SAN FRANCISCO , April 27, 2022 /PRNewswire/ — The global automotive aftermarket size is expected to reach USD 559.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 3.4% from 2022 to 2030. Digitalization of automotive repair and component sales complemented by advanced technology incorporations in the automobile aftermarket component manufacturing is expected to boost the market growth. The surging reception of semi-autonomous, electric vehicles, and hybrid and autonomous cars, in the years to come, is further expected to bolster the demand for new components.
Key Insights & Findings from the report:
The industry is estimated to grow significantly over the forecast period, owing to an increase in the number of lightweight vehicles coupled with the increasing age of the light vehicle fleet.
While technological advancements erupted the challenges and disruption for the manufacturing industry. However, it has also brought opportunities and real growth.
Innovation business models and solutions provided by the manufacturers and growing investment in the same are expected to create sustainable growth opportunities for the market.
North America has a higher technology adoption rate, which is anticipated to result in faster and higher adoption of hybrid electric automobiles in the region as compared to the other geographies.
The global aftermarket is anticipated to witness a phase change attributable to the growing proportion of specialized automotive collision repair centers that are dedicated toward serving specific vehicles such as alternate fuel powered vehicles.
Read 100 page market research report, “Automotive Aftermarket Size, Share & Trends Analysis Report By Replacement Part (Tire, Battery, Brake Parts, Filters), By Distribution Channel, By Service Channel, By Certification, By Region, And Segment Forecasts, 2022 – 2030“, published by Grand View Research.
Automotive Aftermarket Growth & Trends
The increasing vehicle penetration is driven by the overall improvement of lifestyle in the developing countries, such as India and Brazil, and is expected to drive the growth of the automobile industry in the region. Similar surges in the automotive manufacturing sector across various regions along with the increasingly stringent emissions norms are expected to drive the growth of component sales over the forecast period. Third-party services and technology offer new and profitable revenue streams, to leverage all these opportunities. In addition, the industry requires investment in product development, supply chain, organizational design, and pricing model to create a great surge in demand. The rise of digital channels or social media influence is also fueling the sale. These online channels provide customers with all the information regarding the price of the past, and the prior user experience, making the purchasing process smoother.
To support the initiatives for leveraging market foothold, the manufacturers in developing countries are adopting various strategies, including mergers, acquisitions and partnerships. The Asia Pacific regional market is expected to be the fastest-growing market for aftermarkets over the forecast period, owing to its developing living standards and high vehicle production. It is also anticipated to be the fastest-growing market in automobile production. With the growing penetration and acceptance of gas and hybrid electric cars, specialized repair centers dedicated to repairing of particular vehicles are expected to increase. The global aftermarket is expected to witness tremendous growth due to an upsurge in the number of vehicle collisions along with the inclination of owners toward the repair of their automobiles.
Automotive Aftermarket Segmentation
Grand View Research has segmented the global automotive aftermarket based on replacement part, distribution channel, service channel, certification, and region:
Automotive Aftermarket Replacement Part Outlook (Revenue, USD Billion, 2017 – 2030)
Automotive Aftermarket Distribution Channel Outlook (Revenue, USD Billion, 2017 – 2030)
Automotive Aftermarket Service Channel Outlook (Revenue, USD Billion, 2017 – 2030)
DIY (Do It Yourself)
DIFM (Do It for Me)
OE (Delegating to OEM’s)
Automotive Aftermarket Certification Outlook (Revenue, USD Billion, 2017 – 2030)
Automotive Aftermarket Regional Outlook (Revenue, USD Billion, 2017 – 2030)
Middle East & Africa
List of Key Players of Automotive Aftermarket
Check out more related studies published by Grand View Research:
Heavy-duty Automotive Aftermarket – The global heavy-duty automotive aftermarket size is anticipated to reach USD 155.8 billion by 2025, according to a new report by Grand View Research, exhibiting a 4.5% CAGR during the forecast period. Increasing presence of older, more outdated trucks is leading to rise in demand for replacement parts, which in turn, drives the heavy-duty automotive aftermarket. Other factors expected to drive the market include greater wear and tear of vehicles due to frequent use, growth in number of vehicles, and durability of components.
Automotive Wheels Aftermarket – The global automotive wheels aftermarket size is expected to reach USD 7.19 billion by 2025, registering a 3.0% CAGR from 2019 to 2025, according to a new study by Grand View Research, Inc. Prominent factors driving the market include replacement of wheels, increment in rim size, and enhancement in design. Further, the use of carbon wheels mainly for sports and luxury cars is fueling the wheels aftermarket growth. Growing sales of the automotive vehicle is also expected to leverage the sales of wheels through a large distribution network. And the distribution channel growth is driven by the proprietary brands and extensive product range.
E-Commerce Automotive Aftermarket – The global e-commerce automotive aftermarket size is anticipated to reach USD 143.9 billion by 2028, exhibiting a CAGR of 14.6% over the forecast period, according to a new report by Grand View Research, Inc. The growth can be attributed to the rising availability of automotive replacement equipment on online platforms, thereby enabling customers to access more affordable buying options. Improved supply chain activity with technology deployments such as the Internet of Things (IoT) and automation has boosted the growth of e-commerce platforms in the automotive sector. Further, rising awareness of automotive OEMs to establish an omnichannel presence promotes them to deploy e-commerce practices, thereby offering growth opportunities for the e-commerce aftermarket parts.
Browse through Grand View Research’s Automotive & Transportation Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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