Report Code: CMI43946

Published Date: March 2024

Pages: 320+

Category: Automotive

Report Snapshot

CAGR: 4.1%
448.1B
2023
450.9B
2024
619.6B
2033

Source: CMI

Study Period: 2024-2033
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • Robert Bosch GmbH
  • Continental AG
  • Denso Corporation
  • Magna International Inc.
  • Delphi Technologies
  • Others

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Reports Description

Global Automotive Aftermarket Market was valued at USD 450.9 Billion in 2024 and is expected to reach USD 619.6 Billion by 2033, at a CAGR of 4.1% during the forecast period 2024 – 2033.

The automotive aftermarket is a third-party marketplace for car parts, accessories, equipment, tools, and services that are used to repair, maintain, customize, or enhance automobiles after they were initially sold by the original equipment manufacturer.

Automotive Aftermarket Market: Growth Factors

Digitization of component delivery sales & services

The digitalization of component supply sales and services is transforming the automobile aftermarket industry by increasing connectivity, efficiency, and satisfaction with clients. Customers may quickly explore, order, and schedule delivery of automotive components and services via digital platforms including online markets and smartphone applications.

This automated procedure eliminates the need for physical storefronts and lowers administrative expenses for suppliers, allowing them to provide competitive prices and a broader product assortment. Moreover, digitization provides real-time order monitoring, efficient inventory control, and personalized suggestions based on client preferences and vehicle specs.

This improves the whole purchasing experience and builds long-term client loyalty. Finally, the seamless integration of digital technologies in part supply sales and services moves the automotive aftermarket industry ahead, fulfilling the increasing demands of modern consumers and driving sustained growth in the industry.

For instance, Infosys’ automotive practice leverages digital technologies to improve aftermarket sales and service. They combine production, distribution, and logistics activities to offer on-demand aftermarket services.

Manufacturing staff, suppliers, dealers, and field technicians collaborate in real time to optimise automotive manufacturing and retail distribution. Furthermore, cloud-hosted data systems, apps, and interfaces for service modules speed up order-to-delivery times for spare parts and services.

Ongoing trend of customization in cars

The popularity of vehicle customisation has considerably boosted the automotive aftermarket business. As automotive lovers strive to personalise their vehicles to match their style and tastes, the demand for aftermarket parts and accessories has increased.

This tendency encourages innovation and competition among aftermarket producers, resulting in a wider selection of goods that cater to diverse customisation requirements.

Through performance upgrades to cosmetic additions, aftermarket options allow customers to customise their automobiles based on their preferences. Furthermore, the rising popularity of customisation generates a vibrant community of enthusiasts who exchange ideas and encourage others to begin their modification adventures.

Finally, the customisation trend not only promotes the expansion of the automobile aftermarket business but also develops a culture of innovation and originality inside it.

For instance, modifying vehicles is becoming more popular, with an emphasis on bolt-on modifications and customisation, such as pricey brake callipers, as well as the costs and advantages of various automotive changes. Car modifications are becoming increasingly common, with an emphasis on enhancing current-generation vehicles.

Automotive Aftermarket Market Restraints

Complexity in new cars

The rising complexity of modern automobiles creates considerable hurdles for the automotive aftermarket business. Independent repair shops and aftermarket part makers find it more difficult to diagnose and service contemporary cars due to advanced technology, complex electrical systems, and specialised components.

This complexity frequently necessitates the use of specialised tools, training, and access to proprietary information, all of which can be expensive and difficult for smaller enterprises to get. The incorporation of driven by software features and networked systems further complicates aftermarket maintenance and changes.

As a result, consumers may be more likely to use authorised dealerships or manufacturer-certified service centres for maintenance and repairs, limiting the market share of unauthorised aftermarket providers. Moreover, manufacturers’ use of proprietary software and digital locks might limit the accessibility and compatibility of aftermarket parts, stifling competition and innovation in the aftermarket industry.

Global Automotive Aftermarket Market 2024–2033 (By Vehicle Type)

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Automotive Aftermarket Market Opportunities

Emerging technologies influence the aftermarket landscape

Emerging technologies such as blockchain, artificial intelligence, and the Internet of Things are transforming the car aftermarket. These innovations enable predictive maintenance, which allows cars to foresee repairs before they occur.

