Aftermarket automotive parts and components market size to grow by USD 86.64 billion from 2022 to 2027: A descriptive analysis of customer landscape, vendor assessment, and market dynamics

Apr 27, 2023

NEW YORK, Jan. 31, 2023 /PRNewswire/ -- The global aftermarket automotive parts and components market size is estimated to increase by USD 86.64 billion from 2022 to 2027. The market's growth momentum will accelerate at a CAGR of 3.54% during the forecast period. The growing availability of aftermarket automotive parts and components on e-commerce platforms is a key trend in the market. There has been a shift toward online platforms, with the increasing online retail parts sales. The advantages of using e-commerce platforms for aftermarket automotive parts and components, such as the ability to research and compare products, access to detailed product specifications, and ease of purchase, are driving the revenues generated through online sales. This, in turn, will support the growth of the market during the forecast period. - Request a sample report

Global aftermarket automotive parts and components market - Customer landscapeTo help companies evaluate and develop growth strategies, the report outlines –

Key purchase criteria

Adoption rates

Adoption lifecycle

Drivers of price sensitivity

Global Aftermarket automotive parts and components market – Vendor AnalysisVendor offerings -

3M Co. - The company offers various aftermarket automotive parts and components such as mirror buttons, lighting, polishing compounds, and insulation foam sheets.

ANAND Group - The company offers various aftermarket automotive parts and components such as chassis, car care products, powertrains, and transmission fluids.

Continental AG - The company offers various aftermarket automotive parts and components such as brake fluids, wheel speed sensors, brake pads, tire pressure monitoring system sensors, and brake master cylinders.

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Vendor landscape

The global aftermarket automotive parts and components market is fragmented, with the presence of some well-diversified international and a few regional players. A few prominent vendors that offer aftermarket automotive parts and components in the market are 3M Co., Aisin World Corp. of America, ANAND Group, BorgWarner Inc., Continental AG, Delphi Technologies Plc, DENSO Corp., DRiV Incorporated, HELLA GmbH and Co. KGaA, Hitachi Astemo Ltd., Knorr Bremse AG, MagnetiMarelliS.p.A, MAHLE GmbH, Motherson Sumi Systems Ltd., NGK Spark Plugs USA, Inc., OSRAM GmbH, Robert Bosch GmbH, Tenneco Inc., Valeo SA, and ZF Friedrichshafen AG and others.

There is intense competition among market players. Key vendors in the market are increasing their investments in new technologies. The global aftermarket automotive parts and components market has a large number of aftermarket automotive part and component providers. It is characterized by several technological innovations, which are expected to increase during the forecast period. Moreover, investments in developing innovative features and designs are expected to continue. This will intensify competition among existing and new players.

Global aftermarket automotive parts and components market - segmentation AssessmentSegment overviewTechnavio has segmented the market based on product (tire, brake parts, battery, filter, and others) and distribution channel (retail and wholesale).

The tire segment will account for a significant share of the market's growth during the forecast period. The demand for aftermarket tires is high globally. The aging vehicle population in developed mature automobile markets, such as Japan, the US, and Western Europe, is contributing to this demand. In addition, road conditions in emerging countries such as India make vehicles more susceptible to breakdown and wear and tear of tires. This leads to a demand for aftermarket fitments. As a result, the demand for aftermarket tires is increasing steadily in the region.

Geography overviewBased on geography, the global aftermarket automotive parts and components market is segmented into APAC, North America, Europe, 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 aftermarket automotive parts and components market.

APAC is estimated to account for 38% of the growth of the global market during the forecast period. China, India, and Japan are the key revenue-contributing countries in the market. These countries are high-volume adopters of vehicles. Factors such as increasing disposable incomes in emerging economies have led to a rise in the number of vehicle buyers. Thus, the automotive industry in the region contributes significantly to the demand for vehicle roadside assistance services.

