Automotive aftermarket Market to Surpass 584.9 Billion by 2030 Drives Due to the Increasing vehicle age
SkyQuest projects that the automotive aftermarket market will attain a USD 584.9 billion value by 2030, with a CAGR of 4% over the forecast period (2023-2030). The global automotive aftermarket market is witnessing a growing trend of increasing vehicle age. As vehicles remain on the road longer, the demand for replacement parts, maintenance services, and accessories rises. This shift presents lucrative opportunities for businesses to cater to the evolving needs of older vehicles, driving market expansion.
Westford,USA, Aug. 11, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the global automotive aftermarket market has witnessed a transformative shift due to the rapid rise of e-commerce. With online platforms offering convenience and a wide array of products, consumers can now easily access auto parts and accessories. This digital revolution has reshaped the industry landscape, fostering increased competition and accessibility for consumers worldwide.
Browse in-depth TOC on the “Automotive aftermarket Market”
- Pages – 260
- Tables – 119
- Figures – 76
The global automotive aftermarket market is witnessing a notable shift towards customization. Consumers increasingly favor personalized enhancements to their vehicles, ranging from performance upgrades to aesthetic modifications. This growing trend reflects a demand for unique driving experiences, steering the aftermarket industry towards innovative, tailor-made solutions.
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Prominent Players in the Automotive Aftermarket Market
- 3M Company (U.S.)
- Aisin Seiki Co., Ltd. (Japan)
- Continental AG (Germany)
- Delphi Technologies (U.K.)
- Denso Corporation (Japan)
- Federal-Mogul LLC (U.S.)
- Gates Corporation (U.S.)
- Hella KGaA Hueck & Co. (Germany)
- Hitachi Automotive Systems, Ltd. (Japan)
- Johnson Controls, Inc. (U.S.)
- Magna International Inc. (Canada)
- MANN+HUMMEL GMBH (Germany)
- NGK Spark Plug Co., Ltd. (Japan)
- Robert Bosch GmbH (Germany)
- Schaeffler AG (Germany)
- Standard Motor Products, Inc. (U.S.)
- Tenneco Inc. (U.S.)
- Valeo SA (France)
- ZF Friedrichshafen AG (Germany)
Tire Segment is Expected to Grow the Market Due to Escalating vehicle ownership and the need for replacement and upgradation
The tire segment is the fastest-growing sector in the global automotive aftermarket market. Escalating vehicle ownership and the need for replacement and upgradation drive this growth. As a safety-critical component, tires’ demand surges, fostering advancements and competition within the aftermarket industry.
Asia Pacific commands a dominant position in the global automotive aftermarket market. This is attributed to the region’s robust automotive industry, expanding vehicle ownership, and rising middle class. The dynamic economies within Asia Pacific foster increased demand for replacement parts, accessories, and services, solidifying its significant market share.
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Battery Segment is Expected to Dominate the Market Due to the surge in electric vehicles and hybrid models
The battery segment stands out as the dominant within the global automotive aftermarket market. Driven by the surge in electric vehicles and hybrid models, this segment’s growth is propelled by the need for replacement and upgraded batteries. As sustainability gains prominence, investments in advanced battery technologies further fuel its expansion.
Regional markets in North America emerge as a rapid-expanding segment in the global automotive aftermarket market. The region benefits from a mature automotive industry, high vehicle ownership rates, and a robust economy. A favorable regulatory environment, technological advancements, and consumer demand for customization contribute to North America’s prominent aftermarket growth.
A comprehensive analysis of the major players in the automotive aftermarket market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in the Automotive aftermarket Market
- In January 2022, German automotive parts supplier Continental announced plans to restructure its business, focusing on electric mobility, software, and services. The company plans to spin off its powertrain unit and combine it with an existing joint venture with China’s CITC, creating a new company focused on electric vehicle components and systems.
- Recently, American multinational automotive retail chain AutoZone reported strong financial results for the first quarter of the fiscal year 2022. The company saw a 6.7% increase in sales compared to the same period last year, driven by increased demand for auto parts and accessories.
Key Questions Answered in Automotive aftermarket Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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