NEW YORK, Jan. 24, 2023 /PRNewswire/ -- According to Technavio, the global automotive aftermarket market size is estimated to grow by USD 164.58 billion from 2022 to 2027. The market is expected to grow at a CAGR of 6.26%. Moreover, the growth momentum will accelerate. APAC will account for 39% of the global market's growth during the forecast period. COVID-19 has had the most negative impact on the global automotive industry in recent years, resulting in a steep fall in demand and a large-scale disruption of the supply chain. It has exerted intense pressure on an already-stressed global automotive market. Yet, there are high predictions that few countries are bringing manufacturing facilities and production back on track, indicating that the supply side is on a restoration line. For more insights on the automotive aftermarket market, request a sample report
Leading trends influencing the market
- Aftermarket e-retailing is gaining popularity, which is a key trend in the global automotive aftermarket market.
- There has been a shift towards online platforms, which is evident by the annual growth rate of online retail parts sales.
- In recent years, sales of automotive spare parts via e-commerce websites have outgrown sales through traditional brick-and-mortar stores.
- Buyers also have access to detailed specifications provided by vendors online.
- These actors are expected to support the growth of the market during the forecast period.
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Global automotive aftermarket market - Five forces
The global automotive aftermarket market is fragmented, and the five forces analysis covers –
- Bargaining power of buyers
- The threat of new entrants
- Threat of rivalry
- Bargaining power of suppliers
- Threat of substitutes
Global automotive aftermarket market – Customer landscape
The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global automotive aftermarket market - Segmentation assessment
Segment overview
Technavio has segmented the market based on distribution channel (retailer, wholesale, and distribution) and vehicle type (passenger cars and commercial vehicles).
- The passenger cars segment will grow at a significant rate during the forecast period. There volume sales of passenger vehicles are high across the world owing to their high popularity. They require periodical service and maintenance, wherein the old and worn-out parts are replaced with new ones. Moreover, the rising volume sales of plug-in hybrid vehicles (PHEVs) and battery electric vehicles (BEVs) globally are further driving the growth of the segment.
Geography overview
Based on geography, the global automotive aftermarket market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global automotive aftermarket market.
- APAC is estimated to account for 39% of the growth of the global market during the forecast period. China, India, Japan, and South Korea are the key countries in the market. China and Japan have a large number of vehicles in use. They also dominate the e-commerce industry. These factors will fuel the growth of the market during the forecast period.
Global automotive aftermarket market – Market dynamics
Key factor driving market growth
- The high adoption of vehicle parts is driving the global automotive aftermarket market growth.
- The demand for automotive spare parts is increasing owing to factors such as the increased service life of vehicles. This increases the number of vehicles in most major countries, which drives the demand for spare parts.
- Passenger vehicles and utility vehicles, such as SUVs, MPVs, crossovers, and pickup trucks, are very popular in the automotive market. They require regular service and maintenance to function properly, which creates a high demand for aftermarket parts.
- These factors are anticipated to fuel the growth of the market during the forecast period.
Major challenges hindering market growth
- The high price sensitivity leading to margin pressure on e-retailers is challenging the global automotive aftermarket market growth.
- Moreover, the average vehicle age is increasing due to the high quality of modern vehicles.
- In addition, repair costs are increasing across the world, which increases their average repair costs.
- Therefore, customers are price sensitive when purchasing automotive products.
- Moreover, A fragmented market leads to intense price competition among players.
- Such factors are expected to hinder the growth of the market during the forecast period.
