Automotive Aftermarket
Automotive Aftermarket Market by Replacement Part (Battery, Body parts, Brake parts), Certification (Certified Parts, Genuine Parts, Uncertified Parts), Distribution Channel, Service Channel - Global Forecast 2024-2030
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[191 Pages Report] The Automotive Aftermarket Market size was estimated at USD 395.77 billion in 2023 and expected to reach USD 414.25 billion in 2024, at a CAGR 5.08% to reach USD 560.24 billion by 2030.

Automotive Aftermarket Market
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The automotive aftermarket is a sector of the automotive industry concerned with the manufacturing, distribution, retailing, and installation of all vehicle parts, accessories, and components post-sale by the original equipment manufacturer (OEM). This includes parts for replacement, performance upgrades, appearance improvement, and added convenience. In Japan, this market is influenced by major factors such as the aging vehicle fleet, consumer preference for retaining older cars, technological advancements in vehicle parts, and a robust online platform for aftermarket sales and services. However, the inconsistency in the quality of aftermarket parts and the competition with OEM parts, which are perceived to be more reliable, pose a challenge to the growth of the market. Nevertheless, the increasing adoption of electric and hybrid vehicles, which are expected to require new specialized services and parts, may provide promising growth prospects for the automotive aftermarket in Japan. Additionally, the rising trend of vehicle customization and growing consumer awareness about vehicle maintenance and repair are expected to stimulate further growth in this sector.

Regional Insights

The Asia-Pacific region is witnessing a significant surge in the automotive aftermarket, driven by increased consumer demand for vehicle customization and the replacement of aging vehicle parts. The growing consumer expenditure toward vehicle purchase and maintenance has propelled the demand for automotive aftermarket products. The rapidly expanding automotive industry is witnessing increased consumer preference for aftermarket services that offer added value and convenience in the Asia-Pacific. In the Americas, a high vehicle ownership rate, long vehicle lifespans, and a consumer preference for do-it-yourself (DIY) solutions drive demand for aftermarket parts and services. Key trends in this region include a surge in online retail of aftermarket parts, customer-centric initiatives, and digitization of the supply chain. The EMEA region, comprising Europe, the Middle East, and Africa, presents a diverse automotive aftermarket landscape with innovations in cleaner technology and replacement parts that comply with strict legislation. In the Middle East, the demand for luxury and performance vehicles contributes to a thriving aftermarket for customization and enhancements.

Market Dynamics

The market dynamics represent an ever-changing landscape of the Automotive Aftermarket Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

  • Market Drivers
    • Growing sales of used vehicles and aging of vehicles
    • Improved availability and supply chain of automotive accessories through online platforms
    • Incessant need for constant repairs, replacement, and maintenance of components
  • Market Restraints
    • High capital required and ratification of vehicle safety technologies
  • Market Opportunities
    • Integration of innovative technologies in automotive aftermarket
    • Expansion of OEMs into automotive aftermarket activities
  • Market Challenges
    • Concerns regarding visibility and tracking of products
Market Segmentation Analysis
  • Replacement Part: Significant demand for tires in automotive aftermarket

    Batteries are critical for starting the vehicle and powering electronic components when the engine is off. Preferences for batteries can be based on cranking amps, reserve capacity, and reliability. Body parts encompass panels, bumpers, and trim that can be replaced after collisions or to upgrade a vehicle's appearance. Brake parts are crucial for vehicle safety and require periodic replacement due to wear. Brake parts include pads, discs, calipers, and associated hardware. The demand for exhaust components, including mufflers, catalytic converters, and pipes, increases due to corrosion or failure to meet emissions standards. Filters such as oil, air, fuel, and cabin air filters must be replaced regularly to maintain vehicle performance and engine health. The filter prefers high filtration efficiency and compatibility with specific vehicle models. Vehicles require functioning lights for safety and compliance with road regulations. Tires are one of frequently replaced parts due to tread wear or damage. Consumer preferences vary based on climate, performance, and economy. Replacement turbochargers are in demand for performance enhancement or as a requirement for certain vehicles to meet emissions standards. Durability and performance efficiency are critical considerations for turbochargers. Aftermarket wheels are popular for aesthetic improvements and performance upgrades. Consumers look for materials such as alloys or steel based on weight and strength preferences.

  • Distribution Channel: Emerging e-retailer platforms for automotive aftermarket

    Japan Automotive's aftermarket retail includes storefront shops, online retailers, and auto part chains that sell directly to car owners or service providers. Retailers are favored for direct consumer interaction, offering advantages such as personalized service, immediate product availability, and support services. Wholesalers and distributors provide a bridge between manufacturers of aftermarket parts and the retailer or end-user. They purchase automotive parts in bulk from producers and then sell them to smaller retailers or large automotive service chains. The bulk purchasing power of wholesalers allows them to offer parts at a reduced cost, which can be a substantial deciding factor for businesses looking to cut operational costs. Wholesalers and distributors provide cost benefits and a more comprehensive range of products, which are more attractive to larger firms and retailers requiring bulk purchases.