AI-powered analytics may improve inventory management by ensuring that the proper components are accessible when needed, resulting in less downtime for vehicle owners. Blockchain improves supply chain transparency and security by eliminating counterfeit components and increasing stakeholder confidence.

IoT-connected devices offer real-time monitoring of vehicle performance, allowing for pre-emptive maintenance and increased overall efficiency.

By embracing these technologies, the automotive aftermarket sector gains enhanced dependability, lower costs, and more customer satisfaction, all of which drive industry development and innovation.

For instance, The Automotive Component Manufacturers Association (ACMA) has reported that new technologies such as IoT, AI, and blockchain are being used to streamline the aftermarket service chain. With predictive maintenance to real-time diagnostics, such technological innovations enable customers to keep ahead of possible problems and solve them proactively.

Global Automotive Aftermarket Market 2024–2033 (By Distribution Channel)

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Automotive Aftermarket Market Segmentation Analysis

The Global Automotive Aftermarket market is segmented by replacement parts, vehicle type, distribution channel, and region.  Based on type, the market is classified into tire & wheels, battery & brake parts, body parts, exhaust components, turbochargers and others. Tire & wheels dominated the market in 2023 with a market share of 30.3% and is expected to keep its dominance during the forecast period 2024-2033.

The tyre and wheel category has a large impact on the automotive aftermarket industry because of its critical role in vehicle performance, safety, and aesthetics. Drivers frequently use aftermarket tyres and wheels to improve the look or functioning of their vehicles.

This demand fuels a thriving industry in which consumers may select from a wide selection of options, including performance tyres for improved handling and beautiful wheels for personalised aesthetics. As a result, enterprises in this sector constantly adapt to meet changing client expectations, offering varied goods and services, such as customisation possibilities, tyre and wheel packages, and installation.

Based on vehicle type, the market is classified into passenger vehicle and commercial vehicle. Security & protection dominated the market in 2023 with a market share of 65.8% and is expected to keep its dominance during the forecast period 2024-2033.

Passenger cars have a significant impact on the automotive aftermarket business, determining its trajectory and dynamics. As these cars age, there is an increased need for spare components, devices, and maintenance services. This need is driven by wear and tear, accidents, and a desire for customization.

Furthermore, developments in vehicle technology frequently result in the demand for upgraded components and systems, which boosts aftermarket sales. Furthermore, the sheer number of passenger cars on the road guarantees a steady market for aftermarket products and services. Overall, these factors converge to propel the passenger cars’ dominance in driving the automotive aftermarket market.

Based on distribution channel, the market is classified into OEM & repair shops, wholesalers & distributors. OEM & repair shops dominated the market in 2023 with a market share of 69.8% and are expected to keep their dominance during the forecast period 2024-2033.

OEMs and service shops play critical roles in moving the automobile aftermarket sector forward. By supplying high-quality replacement parts and components, OEMs build consumer trust and loyalty to brands. This confidence encourages people to choose OEM-certified parts and accessories when maintaining or upgrading their cars, which contributes considerably to aftermarket sales.

Repair shops, on the other hand, act as direct sales channels for aftermarket equipment, providing installation services and advising particular aftermarket solutions to match clients’ needs.

Report Scope

Feature of the Report Details
Market Size in 2024 USD 450.9 Billion
Projected Market Size in 2033 USD 619.6 Billion
Market Size in 2023 USD 448.1 Billion
CAGR Growth Rate 4.1% CAGR
Base Year 2023
Forecast Period 2024-2033
Key Segment By Type, Vehicle Type, Application and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Automotive Aftermarket Market Regional Insight

By region, Automotive Aftermarket market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominated the global Automotive Aftermarket market in 2023 with a market share of 35% and is expected to keep its dominance during the forecast period 2024-2033.

High vehicle ownership rates in North America drive up the need for aftermarket automotive goods and services. Furthermore, North America’s robust transportation infrastructure and large network of roads cause considerable wear and tear on automobiles, demanding frequent repair and replacement of components.

Furthermore, the region’s culture of customisation and personalisation increases the need for aftermarket parts and performance-enhancing items. Further, the existence of a competitive market environment with several established firms and creative startups encourages ongoing product development and technology breakthroughs.