What are the key data covered in this automotive aftermarket market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the automotive aftermarket market between 2023 and 2027
- Precise estimation of the size of the automotive aftermarket market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the automotive aftermarket market across APAC, Europe, North America, South America, and Middle East and Africa
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of automotive aftermarket market vendors
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Automotive Aftermarket Market Scope |
|
Report Coverage |
Details |
Page number |
179 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.26% |
Market growth 2023-2027 |
USD 164.58 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
5.62 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 39% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading vendors, market positioning of vendors, competitive strategies, and industry risks |
Key companies profiled |
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 |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Browse for Technavio's consumer discretionary market reports
Table of contents
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Vehicle Type
- Exhibit 06: Executive Summary – Chart on Market Segmentation by Distribution Channel
- Exhibit 07: Executive Summary – Chart on Incremental Growth
- Exhibit 08: Executive Summary – Data Table on Incremental Growth
- Exhibit 09: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 10: Parent market
- Exhibit 11: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 12: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 13: Market segments
- 3.3 Market size 2022
- 3.4 Market outlook: Forecast for 2022-2027
- Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
- Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
- Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
- Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
- 4.1 Global automotive aftermarket market 2017 - 2021
- Exhibit 18: Historic Market Size – Data Table on Global automotive aftermarket market 2017 - 2021 ($ billion)
- 4.2 Vehicle type Segment Analysis 2017 - 2021
- Exhibit 19: Historic Market Size – Vehicle type Segment 2017 - 2021 ($ billion)
- 4.3 Distribution channel Segment Analysis 2017 - 2021
- Exhibit 20: Historic Market Size – Distribution channel Segment 2017 - 2021 ($ billion)
- 4.4 Geography Segment Analysis 2017 - 2021
- Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)
- 4.5 Country Segment Analysis 2017 - 2021
- Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)
5 Historic Market Size
- 5.1 Global automotive aftermarket market 2022 - 2027
6 Historic Market Size
- 6.1 Global automotive aftermarket market 2022 - 2027
- Exhibit 23: Historic Market Size (value) – Data Table on Global automotive aftermarket market 2022 - 2027 ($ thousand)
- Exhibit 24: Historic Market Size (volume) – Data Table on Global automotive aftermarket market 2022 - 2027 ($ thousand)
- 6.2 Global automotive aftermarket market by Segment – Historic Analysis 2022 - 2027
- Exhibit 25: Historic Market Size (value) - Data Table on Global automotive aftermarket market Segment 2022 - 2027 ($ thousand)
7 Five Forces Analysis
- 7.1 Five forces summary
- Exhibit 26: Five forces analysis - Comparison between 2022 and 2027
- 7.2 Bargaining power of buyers
- Exhibit 27: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
- 7.3 Bargaining power of suppliers
- Exhibit 28: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
- 7.4 Threat of new entrants
- Exhibit 29: Threat of new entrants – Impact of key factors in 2022 and 2027
- 7.5 Threat of substitutes
- Exhibit 30: Threat of substitutes – Impact of key factors in 2022 and 2027
- 7.6 Threat of rivalry
- Exhibit 31: Threat of rivalry – Impact of key factors in 2022 and 2027
- 7.7 Market condition
- Exhibit 32: Chart on Market condition - Five forces 2022 and 2027
8 Market Segmentation by Vehicle Type
- 8.1 Market segments
- Exhibit 33: Chart on Vehicle Type - Market share 2022-2027 (%)