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Global aftermarket automotive parts and components market – Market dynamics

Leading drivers - The increasing number of vehicles globally is driving market growth. The demand for automotive repair and maintenance services is rising, with the increase in the lifespan of vehicles. In addition, passenger cars and utility vehicles, such as sports-utility vehicles (SUVs), multi-purpose vehicles (MPVs), crossovers, and pickup trucks, are popular in the global automotive market. These vehicles need regular maintenance to function properly. Such factors will positively impact the growth of the market during the forecast period.

Major challenges - The growing shortage of skilled automotive technicians is challenging the market growth. The shortage is a result of the lack of a strong career path, the disparity in pay packages, and long working hours, which are making it difficult for professional automotive repair shops to attract and retain skilled technicians. According to the US Bureau of Labor Statistics, the automotive industry in the US will need about 46,000 skilled automotive technicians by 2026. This shortage is expected to increase, as the demand for automotive repair and maintenance services continues to rise. Therefore, the shortage of skilled automotive technicians will negatively impact the growth of the market during the forecast period.

Drivers and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this aftermarket automotive parts and components market report?

CAGR of the market during the forecast period

Detailed information on factors that will drive the growth of the aftermarket automotive parts and components market between 2023 and 2027

Precise estimation of the size of the aftermarket automotive parts and components market and its contribution to the parent market

Accurate predictions about upcoming trends and changes in consumer behavior

Growth of the aftermarket automotive parts and components market across APAC, North America, Europe, 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 aftermarket automotive parts and components market vendors

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Aftermarket Automotive Parts and Components Market Scope

Report Coverage

Details

Page number

167

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 3.54%

Market growth 2023-2027

USD 86.64 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

2.87

Regional analysis

APAC, North America, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 38%

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 World Corp. of America, ANAND Group, BorgWarner Inc., Continental AG, Delphi Technologies Plc, DENSO Corp., DRiV Incorporated, HELLA GmbH and Co. KGaA, Hitachi Astemo Ltd., Knorr Bremse AG, MagnetiMarelliS.p.A, MAHLE GmbH, Motherson Sumi Systems Ltd., NGK Spark Plugs USA, Inc., OSRAM GmbH, Robert Bosch GmbH, Tenneco Inc., 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

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Table of contents

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global aftermarket automotive parts and components market 2017 - 2021

4.2 Product Segment Analysis 2017 - 2021

4.3 Distribution Channel Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Product

6.1 Market segments

6.2 Comparison by Product

6.3 Tire - Market size and forecast 2022-2027

6.4 Brake parts - Market size and forecast 2022-2027

6.5 Battery - Market size and forecast 2022-2027

6.6 Filter - Market size and forecast 2022-2027

6.7 Others - Market size and forecast 2022-2027

6.8 Market opportunity by Product

7 Market Segmentation by Distribution Channel

7.1 Market segments

7.2 Comparison by Distribution Channel

7.3 Retail - Market size and forecast 2022-2027

7.4 Wholesale - Market size and forecast 2022-2027

7.5 Market opportunity by Distribution Channel

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 APAC - Market size and forecast 2022-2027

9.4 North America - Market size and forecast 2022-2027

9.5 Europe - Market size and forecast 2022-2027

9.6 South America - Market size and forecast 2022-2027

9.7 Middle East and Africa - Market size and forecast 2022-2027

9.8 US - Market size and forecast 2022-2027

9.9 China - Market size and forecast 2022-2027

9.10 Japan - Market size and forecast 2022-2027

9.11 Germany - Market size and forecast 2022-2027

9.12 India - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 3M Co.

12.4 ANAND Group

12.5 Continental AG

12.6 Delphi Technologies Plc

12.7 DENSO Corp.

12.8 DRiV Incorporated

12.9 HELLA GmbH and Co. KGaA

12.10 Hitachi Astemo Ltd.

12.11 MagnetiMarelliS.p.A

12.12 Motherson Sumi Systems Ltd.

12.13 NGK Spark Plugs USA, Inc.

12.14 Robert Bosch GmbH

12.15 Tenneco Inc.

12.16 Valeo SA

12.17 ZF Friedrichshafen AG

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

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