Finally, favourable legislative frameworks and customer preferences for convenience and value drive the automobile aftermarket business in North America. In general, these elements combine to strengthen the region’s supremacy in the automobile aftermarket sector. Overall, these factors converge to propel the region’s dominance in driving the automotive aftermarket market.

Global Automotive Aftermarket Market 2024–2033 (By Billion)

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Automotive Aftermarket Market Recent Developments

  • In June 2023, Continental presented the UltraContact NXT series tyre, which stands out by its high share of renewable resource usage. The tyre contains up to 65% recyclable, renewable, & ISCC PLUS mass balance certified components.
  • In April 2023, ZF Aftermarket announced the broadening of its lineup of services for the Indian passenger car market with the introduction of three recently produced TRW products in India which include shock absorbers, brake pads, and brake discs.
  • In March 2023, HELLA, which works under the FORVIA brand, announced the launch of the second generation of its Black Magic auxiliary headlamp series with the introduction of 32 new lightbars.

List of the prominent players in the Automotive Aftermarket Market:

  • Robert Bosch GmbH
  • Continental AG
  • Denso Corporation
  • Magna International Inc.
  • Delphi Technologies
  • ZF Friedrichshafen AG
  • Valeo SA
  • Tenneco Inc.
  • Aisin Seiki Co. Ltd.
  • Faurecia SA
  • Aptiv PLC
  • Federal-Mogul Motorparts
  • Hella GmbH & Co. KGaA
  • BorgWarner Inc.
  • Lear Corporation
  • Mahle GmbH
  • Bridgestone Corporation
  • 3M Company
  • Osram GmbH
  • Continental Tyres
  • Others

These key players are adopting various growth strategies such as mergers & acquisitions, joint ventures, expansion, strategic alliances, new product launches, etc. to enhance their business operations and revenues.

The Automotive Aftermarket Market is segmented as follows:

By Replacement Parts

  • Tire & Wheels
  • Battery & Brake Parts
  • Body Parts
  • Exhaust Components
  • Turbocharger
  • Others

By Vehicle Type

  • Passenger Vehicle
  • Commercial Vehicle

By Distribution Channel

  • OEM & Repair Shops
  • Wholesalers & Distributors

Regional Coverage:

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Russia
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Taiwan
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market Research Methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Automotive Aftermarket Market, (2024 – 2033) (USD Billion)
    • 2.2 Global Automotive Aftermarket Market: snapshot
  • Chapter 3. Global Automotive Aftermarket Market – Industry Analysis
    • 3.1 Automotive Aftermarket Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Digitization of component delivery sales & services
      • 3.2.2 Ongoing trend of customization in cars
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market Attractiveness Analysis By Type
      • 3.7.2 Market Attractiveness Analysis By Vehicle Type
      • 3.7.3 Market Attractiveness Analysis By Application
  • Chapter 4. Global Automotive Aftermarket Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Automotive Aftermarket Market: company market share, 2024
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Automotive Aftermarket Market – Type Analysis
    • 5.1 Global Automotive Aftermarket Market Overview: By Type
      • 5.1.1 Global Automotive Aftermarket Market Share, By Type, 2024 and – 2033
    • 5.2 Tempered Glass
      • 5.2.1 Global Automotive Aftermarket Market by Tempered Glass, 2024 – 2033 (USD Billion)
    • 5.3 Laminated Glass
      • 5.3.1 Global Automotive Aftermarket Market by Laminated Glass, 2024 – 2033 (USD Billion)
    • 5.4 Others
      • 5.4.1 Global Automotive Aftermarket Market by Others, 2024 – 2033 (USD Billion)
  • Chapter 6. Global Automotive Aftermarket Market – Vehicle Type Analysis
    • 6.1 Global Automotive Aftermarket Market Overview: By Vehicle Type
      • 6.1.1 Global Automotive Aftermarket Market Share, By Vehicle Type, 2024 and – 2033
    • 6.2 Passenger Vehicle
      • 6.2.1 Global Automotive Aftermarket Market by Passenger Vehicle, 2024 – 2033 (USD Billion)
    • 6.3 Commercial Vehicle
      • 6.3.1 Global Automotive Aftermarket Market by Commercial Vehicle, 2024 – 2033 (USD Billion)
  • Chapter 7. Global Automotive Aftermarket Market – Application Analysis
    • 7.1 Global Automotive Aftermarket Market Overview: By Application
      • 7.1.1 Global Automotive Aftermarket Market Share, By Application, 2024 and – 2033
    • 7.2 Windscreen
      • 7.2.1 Global Automotive Aftermarket Market by Windscreen, 2024 – 2033 (USD Billion)
    • 7.3 Sidelite
      • 7.3.1 Global Automotive Aftermarket Market by Sidelite, 2024 – 2033 (USD Billion)
    • 7.4 Backlite
      • 7.4.1 Global Automotive Aftermarket Market by Backlite, 2024 – 2033 (USD Billion)
    • 7.5 Sunroof
      • 7.5.1 Global Automotive Aftermarket Market by Sunroof, 2024 – 2033 (USD Billion)
    • 7.6 Others
      • 7.6.1 Global Automotive Aftermarket Market by Others, 2024 – 2033 (USD Billion)
  • Chapter 8. Automotive Aftermarket Market – Regional Analysis
    • 8.1 Global Automotive Aftermarket Market Regional Overview
    • 8.2 Global Automotive Aftermarket Market Share, by Region, 2024 & – 2033 (USD Billion)
    • 8.3. North America
      • 8.3.1 North America Automotive Aftermarket Market, 2024 – 2033 (USD Billion)
        • 8.3.1.1 North America Automotive Aftermarket Market, by Country, 2024 – 2033 (USD Billion)
    • 8.4 North America Automotive Aftermarket Market, by Type, 2024 – 2033
      • 8.4.1 North America Automotive Aftermarket Market, by Type, 2024 – 2033 (USD Billion)
    • 8.5 North America Automotive Aftermarket Market, by Vehicle Type, 2024 – 2033
      • 8.5.1 North America Automotive Aftermarket Market, by Vehicle Type, 2024 – 2033 (USD Billion)
    • 8.6 North America Automotive Aftermarket Market, by Application, 2024 – 2033
      • 8.6.1 North America Automotive Aftermarket Market, by Application, 2024 – 2033 (USD Billion)
    • 8.7. Europe
      • 8.7.1 Europe Automotive Aftermarket Market, 2024 – 2033 (USD Billion)
        • 8.7.1.1 Europe Automotive Aftermarket Market, by Country, 2024 – 2033 (USD Billion)
    • 8.8 Europe Automotive Aftermarket Market, by Type, 2024 – 2033
      • 8.8.1 Europe Automotive Aftermarket Market, by Type, 2024 – 2033 (USD Billion)
    • 8.9 Europe Automotive Aftermarket Market, by Vehicle Type, 2024 – 2033
      • 8.9.1 Europe Automotive Aftermarket Market, by Vehicle Type, 2024 – 2033 (USD Billion)
    • 8.10 Europe Automotive Aftermarket Market, by Application, 2024 – 2033
      • 8.10.1 Europe Automotive Aftermarket Market, by Application, 2024 – 2033 (USD Billion)
    • 8.11. Asia Pacific
      • 8.11.1 Asia Pacific Automotive Aftermarket Market, 2024 – 2033 (USD Billion)
        • 8.11.1.1 Asia Pacific Automotive Aftermarket Market, by Country, 2024 – 2033 (USD Billion)
    • 8.12 Asia Pacific Automotive Aftermarket Market, by Type, 2024 – 2033
      • 8.12.1 Asia Pacific Automotive Aftermarket Market, by Type, 2024 – 2033 (USD Billion)
    • 8.13 Asia Pacific Automotive Aftermarket Market, by Vehicle Type, 2024 – 2033
      • 8.13.1 Asia Pacific Automotive Aftermarket Market, by Vehicle Type, 2024 – 2033 (USD Billion)
    • 8.14 Asia Pacific Automotive Aftermarket Market, by Application, 2024 – 2033
      • 8.14.1 Asia Pacific Automotive Aftermarket Market, by Application, 2024 – 2033 (USD Billion)
    • 8.15. Latin America
