The global market for Automotive Aftermarket is estimated at US$479.6 Billion in 2023 and is projected to reach US$641.8 Billion by 2030, growing at a CAGR of 4.2% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The growth in the automotive aftermarket market is driven by several factors, including the increasing average age of vehicles, advancements in automotive technologies, and evolving consumer preferences. The average age of vehicles on the road is steadily increasing, which in turn heightens the need for maintenance, repair, and replacement parts. As cars and trucks are kept longer, the demand for aftermarket products continues to rise, supporting the market`s expansion. Technological advancements have led to more sophisticated and diverse product offerings that cater to both traditional internal combustion engine (ICE) vehicles and modern electric and hybrid models. The integration of complex systems such as ADAS and connectivity features has created a demand for advanced diagnostic tools and specialized components in the aftermarket sector. Consumer behavior is also shifting, with an increasing number of vehicle owners interested in customization and performance enhancements. This trend drives the market for high-performance aftermarket products, from engine components to aesthetic modifications. The expansion of e-commerce platforms has further stimulated market growth by making it easier for consumers and businesses to access a wide range of aftermarket parts and services. This accessibility has broadened the market`s reach and allowed for more competitive pricing and better customer service. Additionally, environmental regulations and the push towards sustainability are encouraging the development and adoption of eco-friendly aftermarket products, such as biodegradable lubricants, low-VOC paints, and recycled materials. These factors collectively contribute to the robust growth and dynamic evolution of the automotive aftermarket industry, making it an essential component of the automotive value chain.
The growth in the automotive aftermarket market is driven by several factors, including the increasing average age of vehicles, advancements in automotive technologies, and evolving consumer preferences. The average age of vehicles on the road is steadily increasing, which in turn heightens the need for maintenance, repair, and replacement parts. As cars and trucks are kept longer, the demand for aftermarket products continues to rise, supporting the market`s expansion. Technological advancements have led to more sophisticated and diverse product offerings that cater to both traditional internal combustion engine (ICE) vehicles and modern electric and hybrid models. The integration of complex systems such as ADAS and connectivity features has created a demand for advanced diagnostic tools and specialized components in the aftermarket sector. Consumer behavior is also shifting, with an increasing number of vehicle owners interested in customization and performance enhancements. This trend drives the market for high-performance aftermarket products, from engine components to aesthetic modifications. The expansion of e-commerce platforms has further stimulated market growth by making it easier for consumers and businesses to access a wide range of aftermarket parts and services. This accessibility has broadened the market`s reach and allowed for more competitive pricing and better customer service. Additionally, environmental regulations and the push towards sustainability are encouraging the development and adoption of eco-friendly aftermarket products, such as biodegradable lubricants, low-VOC paints, and recycled materials. These factors collectively contribute to the robust growth and dynamic evolution of the automotive aftermarket industry, making it an essential component of the automotive value chain.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Mechanical Products segment, which is expected to reach US$256.7 Billion by 2030 with a CAGR of a 3.8%. The Exterior & Structural Products segment is also set to grow at 3.7% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $126.3 Billion in 2023, and China, forecasted to grow at an impressive 6.9% CAGR to reach $127.7 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Automotive Aftermarket Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Automotive Aftermarket Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Questions Answered:
- How is the Global Automotive Aftermarket Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as 3M Company, Alps Alpine Co., Ltd., Akebono Brake Industry Co., Ltd., and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Select Competitors (Total 186 Featured):
- 3M Company
- Alps Alpine Co., Ltd.
- Akebono Brake Industry Co., Ltd.
- Advance Auto Parts, Inc.
- Akebono Brake Corporation
- 3M Collision Repair Solutions
- ABS Friction, Inc.
- Allied Nippon Private Limited
- Amalie Oil Co.
- Apollo Tyres Ltd.
- ASIMCO Technologies Group Ltd.
- ATC Drivetrain LLC
- AP Exhaust Technologies, Inc.
- ADVICS North America, Inc.
- Aisin Corporation
Table of Contents
I. METHODOLOGYII. EXECUTIVE SUMMARY2. FOCUS ON SELECT PLAYERSIII. MARKET ANALYSISITALYSPAINRUSSIAREST OF EUROPESOUTH KOREAREST OF ASIA-PACIFICARGENTINAREST OF LATIN AMERICAIRANISRAELSAUDI ARABIAUNITED ARAB EMIRATESREST OF MIDDLE EASTIV. COMPETITION
1. MARKET OVERVIEW
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
UNITED STATES
CANADA
JAPAN
CHINA
EUROPE
FRANCE
GERMANY
UNITED KINGDOM
ASIA-PACIFIC
AUSTRALIA
INDIA
LATIN AMERICA
BRAZIL
MEXICO
MIDDLE EAST
AFRICA
Companies Mentioned
- 3M Company
- Alps Alpine Co., Ltd.
- Akebono Brake Industry Co., Ltd.
- Advance Auto Parts, Inc.
- Akebono Brake Corporation
- 3M Collision Repair Solutions
- ABS Friction, Inc.
- Allied Nippon Private Limited
- Amalie Oil Co.
- Apollo Tyres Ltd.
- ASIMCO Technologies Group Ltd.
- ATC Drivetrain LLC
- AP Exhaust Technologies, Inc.
- ADVICS North America, Inc.
- Aisin Corporation
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 456 |
| Published | November 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 479.6 Billion |
| Forecasted Market Value ( USD | $ 641.8 Billion |
| Compound Annual Growth Rate | 4.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