Market Disruption Analysis

The market disruption analysis delves into the core elements associated with market-influencing changes, including breakthrough technological advancements that introduce novel features, integration capabilities, regulatory shifts that could drive or restrain market growth, and the emergence of innovative market players challenging traditional paradigms. This analysis facilitates a competitive advantage by preparing players in the Automotive Aftermarket Market to pre-emptively adapt to these market-influencing changes, enhances risk management by early identification of threats, informs calculated investment decisions, and drives innovation toward areas with the highest demand in the Automotive Aftermarket Market.

Porter’s Five Forces Analysis

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Automotive Aftermarket Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

Value Chain & Critical Path Analysis

The value chain of the Automotive Aftermarket Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of the <> market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.

Pricing Analysis

The pricing analysis comprehensively evaluates how a product or service is priced within the Automotive Aftermarket Market. This evaluation encompasses various factors that impact the price of a product, including production costs, competition, demand, customer value perception, and changing margins. An essential aspect of this analysis is understanding price elasticity, which measures how sensitive the market for a product is to its price change. It provides insight into competitive pricing strategies, enabling businesses to position their products advantageously in the Automotive Aftermarket Market.

Technology Analysis

The technology analysis involves evaluating the current and emerging technologies relevant to a specific industry or market. This analysis includes breakthrough trends across the value chain that directly define the future course of long-term profitability and overall advancement in the Automotive Aftermarket Market.

Patent Analysis

The patent analysis involves evaluating patent filing trends, assessing patent ownership, analyzing the legal status and compliance, and collecting competitive intelligence from patents within the Automotive Aftermarket Market and its parent industry. Analyzing the ownership of patents, assessing their legal status, and interpreting the patents to gather insights into competitors' technology strategies assist businesses in strategizing and optimizing product positioning and investment decisions.

Trade Analysis

The trade analysis of the Automotive Aftermarket Market explores the complex interplay of import and export activities, emphasizing the critical role played by key trading nations. This analysis identifies geographical discrepancies in trade flows, offering a deep insight into regional disparities to identify geographic areas suitable for market expansion. A detailed analysis of the regulatory landscape focuses on tariffs, taxes, and customs procedures that significantly determine international trade flows. This analysis is crucial for understanding the overarching legal framework that businesses must navigate.

Regulatory Framework Analysis

The regulatory framework analysis for the Automotive Aftermarket Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Automotive Aftermarket Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Automotive Aftermarket Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments
  • PRT Showcases Innovative Automotive Solutions at AAPEX

    At an AAPEX event, Performance Ride Technology (PRT) unveiled an extensive array of product lines, including a launch of the complete strut assembly for the 2023 Toyota Tacoma. At the event, the company featured its innovative air shocks, motors, and strut mounts alongside a diverse collection of Heavy-Duty (HD) applications that cater to various vehicles such as trucks, trailers, buses, commercial vehicles, and more. [Published On: 2024-10-12]

  • Akebono Launches Advanced Brake Pads for Diverse Fleet Needs

    Akebono Brake Corporation expanded its product offering with the introduction of Akebono Severe Duty Ultra-Premium Fleet Brake Pads, engineered to meet the rigorous demands of fleet vehicles. The company has broadened its ProACT and EURO product lines to include ProACT: ACT2216, which covers select Ford models such as the Bronco (2023-2021) and Ranger (2023-2019), and Akebono EURO: EUR2209, designed for various Mercedes Benz models. [Published On: 2024-04-01]

  • ZF Aftermarket Enhances Vehicle Part Assortment in North America

    ZF Aftermarket expanded its parts selection for the automotive aftermarket in the U.S. and Canada, introducing 80 new products under its TRW and SACHS brands. This extension enriches its catalog with additional components that cover over 5 million vehicles, including brands such as Audi, BMW, Mercedes-Benz, Volkswagen, Ford, Ram, GM, Honda, and Mazda. The expansion includes 31 TRW brake booster and master cylinder references that cater to 2.7 million vehicles, alongside new TRW brake pad sets specifically designed for select Ford Bronco, Ranger, Ram 2500, and Ram 3500 models. [Published On: 2024-03-20]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Automotive Aftermarket Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Automotive Aftermarket Market, highlighting leading vendors and their innovative profiles. These include 3M Company, ABS Friction Inc., AcDelco by General Motors Company, Aisin Seiki Co., Ltd., Akebono Brake Industry Co., Ltd., ALCO Filters Ltd., Asimco Global Inc., BASF SE, BorgWarner Inc., Bridgestone Corporation, Continental AG, DENSO Corporation, Eberspächer Gruppe GmbH & Co. KG, FORVIA Group, Hyundai Mobis Co., Ltd., Lear Corporation, Magna International, Inc., Mahle GmbH, Marelli Holdings Co., Ltd., PHINIA Inc., Robert Bosch GmbH, Schaeffler AG, Sumitomo Electric Industries, Ltd., Tenneco Incorporated, The Goodyear Tire & Rubber Company, Toyota Motor Corporation, Valeo, Yazaki Corporation, and ZF Friedrichshafen AG.

