency, monitor the built-up standards and environmental impacts associated with automotive component functioning, for instance, the noise emission levels associated with the modern-day automotive resonators and mufflers in automotive exhaust systems.

Gather more insights about the market drivers, restrains and growth of the Global Automotive Aftermarket

Digitization of component delivery sales and services, along with the advent of online portal distributing aftermarket components in synchrony with the global auto-part supplier groups, are expected to draw huge investments from the key participants. For instance, the leading market component suppliers, such as US Auto Parts Network, Inc. and CarParts.com, would drive the global market demand in the years to come. Owing to above-mentioned trade gateways, the online aftermarket businesses arcade parades high potential in the developing countries. Additionally, growing online sales of automotive components is estimated to deliver significant demand for the market.

The companies are now shifting to the digital platform owing to the smoother experience for the customers. In January 2020, Continental AG announced their online portal that will contain a portfolio of all of their services and information about their product for the industry. The value chain of the market comprises two primary segments: automotive replacement part suppliers and service enablers. These prime industry segments are exchanging value through automotive sectors at several intermittent stages. Access to elaborative component assortment coupled with the simplicity of transactions, delivered through digitalization of the global automotive component sales, is destined to resolve the obtainability issues, thereby driving the automobile aftermarket industry.

The ensuing digitalization is anticipated to convey a high impact on the industry as a growing number of people incline toward Internet-of-Things (IoT) and digitization trends. Furthermore, technology improvements in propulsion have created numerous opportunities in the market. However, issues about high R&D expenditures are expected to hinder the market growth over the forecast period. Automobile manufacturers face certain constraints while carrying out their manufacturing processes. Production cost is one of these constraints. Some automotive replacement parts as aftermarket filters, however, offer the chance of choosing a part that suits the conditions in which a vehicle operates.

Browse through Grand View Research’s Automotive & Transportation Industry Research Reports.

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Automotive Aftermarket Segmentation

Grand View Research has segmented the global automotive aftermarket based on replacement part, distribution channel, service channel, certification, and region:

Automotive Aftermarket Replacement Part Outlook (Revenue, USD Billion, 2017 – 2030)
- Tire
- Battery
- Brake parts
- Filters
- Body parts
- Lighting & Electronic components
- Wheels
- Exhaust components
- Turbochargers
- Others
Automotive Aftermarket Distribution Channel Outlook (Revenue, USD Billion, 2017 – 2030)
- Retailers
  - OEMs
  - Repair Shops
- Wholesalers & Distributors
Automotive Aftermarket Service Channel Outlook (Revenue, USD Billion, 2017 – 2030)
- DIY (Do It Yourself)
- DIFM (Do It for Me)
- OE (Delegating to OEM’s)
Automotive Aftermarket Certification Outlook (Revenue, USD Billion, 2017 – 2030)
- Genuine Parts
- Certified Parts
- Uncertified Parts
Automotive Aftermarket Regional Outlook (Revenue, USD Billion, 2017- 2030)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa

Market Share Insights

February 2021: Goodyear Tire & Rubber Company acquired Cooper Tire & Rubber Company to combine the brand portfolio and provide comprehensive services along the value spectrum of the industry.
January 2020: Continental AG announced their online portal that will contain a portfolio of all of their services and information about their product for the industry.

Key Companies profiled:

Some prominent players in the Automotive Aftermarket include

3M Company
Continental AG
Cooper Tire & Rubber Company
Delphi Automotive PLC
Denso Corporation
Federal-Mogul Corporation
HELLA KGaA Hueck & Co.
Robert Bosch GmbH
Valeo Group
ZF Friedrichshafen AG

Order a free sample PDF of the Automotive Aftermarket Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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