- Exhibit 34: Data Table on Vehicle Type - Market share 2022-2027 (%)
- 8.2 Comparison by Vehicle Type
- Exhibit 35: Chart on Comparison by Vehicle Type
- Exhibit 36: Data Table on Comparison by Vehicle Type
- 8.3 Passenger cars - Market size and forecast 2022-2027
- Exhibit 37: Chart on Passenger cars - Market size and forecast 2022-2027 ($ billion)
- Exhibit 38: Data Table on Passenger cars - Market size and forecast 2022-2027 ($ billion)
- Exhibit 39: Chart on Passenger cars - Year-over-year growth 2022-2027 (%)
- Exhibit 40: Data Table on Passenger cars - Year-over-year growth 2022-2027 (%)
- 8.4 Commercial vehicles - Market size and forecast 2022-2027
- Exhibit 41: Chart on Commercial vehicles - Market size and forecast 2022-2027 ($ billion)
- Exhibit 42: Data Table on Commercial vehicles - Market size and forecast 2022-2027 ($ billion)
- Exhibit 43: Chart on Commercial vehicles - Year-over-year growth 2022-2027 (%)
- Exhibit 44: Data Table on Commercial vehicles - Year-over-year growth 2022-2027 (%)
- 8.5 Market opportunity by Vehicle Type
- Exhibit 45: Market opportunity by Vehicle Type ($ billion)
9 Market Segmentation by Distribution Channel
- 9.1 Market segments
- Exhibit 46: Chart on Distribution Channel - Market share 2022-2027 (%)
- Exhibit 47: Data Table on Distribution Channel - Market share 2022-2027 (%)
- 9.2 Comparison by Distribution Channel
- Exhibit 48: Chart on Comparison by Distribution Channel
- Exhibit 49: Data Table on Comparison by Distribution Channel
- 9.3 Retailer - Market size and forecast 2022-2027
- Exhibit 50: Chart on Retailer - Market size and forecast 2022-2027 ($ billion)
- Exhibit 51: Data Table on Retailer - Market size and forecast 2022-2027 ($ billion)
- Exhibit 52: Chart on Retailer - Year-over-year growth 2022-2027 (%)
- Exhibit 53: Data Table on Retailer - Year-over-year growth 2022-2027 (%)
- 9.4 Wholesale and distribution - Market size and forecast 2022-2027
- Exhibit 54: Chart on Wholesale and distribution - Market size and forecast 2022-2027 ($ billion)
- Exhibit 55: Data Table on Wholesale and distribution - Market size and forecast 2022-2027 ($ billion)
- Exhibit 56: Chart on Wholesale and distribution - Year-over-year growth 2022-2027 (%)
- Exhibit 57: Data Table on Wholesale and distribution - Year-over-year growth 2022-2027 (%)
- 9.5 Market opportunity by Distribution Channel
- Exhibit 58: Market opportunity by Distribution Channel ($ billion)
10 Customer Landscape
- 10.1 Customer landscape overview
- Exhibit 59: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
11 Geographic Landscape
- 11.1 Geographic segmentation
- Exhibit 60: Chart on Market share by geography 2022-2027 (%)
- Exhibit 61: Data Table on Market share by geography 2022-2027 (%)
- 11.2 Geographic comparison
- Exhibit 62: Chart on Geographic comparison
- Exhibit 63: Data Table on Geographic comparison
- 11.3 APAC - Market size and forecast 2022-2027
- Exhibit 64: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
- Exhibit 65: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
- Exhibit 66: Chart on APAC - Year-over-year growth 2022-2027 (%)
- Exhibit 67: Data Table on APAC - Year-over-year growth 2022-2027 (%)
- 11.4 Europe - Market size and forecast 2022-2027
- Exhibit 68: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
- Exhibit 69: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
- Exhibit 70: Chart on Europe - Year-over-year growth 2022-2027 (%)
- Exhibit 71: Data Table on Europe - Year-over-year growth 2022-2027 (%)
- 11.5 North America - Market size and forecast 2022-2027
- Exhibit 72: Chart on North America - Market size and forecast 2022-2027 ($ billion)
- Exhibit 73: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
- Exhibit 74: Chart on North America - Year-over-year growth 2022-2027 (%)
- Exhibit 75: Data Table on North America - Year-over-year growth 2022-2027 (%)
- 11.6 South America - Market size and forecast 2022-2027
- Exhibit 76: Chart on South America - Market size and forecast 2022-2027 ($ billion)
- Exhibit 77: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
