July 20, 2024

Automotive Aftermarket Size to Worth Around US$ 950.09 Bn by 2027

[150+ Pages Report] As per the latest Research and survey report issued by Precedence Research, the global Automotive Aftermarket was valued at around USD 721.2 billion in 2021 and is expected to register revenues worth USD 950.09 billion by the end of 2027, growing at an exceptional CAGR of approximately 4.61% between 2021 and 2027.

Automotive Aftermarket

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Automotive Aftermarket Growth Factors:

After the original equipment manufacturer (OEM) sells the vehicle to the consumer, the automotive aftermarket is responsible for the manufacturing, distribution and sales, and installation of automobile parts, equipment, and accessories. The original equipment manufacturer (OEM) may or may not manufacture the accessories and components for sale.

The global automotive aftermarket is being driven by key factors such as increased internet penetration combined with improvements in the telematics industry. These variables encourage online sales of automobile parts, resulting in more frequent purchases.

The growing demand for automobile in emerging markets is expected to boost market growth. Due to numerous environmental requirements, technological advancements, and the adoption of various eco-friendly practices in automobile production are expected to increase demand for alternative automotive parts.

Automotive Aftermarket Report Scope
Report HighlightsDetails
Market SizeUSD 950.09 Billion by 2027
Growth RateCAGR of 4.61% from 2021 to 2027
Base Year2021
Historic Data2017 to 2021
Forecast Period2022 to 2027
Segments CoveredReplacement Part, Service Channel, Distribution Channel, Certification, Regional Outlook
Regional ScopeNorth America, APAC, Europe, Latin America, MEAN, Rest of the World
Automotive Aftermarket Report Highlights
  • In terms of revenue, tire dominated the global automotive aftermarket with US$ 202.04 billion by 2027 at 5.47% CAGR and anticipated to continue its dominance over the forecast period due to small replacement cycle compared to its counterparts. As tires have a shorter replacement cycle as compared to other component counterparts, it is projected to remain the leading segment.
  • On the basis of end user, retailer segment projected to hit revenue US$ 720.17 billion by 2027 with CAGR of 4.74%, whereas wholesale and distribution segment witness the fastest growth over the projected years.
  • Based on the certification, genuine parts segment is estimated to be the most opportunistic segment during the forecast period. Original equipment manufacturers (OEMs) often known as subcontractors, manufactures genuine parts. The genuine replacement parts have a higher level of quality assurance, are more diverse, are easier to locate, and come with a warranty.

Competition Landscape

The report has engulfed a chapter on the global electric vehicle market’s competitive landscape, which provides detailed analysis and insights on companies offering electric vehicle. Profiles of key companies, along with a strategic overview of their M&A and expansion plans across geographies, have been delivered in this chapter.

This chapter is priceless for report readers, as its enables them in gauging their growth potential in the market and implement key strategies for extending their market reach. This chapter offers key recommendations for both new and existing market participants, enabling them to emerge sustainably and profitably. Intelligence on the market players has been delivered on the basis of their product overview, SWOT analysis, key developments, key financials and company overview. Occupancy of these market participants has been tracked by the report and portrayed via an intensity map.

Read Also@ Automotive Logistics Market to Witness Significant Growth by 2030

some of the prominent players in the Automotive Aftermarket include:
  • p.A.
  • 3M Company
  • Continental AG
  • Robert Bosch GmbH
  • Federal-Mogul Corporation
  • Denso Corporation
Automotive Aftermarket Segments

By Product

  • Battery
  • Tire
  • Filters
  • Brake Parts
  • Turbochargers
  • Lighting & Electronic Components
  • Body Parts
  • Exhaust Components
  • Wheels
  • Others

By Application

  • DIFM (Do it for Me)
  • DIY (Do it Yourself)
  • OE (Delegating to OEM’s)

By Distribution Channel

  • Wholesalers & Distributors
  • Retailers
    • OEMs
    • Repair Shops

By Certification

  • Certified Parts
  • Genuine Parts
  • Uncertified Parts

Regional Segmentation

  • Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
  • Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
  • North America [United States, Canada, Mexico]
  • South America [Brazil, Argentina, Columbia, Chile, Peru]
  • Middle East & Africa [GCC, North Africa, South Africa]

Regional Analysis

The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region.

This section analyses region-wise revenue and volume for the forecast period of 2019 to 2027. These analyses will help the reader to understand the potential worth of investment in a particular region.

The report provides in-depth segment analysis of the global Automotive Aftermarket, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the Automotive Aftermarket.

The report includes country-wise and region-wise market size for the period 2019-2027. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2019-2027.

Why should you invest in this report?

If you are aiming to enter the global Automotive Aftermarket, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Automotive Aftermarket are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

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Janet Edward

I have completed my education in Bachelors in Computer Application. A focused learner having a keen interest in the field of digital marketing, SEO, SMM, and Google Analytics enthusiastic to learn new things along with building leadership skills.

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