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SAN FRANCISCO , Aug. 22, 2022 /PRNewswire/ -- The global automotive aftermarket industry 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. Manufacturing, remanufacturing, distribution, redistribution, end-retail, resale, and installation of automobiles are covered under the automobile aftermarket. These activities help customers modify and update their cars to their tastes. With the advent of smart automobiles, manufacturers are keen on enhancing their offerings to strive in the fiercely competitive market. The average age and durability of cars are continuously rising as technology develops and they become more robust.
Key Industry Insights & Findings from the report:
Read 100-page market research report for more Insights, "Automotive Aftermarket Industry 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 Industry Growth & Trends
Delivery services for automotive components have become more digitalized, which benefits customers by increasing price transparency and supplier diversity. The automotive aftermarket industry is projected to hit USD 559.9 billion by 2030, expanding at a compound annual growth rate (CAGR) of 3.4% from 2022 to 2030 finds Grand View Research, Inc. Online forums for automobile components have gained popularity due to increased industry competitiveness. To boost product sales, manufacturers are providing simple shipping alternatives, service flexibility, and smooth online information. Before making a purchase, consumers are likely to compare products and pricing. Furthermore, product sales are being boosted owing to the rising emphasis on reducing transportation costs. Additionally, the rising dominance of foreign manufacturers in Asian nations, particularly India and China , coupled with the spike in demand for automobiles from developing economies is anticipated to sustain the market demand for goods during the forecast period.
Increasing demand for replacement parts
By 2030, the replacement components segment will dominate the market, accounting for the maximum revenue share. The demand for replacement automotive parts & components is fueled by the implementation of numerous vehicle registrations across different countries. The development of technologically advanced spare parts that enhances vehicle efficiency is projected to drive the industry's expansion in the coming years. Moreover, the shifting customer preference for used and refurbished cars is a promising growth potential for the market. The need for maintaining, modifying, and repairing used cars would boost the revenue share of the segment.
Asia Pacific to observe lucrative growth
In 2021, Asia Pacific emerged as the leading regional market, with a revenue share of 28.2%, and is anticipated to observe significant expansion from 2022 to 2030. The regional sales for automobile are estimated to increase owing to the expanding consumer base, passenger vehicle manufacturing, the adoption of advanced technologies in manufacturing activities, and the digitization of automotive component delivery services. The key players are focused on mergers & acquisitions to boost their market share. For instance, in February 2021 Cooper Tire & Rubber Company was acquired by Goodyear Tire & Rubber Company to consolidate the brand portfolio and offer services across the market's value range.
Technological advancements and rising R&D spending by businesses and associations are projected to fuel industry expansion during the forecast period. Some of the domestic and global players face the pressure to launch cutting-edge products that fulfill customers' demands. They are incorporating a variety of methods, including collaborations, mergers & acquisitions, and partnerships to assist the initiatives for leveraging their market foothold. For instance, in February 2020 MotoRad LTD collaborated with the Auto Care Association and the Automotive Aftermath Suppliers Associations (AASA) to push their campaign called "Your Car. Your Data. Your Choice". Furthermore, in April 2021 , Kasper Ranch Hand Equipment, LLC was acquired by Lippert Components Inc. to strengthen its position in the market.
Grand View Research has segmented the global automotive aftermarket industry based on replacement part, distribution channel, service channel, certification, and region:
Automotive Aftermarket Replacement Part Outlook (Revenue, USD Billion, 2017 - 2030)
Automotive Aftermarket Industry - Distribution Channel Outlook (Revenue, USD Billion, 2017 - 2030)
Automotive Aftermarket Industry - Service Channel Outlook (Revenue, USD Billion, 2017 - 2030)
Automotive Aftermarket Industry - Certification Outlook (Revenue, USD Billion, 2017 - 2030)
Automotive Aftermarket Industry - Regional Outlook (Revenue, USD Billion, 2017 - 2030)
List of Key Players of Automotive Aftermarket Industry
Check out more related studies published by Grand View Research:
Browse through Grand View Research's Automotive & Transportation Industry Research Reports.
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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SOURCE Grand View Research, Inc.
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