- Exhibit 78: Chart on South America - Year-over-year growth 2022-2027 (%)
- Exhibit 79: Data Table on South America - Year-over-year growth 2022-2027 (%)
- 11.7 Middle East and Africa - Market size and forecast 2022-2027
- Exhibit 80: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
- Exhibit 81: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
- Exhibit 82: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
- Exhibit 83: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
- 11.8 China - Market size and forecast 2022-2027
- Exhibit 84: Chart on China - Market size and forecast 2022-2027 ($ billion)
- Exhibit 85: Data Table on China - Market size and forecast 2022-2027 ($ billion)
- Exhibit 86: Chart on China - Year-over-year growth 2022-2027 (%)
- Exhibit 87: Data Table on China - Year-over-year growth 2022-2027 (%)
- 11.9 US - Market size and forecast 2022-2027
- Exhibit 88: Chart on US - Market size and forecast 2022-2027 ($ billion)
- Exhibit 89: Data Table on US - Market size and forecast 2022-2027 ($ billion)
- Exhibit 90: Chart on US - Year-over-year growth 2022-2027 (%)
- Exhibit 91: Data Table on US - Year-over-year growth 2022-2027 (%)
- 11.10 Japan - Market size and forecast 2022-2027
- Exhibit 92: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
- Exhibit 93: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
- Exhibit 94: Chart on Japan - Year-over-year growth 2022-2027 (%)
- Exhibit 95: Data Table on Japan - Year-over-year growth 2022-2027 (%)
- 11.11 Germany - Market size and forecast 2022-2027
- Exhibit 96: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
- Exhibit 97: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
- Exhibit 98: Chart on Germany - Year-over-year growth 2022-2027 (%)
- Exhibit 99: Data Table on Germany - Year-over-year growth 2022-2027 (%)
- 11.12 India - Market size and forecast 2022-2027
- Exhibit 100: Chart on India - Market size and forecast 2022-2027 ($ billion)
- Exhibit 101: Data Table on India - Market size and forecast 2022-2027 ($ billion)
- Exhibit 102: Chart on India - Year-over-year growth 2022-2027 (%)
- Exhibit 103: Data Table on India - Year-over-year growth 2022-2027 (%)
- 11.13 Market opportunity by geography
- Exhibit 104: Market opportunity by geography ($ billion)
12 Drivers, Challenges, and Trends
- 12.1 Market drivers
- 12.2 Market challenges
- 12.3 Impact of drivers and challenges
- Exhibit 105: Impact of drivers and challenges in 2022 and 2027
- 12.4 Market trends
13 Vendor Landscape
- 13.1 Overview
- 13.2 Vendor landscape
- Exhibit 106: Overview on Criticality of inputs and Factors of differentiation
- 13.3 Landscape disruption
- Exhibit 107: Overview on factors of disruption
- 13.4 Industry risks
- Exhibit 108: Impact of key risks on business
14 Vendor Analysis
- 14.1 Vendors covered
- Exhibit 109: Vendors covered
- 14.2 Market positioning of vendors
- Exhibit 110: Matrix on vendor position and classification
- 14.3 3M Co.
- Exhibit 111: 3M Co. - Overview
- Exhibit 112: 3M Co. - Business segments
- Exhibit 113: 3M Co. - Key news
- Exhibit 114: 3M Co. - Key offerings
- Exhibit 115: 3M Co. - Segment focus
- 14.4 Aptiv PLC
- Exhibit 116: Aptiv PLC - Overview
- Exhibit 117: Aptiv PLC - Business segments
- Exhibit 118: Aptiv PLC - Key offerings
- Exhibit 119: Aptiv PLC - Segment focus
- 14.5 BorgWarner Inc.
- Exhibit 120: BorgWarner Inc. - Overview
- Exhibit 121: BorgWarner Inc. - Business segments
- Exhibit 122: BorgWarner Inc. - Key news
- Exhibit 123: BorgWarner Inc. - Key offerings
- Exhibit 124: BorgWarner Inc. - Segment focus
- 14.6 Bridgestone Corp
- Exhibit 125: Bridgestone Corp - Overview
- Exhibit 126: Bridgestone Corp - Business segments
- Exhibit 127: Bridgestone Corp - Key news
- Exhibit 128: Bridgestone Corp - Key offerings
- Exhibit 129: Bridgestone Corp - Segment focus
- 14.7 Continental AG
- Exhibit 130: Continental AG - Overview
- Exhibit 131: Continental AG - Business segments
- Exhibit 132: Continental AG - Key offerings
- Exhibit 133: Continental AG - Segment focus
- 14.8 DENSO Corp.
