New York, Jan. 10, 2024 (GLOBE NEWSWIRE) -- The automotive aftermarket market is estimated to grow by USD 164.58 billion from 2022 to 2027, growing at a CAGR of 6.26%. The automotive aftermarket market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer automotive aftermarket market are 3M Co., Aisin Corp., Akebono Brake Corp., ALCO Filters Ltd., Aptiv PLC, BASF SE, BorgWarner Inc., Bridgestone Corp, Continental AG, DENSO Corp., Faurecia, HELLA GmbH and Co. KGaA, JK Tyre, and Industries Ltd., LCI Industries, MAP MotoRad Automotive Parts Ltd., NGK SPARK PLUG Co. Ltd., Pioneer Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Tenneco Inc., The Goodyear Tire and Rubber Co., Valeo SA, and ZF Friedrichshafen AG. The report provides a full list of key companies, their strategies, and the latest developments. Download Free Sample before buying
Company Offering:
- Aptiv PLC: The company offers automotive aftermarkets such as Delphi technologies max start batteries.
- BorgWarner Inc.: The company offers automotive aftermarkets such as Delphi technologies max start batteries.
- Bridgestone Corp: The company offers automotive aftermarkets such as passenger tires.
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Market dynamics
Driver - The Aftermarket Automotive Parts and Components Market is experiencing substantial growth due to the increased demand for vehicle parts. This rise is primarily driven by the automotive aftermarket sector embracing maintenance, performance parts, tuning, customization, body/exterior and interior components, tires, wheels, batteries, filters, and lubricants. The rising inclination toward enhancing vehicle performance, aesthetics, and durability is significantly contributing to the expansion of this market, emphasizing consumers' preferences for reliable and personalized automotive solutions.
Trend - The prevailing trend in the aftermarket automotive parts and components market is the increasing popularity of aftermarket e-retailing. This rise is prominently shaping the market's growth trajectory, specifically for replacement parts, repair services, brakes, suspension systems, exhaust systems, lighting, electronics, diagnostic tools, fluids, air conditioning, and engine components. The shift towards online platforms for purchasing these automotive products signifies a growing consumer preference for convenient, accessible, and varied options, showcasing the significant impact of digital retailing in this industry.
Challenge - The aftermarket automotive parts and components market faces a challenge amid the emerging trend of aftermarket e-retailing. This evolution affects the market dynamics for transmission parts, steering components, fuel system parts, cooling system components, gaskets, seals, specialty tools, and equipment. The challenge lies in adapting traditional retailing strategies to the digital landscape seamlessly while ensuring a streamlined customer experience. Additionally, integrating new technologies like home networking and automated pet care within this sector set operational and logistical hurdles requiring careful navigation.
Based on Geography, the market is classified as APAC, Europe, North America, South America, and Middle East and Africa.
- APAC is estimated to contribute 39% to the growth of the global automotive aftermarket industry during the forecast period. APAC has a high rate of automobile adoption and a presence in countries such as China and Japan, where there is an increasing number of vehicles on the road. In addition, the excessive wear and tear of vehicle parts can be blamed on poor road conditions and insufficient infrastructure in developing economies. As a consequence, there is increased demand for auto parts.
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- Impactful driver- High adoption of vehicle parts
- Key Trend - Aftermarket e-retailing gaining popularity in the automotive aftermarket
- Major Challenges - High price sensitivity leading to margin pressure on e-retailers
Market Segmentation
- Based on Vehicle Type, the market is classified into passenger cars and commercial vehicles. The market share growth by the passenger cars segment will be significant during the forecast period. There is strong demand worldwide for passenger cars such as hatchbacks, sedans, and estates. These vehicles are subject to regular service and maintenance, in which the components that were previously worn out will be repaired with new ones.
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