      • 8.15.1 Latin America Automotive Aftermarket Market, 2024 – 2033 (USD Billion)
        • 8.15.1.1 Latin America Automotive Aftermarket Market, by Country, 2024 – 2033 (USD Billion)
    • 8.16 Latin America Automotive Aftermarket Market, by Type, 2024 – 2033
      • 8.16.1 Latin America Automotive Aftermarket Market, by Type, 2024 – 2033 (USD Billion)
    • 8.17 Latin America Automotive Aftermarket Market, by Vehicle Type, 2024 – 2033
      • 8.17.1 Latin America Automotive Aftermarket Market, by Vehicle Type, 2024 – 2033 (USD Billion)
    • 8.18 Latin America Automotive Aftermarket Market, by Application, 2024 – 2033
      • 8.18.1 Latin America Automotive Aftermarket Market, by Application, 2024 – 2033 (USD Billion)
    • 8.19. The Middle-East and Africa
      • 8.19.1 The Middle-East and Africa Automotive Aftermarket Market, 2024 – 2033 (USD Billion)
        • 8.19.1.1 The Middle-East and Africa Automotive Aftermarket Market, by Country, 2024 – 2033 (USD Billion)
    • 8.20 The Middle-East and Africa Automotive Aftermarket Market, by Type, 2024 – 2033
      • 8.20.1 The Middle-East and Africa Automotive Aftermarket Market, by Type, 2024 – 2033 (USD Billion)
    • 8.21 The Middle-East and Africa Automotive Aftermarket Market, by Vehicle Type, 2024 – 2033
      • 8.21.1 The Middle-East and Africa Automotive Aftermarket Market, by Vehicle Type, 2024 – 2033 (USD Billion)
    • 8.22 The Middle-East and Africa Automotive Aftermarket Market, by Application, 2024 – 2033
      • 8.22.1 The Middle-East and Africa Automotive Aftermarket Market, by Application, 2024 – 2033 (USD Billion)
  • Chapter 9. Company Profiles
    • 9.1 Robert Bosch GmbH
      • 9.1.1 Overview
      • 9.1.2 Financials
      • 9.1.3 Product Portfolio
      • 9.1.4 Business Strategy
      • 9.1.5 Recent Developments
    • 9.2 Continental AG
      • 9.2.1 Overview
      • 9.2.2 Financials
      • 9.2.3 Product Portfolio
      • 9.2.4 Business Strategy
      • 9.2.5 Recent Developments
    • 9.3 Denso Corporation
      • 9.3.1 Overview
      • 9.3.2 Financials
      • 9.3.3 Product Portfolio
      • 9.3.4 Business Strategy
      • 9.3.5 Recent Developments
    • 9.4 Magna International Inc.
      • 9.4.1 Overview
      • 9.4.2 Financials
      • 9.4.3 Product Portfolio
      • 9.4.4 Business Strategy
      • 9.4.5 Recent Developments
    • 9.5 Delphi Technologies
      • 9.5.1 Overview
      • 9.5.2 Financials
      • 9.5.3 Product Portfolio
      • 9.5.4 Business Strategy
      • 9.5.5 Recent Developments
    • 9.6 ZF Friedrichshafen AG
      • 9.6.1 Overview
      • 9.6.2 Financials
      • 9.6.3 Product Portfolio
      • 9.6.4 Business Strategy
      • 9.6.5 Recent Developments
    • 9.7 Valeo SA
      • 9.7.1 Overview
      • 9.7.2 Financials
      • 9.7.3 Product Portfolio
      • 9.7.4 Business Strategy
      • 9.7.5 Recent Developments
    • 9.8 Tenneco Inc.
      • 9.8.1 Overview
      • 9.8.2 Financials
      • 9.8.3 Product Portfolio
      • 9.8.4 Business Strategy
      • 9.8.5 Recent Developments
    • 9.9 Aisin Seiki Co. Ltd.
      • 9.9.1 Overview
      • 9.9.2 Financials
      • 9.9.3 Product Portfolio
      • 9.9.4 Business Strategy
      • 9.9.5 Recent Developments
    • 9.10 Faurecia SA
      • 9.10.1 Overview
      • 9.10.2 Financials
      • 9.10.3 Product Portfolio
      • 9.10.4 Business Strategy
      • 9.10.5 Recent Developments
    • 9.11 Aptiv PLC
      • 9.11.1 Overview
      • 9.11.2 Financials
      • 9.11.3 Product Portfolio
      • 9.11.4 Business Strategy
      • 9.11.5 Recent Developments
    • 9.12 Federal-Mogul Motorparts
      • 9.12.1 Overview
      • 9.12.2 Financials
      • 9.12.3 Product Portfolio
      • 9.12.4 Business Strategy
      • 9.12.5 Recent Developments
    • 9.13 Hella GmbH & Co. KGaA
      • 9.13.1 Overview
      • 9.13.2 Financials
      • 9.13.3 Product Portfolio
      • 9.13.4 Business Strategy
      • 9.13.5 Recent Developments
    • 9.14 BorgWarner Inc.
      • 9.14.1 Overview
      • 9.14.2 Financials
      • 9.14.3 Product Portfolio
      • 9.14.4 Business Strategy
      • 9.14.5 Recent Developments
    • 9.15 Lear Corporation
      • 9.15.1 Overview
      • 9.15.2 Financials
      • 9.15.3 Product Portfolio
      • 9.15.4 Business Strategy
      • 9.15.5 Recent Developments
    • 9.16 Mahle GmbH
      • 9.16.1 Overview
      • 9.16.2 Financials
      • 9.16.3 Product Portfolio
      • 9.16.4 Business Strategy
      • 9.16.5 Recent Developments
    • 9.17 Bridgestone Corporation
      • 9.17.1 Overview
      • 9.17.2 Financials
      • 9.17.3 Product Portfolio
      • 9.17.4 Business Strategy
      • 9.17.5 Recent Developments
    • 9.18 3M Company
      • 9.18.1 Overview
      • 9.18.2 Financials
      • 9.18.3 Product Portfolio
      • 9.18.4 Business Strategy
      • 9.18.5 Recent Developments
    • 9.19 Osram GmbH
      • 9.19.1 Overview
      • 9.19.2 Financials
      • 9.19.3 Product Portfolio
      • 9.19.4 Business Strategy
      • 9.19.5 Recent Developments
    • 9.20 Continental Tyres
      • 9.20.1 Overview
      • 9.20.2 Financials
      • 9.20.3 Product Portfolio
      • 9.20.4 Business Strategy
      • 9.20.5 Recent Developments
    • 9.21 Others.
      • 9.21.1 Overview
      • 9.21.2 Financials
      • 9.21.3 Product Portfolio
      • 9.21.4 Business Strategy
      • 9.21.5 Recent Developments
List Of Figures