- Exhibit 134: DENSO Corp. - Overview
- Exhibit 135: DENSO Corp. - Business segments
- Exhibit 136: DENSO Corp. - Key news
- Exhibit 137: DENSO Corp. - Key offerings
- Exhibit 138: DENSO Corp. - Segment focus
- 14.9 HELLA GmbH and Co. KGaA
- Exhibit 139: HELLA GmbH and Co. KGaA - Overview
- Exhibit 140: HELLA GmbH and Co. KGaA - Business segments
- Exhibit 141: HELLA GmbH and Co. KGaA - Key news
- Exhibit 142: HELLA GmbH and Co. KGaA - Key offerings
- Exhibit 143: HELLA GmbH and Co. KGaA - Segment focus
- 14.10 NGK SPARK PLUG Co. Ltd.
- Exhibit 144: NGK SPARK PLUG Co. Ltd. - Overview
- Exhibit 145: NGK SPARK PLUG Co. Ltd. - Business segments
- Exhibit 146: NGK SPARK PLUG Co. Ltd. - Key offerings
- Exhibit 147: NGK SPARK PLUG Co. Ltd. - Segment focus
- 14.11 Pioneer Corp.
- Exhibit 148: Pioneer Corp. - Overview
- Exhibit 149: Pioneer Corp. - Business segments
- Exhibit 150: Pioneer Corp. - Key offerings
- Exhibit 151: Pioneer Corp. - Segment focus
- 14.12 Robert Bosch GmbH
- Exhibit 152: Robert Bosch GmbH - Overview
- Exhibit 153: Robert Bosch GmbH - Business segments
- Exhibit 154: Robert Bosch GmbH - Key offerings
- Exhibit 155: Robert Bosch GmbH - Segment focus
- 14.13 Samsung Electronics Co. Ltd.
- Exhibit 156: Samsung Electronics Co. Ltd. - Overview
- Exhibit 157: Samsung Electronics Co. Ltd. - Business segments
- Exhibit 158: Samsung Electronics Co. Ltd. - Key news
- Exhibit 159: Samsung Electronics Co. Ltd. - Key offerings
- Exhibit 160: Samsung Electronics Co. Ltd. - Segment focus
- 14.14 Tenneco Inc.
- Exhibit 161: Tenneco Inc. - Overview
- Exhibit 162: Tenneco Inc. - Business segments
- Exhibit 163: Tenneco Inc. - Key news
- Exhibit 164: Tenneco Inc. - Key offerings
- Exhibit 165: Tenneco Inc. - Segment focus
- 14.15 The Goodyear Tire and Rubber Co.
- Exhibit 166: The Goodyear Tire and Rubber Co. - Overview
- Exhibit 167: The Goodyear Tire and Rubber Co. - Business segments
- Exhibit 168: The Goodyear Tire and Rubber Co. - Key news
- Exhibit 169: The Goodyear Tire and Rubber Co. - Key offerings
- Exhibit 170: The Goodyear Tire and Rubber Co. - Segment focus
- 14.16 Valeo SA
- Exhibit 171: Valeo SA - Overview
- Exhibit 172: Valeo SA - Business segments
- Exhibit 173: Valeo SA - Key news
- Exhibit 174: Valeo SA - Key offerings
- Exhibit 175: Valeo SA - Segment focus
- 14.17 ZF Friedrichshafen AG
- Exhibit 176: ZF Friedrichshafen AG - Overview
- Exhibit 177: ZF Friedrichshafen AG - Business segments
- Exhibit 178: ZF Friedrichshafen AG - Key news
- Exhibit 179: ZF Friedrichshafen AG - Key offerings
- Exhibit 180: ZF Friedrichshafen AG - Segment focus
15 Appendix
- 15.1 Scope of the report
- 15.2 Inclusions and exclusions checklist
- Exhibit 181: Inclusions checklist
- Exhibit 182: Exclusions checklist
- 15.3 Currency conversion rates for US$
- Exhibit 183: Currency conversion rates for US$
- 15.4 Research methodology
- Exhibit 184: Research methodology
- Exhibit 185: Validation techniques employed for market sizing
- Exhibit 186: Information sources
- 15.5 List of abbreviations
- Exhibit 187: List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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