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 - Technavio
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 landscape To 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 Analysis Vendor 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 Assessment
Segment overview Technavio 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 overview Based 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.
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.
The automotive ADAS aftermarket market size is expected to increase by USD 3.15 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 10.03%. This report extensively covers segmentation by technology (passive park assists, FCWS and LDWS, and others), vehicle type (passenger vehicles and commercial vehicles), and geography (North America, Europe, APAC, MEA, and South America).
The automotive brake components aftermarket market is estimated to grow at a CAGR of 3.2% between 2022 and 2027. The size of the market is forecasted to increase by USD 14.07 billion. This report extensively covers market segmentation by product (brake pads, brake shoes, brake calipers, and others), vehicle type (passenger cars and commercial vehicles), and geography (APAC, Europe, North America, Middle East and Africa, and South America).
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
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Exhibit 142: DRiV Incorporated - Product / Service
Exhibit 143: DRiV Incorporated - Key offerings
12.9 HELLA GmbH and Co. KGaA
Exhibit 144: HELLA GmbH and Co. KGaA - Overview
Exhibit 145: HELLA GmbH and Co. KGaA - Business segments
Exhibit 146: HELLA GmbH and Co. KGaA - Key news
Exhibit 147: HELLA GmbH and Co. KGaA - Key offerings
Exhibit 148: HELLA GmbH and Co. KGaA - Segment focus
12.10 Hitachi Astemo Ltd.
Exhibit 149: Hitachi Astemo Ltd. - Overview
Exhibit 150: Hitachi Astemo Ltd. - Product / Service
Exhibit 151: Hitachi Astemo Ltd. - Key offerings
12.11 MagnetiMarelliS.p.A
Exhibit 152: MagnetiMarelliS.p.A - Overview
Exhibit 153: MagnetiMarelliS.p.A - Product / Service
Exhibit 154: MagnetiMarelliS.p.A - Key offerings
12.12 Motherson Sumi Systems Ltd.
Exhibit 155: Motherson Sumi Systems Ltd. - Overview
Exhibit 156: Motherson Sumi Systems Ltd. - Business segments
Exhibit 157: Motherson Sumi Systems Ltd. - Key news
Exhibit 158: Motherson Sumi Systems Ltd. - Key offerings
Exhibit 159: Motherson Sumi Systems Ltd. - Segment focus
12.13 NGK Spark Plugs USA, Inc.
Exhibit 160: NGK Spark Plugs USA, Inc. - Overview
Exhibit 161: NGK Spark Plugs USA, Inc. - Product / Service
Exhibit 162: NGK Spark Plugs USA, Inc. - Key offerings
12.14 Robert Bosch GmbH
Exhibit 163: Robert Bosch GmbH - Overview
Exhibit 164: Robert Bosch GmbH - Business segments
Exhibit 165: Robert Bosch GmbH - Key offerings
Exhibit 166: Robert Bosch GmbH - Segment focus
12.15 Tenneco Inc.
Exhibit 167: Tenneco Inc. - Overview
Exhibit 168: Tenneco Inc. - Business segments
Exhibit 169: Tenneco Inc. - Key news
Exhibit 170: Tenneco Inc. - Key offerings
Exhibit 171: Tenneco Inc. - Segment focus
12.16 Valeo SA
Exhibit 172: Valeo SA - Overview
Exhibit 173: Valeo SA - Business segments
Exhibit 174: Valeo SA - Key news
Exhibit 175: Valeo SA - Key offerings
Exhibit 176: Valeo SA - Segment focus
12.17 ZF Friedrichshafen AG
Exhibit 177: ZF Friedrichshafen AG - Overview
Exhibit 178: ZF Friedrichshafen AG - Product / Service
Exhibit 179: ZF Friedrichshafen AG - Key offerings
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 180: Inclusions checklist
Exhibit 181: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 182: Currency conversion rates for US$
13.4 Research methodology
Exhibit 183: Research methodology
Exhibit 184: Validation techniques employed for market sizing
Exhibit 185: Information sources
13.5 List of abbreviations
Exhibit 186: List of abbreviations
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