Figures No 1 to 26

List Of Tables

Tables No 1 to 77

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2032

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2032
  • Market revenue estimates and forecasts up to 2032, by technology
  • Market revenue estimates and forecasts up to 2032, by application
  • Market revenue estimates and forecasts up to 2032, by type
  • Market revenue estimates and forecasts up to 2032, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Player

  • Robert Bosch GmbH
  • Continental AG
  • Denso Corporation
  • Magna International Inc.
  • Delphi Technologies
  • ZF Friedrichshafen AG
  • Valeo SA
  • Tenneco Inc.
  • Aisin Seiki Co. Ltd.
  • Faurecia SA
  • Aptiv PLC
  • Federal-Mogul Motorparts
  • Hella GmbH & Co. KGaA
  • BorgWarner Inc.
  • Lear Corporation
  • Mahle GmbH
  • Bridgestone Corporation
  • 3M Company
  • Osram GmbH
  • Continental Tyres
  • Others

FAQs

The restraints of the Automotive Aftermarket market is complexity in new cars.

The major driver for the Automotive Aftermarket market is digitization of component delivery sales & services and ongoing trend of customization in cars.

The “Passenger Vehicle” category dominated the market in 2023.

The key players in the market are Robert Bosch GmbH, Continental AG, Denso Corporation, Magna International Inc., Delphi Technologies , ZF Friedrichshafen AG, Valeo SA, Tenneco Inc., Aisin Seiki Co. Ltd., Faurecia SA, Aptiv PLC, Federal-Mogul Motorparts , Hella GmbH & Co. KGaA, BorgWarner Inc., Lear Corporation, Mahle GmbH, Bridgestone Corporation, 3M Company, Osram GmbH, Continental Tyres, Others.

“North America” had the largest share in the Automotive Aftermarket Market.

The global market is projected to grow at a CAGR of 4.1% during the forecast period, 2024-2033.

The Automotive Aftermarket Market size was valued at USD 450.9 Billion in 2024.

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