The Automotive Aftermarket Market size was estimated at USD 443.76 billion in 2023 and is projected to reach USD 576.14 billion in 2030 at a CAGR of 3.80% during the forecast period 2023-2030.
The automotive aftermarket includes replacement, collision, aesthetic, and functional parts. Replacement components that are not produced by the original equipment manufacturer are known as aftermarket parts. They may also be used for improving and tune-ups, but are often utilized to replace broken parts in cars and other machinery.
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For almost all vehicle makes and models, the aftermarket offers a large range of components in various quality levels and pricing ranges. Although the amount one saves varies by manufacturer, aftermarket components are generally less expensive than OEM parts.
Recent Developments
In June 2023, The UltraContact NXT series tire, which was unveiled by Continental, stands out for its extensive use of environmentally friendly materials. Up to 65% of the tire's materials are recyclable, regenerative, and ISCC PLUS mass balance-certified. There will be 19 sizes of tires available.
In June 2023, the Goodyear Tire & Rubber Company added the ‘WORK Series Regional Haul Trailer (RHT) 2’ to its Cooper WORK Series line. The trailer tire is SmartWay-verified and helps deliver better fuel efficiency and durability in tough driving environments and high scrub applications.
Prominent Players
- 3M
- Aisin Seiki Co. Ltd.
- Aptiv PLC
- Bridgestone Corporation
- Continental AG
- Cooper Tire & Rubber Company
- Denso Corporation
- Faurecia
- Federal-Mogul Corporation
- Goodyear Tire & Rubber Company
- Hyundai Mobis
- Lear Corp.
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Asia Pacific to Dominate the Market
Asia-Pacific is estimated to account for the largest market share during the forecast period because of advanced technology usage in the fabrication of auto parts, a surge in consumer and passenger automobile production & sales within the region.
Moreover, the digitalization of automotive component delivery services and the presence of key players in the region is further expected to drive the growth of the market during the forecast period.
The Automotive Aftermarket Market Segmentation:
Based on Replacement Part
· Tire
· Battery
· Brake Parts
· Filters
· Body parts
· Lighting & Electronic Components
· Wheels
· Exhaust components
· Turbochargers
· Others
Based on Distribution Channel
· Retailers
· OEMs
· Repair Shops
· Wholesalers & Distributors
Based on Service Channel
· DIY (Do it Yourself)
· DIFM (Do it for Me)
· OE (Delegating to OEM’s)
Based on Certification
· Genuine Parts
· Certified Parts
· Uncertified Parts
Based on region:
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
The Report helps to identify the opportunities in Global Regions:
· North America (the United States, Canada, and Mexico)
· Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
· Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
· South America (Brazil etc.)
· The Middle East and Africa (North Africa and GCC Countries)
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Frequently Asked Questions
· What are the years considered to study Automotive Aftermarket Market?
· What is the compound annual growth rate (CAGR) of the Automotive Aftermarket Market?
· Which region holds the largest market share in Automotive Aftermarket Market?
· Which region is the fastest growing in Automotive Aftermarket Market?
· Who are the major players in Automotive Aftermarket Market?
In addition to the market data for the Automotive Aftermarket Market, Delvens offers client-centric reports customized according to the company’s specific demand and requirements.
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