Automotive Aftermarket Market - Global Forecast 2024-2030
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Market Segmentation & Coverage

This research report categorizes the Automotive Aftermarket Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Replacement Part
    • Battery
    • Body parts
    • Brake parts
    • Exhaust components
    • Filters
    • Lighting & Electronic components
    • Tire
    • Turbochargers
    • Wheels
  • Certification
    • Certified Parts
    • Genuine Parts
    • Uncertified Parts
  • Distribution Channel
    • Retailers
      • E-Retailers
      • OEMs
      • Repair Shops
    • Wholesalers & Distributors
  • Service Channel
    • DIFM (Do It for Me)
    • DIY (Do It Yourself)
    • OE (Delegating to OEM’s)

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

This research report offers invaluable insights into various crucial aspects of the Automotive Aftermarket Market:

  1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
  2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
  3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
  4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
  5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

Additionally, the report addresses key questions to assist stakeholders in making informed decisions:

  1. What is the current market size and projected growth?
  2. Which products, segments, applications, and regions offer promising investment opportunities?
  3. What are the prevailing technology trends and regulatory frameworks?
  4. What is the market share and positioning of the leading vendors?
  5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Automotive Aftermarket Market, by Replacement Part
  7. Automotive Aftermarket Market, by Certification
  8. Automotive Aftermarket Market, by Distribution Channel
  9. Automotive Aftermarket Market, by Service Channel
  10. Americas Automotive Aftermarket Market
  11. Asia-Pacific Automotive Aftermarket Market
  12. Europe, Middle East & Africa Automotive Aftermarket Market
  13. Competitive Landscape
  14. Competitive Portfolio
  15. List of Figures [Total: 24]
  16. List of Tables [Total: 476]
  17. List of Companies Mentioned [Total: 29]
The Importance of Automotive Aftermarket in Meeting the Incessant Need for Constant Repairs, Replacement and Maintenance
December 16, 2023
BLOG
The Importance of Automotive Aftermarket in Meeting the Incessant Need for Constant Repairs, Replacement and Maintenance
It is a well-known fact that car owners have to constantly repair, replace, and maintain their vehicles to keep them in optimal condition. However, what is not widely recognized is the role of the aftermarket industry in enabling this process. The automotive aftermarket industry encompasses all the parts, accessories, and services that are sold after the sale of the original equipment by the automakers. This industry is a vital aspect of the economy, and this blog post looks at why it is crucial in meeting the incessant need for constant repairs, replacement, and maintenance of components.

Affordability:

The main advantage of the aftermarket components is their affordability compared to the original equipment manufactured (OEM) parts. Owners of used cars and those who wish to operate on a tight budget can save a significant amount of money if they opt for aftermarket parts. The cost-effectiveness of these components is attributable to a range of factors, including the variety of manufacturers in the industry, the lower overhead costs, and the absence of exclusivity contracts.

Convenience:

The aftermarket suppliers offer a breadth of parts and accessories for a range of automotive brands and models. This ensures that owners can easily find the exact part they need for their vehicle without going to a dealership. The suppliers also provide a fast turnaround time from the date of order to delivery, allowing car owners to minimize vehicle downtime.

Variety:

The aftermarket offers car owners a wide range of components, from simple replacement parts to complex kits that can be used for performance modifications. This variety provides car enthusiasts access to innovative products that can upgrade their vehicles beyond the OEM specifications.

Competitive Innovation:

The nature of the aftermarket industry fosters competition among manufacturers, leading to innovative solutions that enhance the performance of the components. The suppliers in the aftermarket industry are continually improving their products, with a primary focus on quality to cater to the diverse needs of car owners.

Sustainability:

The aftermarket industry contributes to sustainability efforts by promoting the reuse and recycling of vehicle components. This approach eliminates waste, minimizes environmental impacts, and provides affordable alternatives to new parts. This has also encouraged many car owners to adopt a green approach to maintaining their vehicles, leading to a cleaner world.

The importance of the aftermarket industry in the automotive sector cannot be overstated. The industry plays a vital role in providing affordable and convenient solutions for car owners to maintain, repair, and upgrade their vehicles. The accessibility, variety, and competitive innovation ensure that the aftermarket industry is continuously evolving to meet the changing needs of consumers. Moreover, the industry's contribution towards sustainability has demonstrated its desired role in promoting green initiatives. As we look to the future of the automotive sector, the aftermarket industry will continue to be an essential component that drives it forward.

Frequently Asked Questions
  1. How big is the Automotive Aftermarket Market?
    Ans. The Global Automotive Aftermarket Market size was estimated at USD 395.77 billion in 2023 and expected to reach USD 414.25 billion in 2024.
  2. What is the Automotive Aftermarket Market growth?
    Ans. The Global Automotive Aftermarket Market to grow USD 560.24 billion by 2030, at a CAGR of 5.08%
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    Ans. Most reports are fulfilled immediately. In some cases, it could take up to 2 business days.
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