As per our report, the Automotive After Market size was estimated to be worth 222.50 billion dollars in 2021, and it is predicted to be worth 340.25 billion dollars by the end of 2027. During the projection period of 2022 to 2027, the global market is expected to grow at a CAGR of 7.17 percent.
Automotive Aftermarket market overview:
The global automotive aftermarket experienced a major growth because of the technical improvements in the telematics sector and increased internet penetration in the sales of car components. Vehicle parts are outfitted with accessories to improve their look, performance, and safety. Graphics, spoilers, wings, style seats, and alloy wheels are among them. The accessories market segment of the automotive aftermarket industry is predicted to be driven by an increase in demand for appealingly pleasant and comfort features in automobiles.
The growing popularity of crossover and long-distance travel cars increases the need for regular vehicle maintenance and replacement parts. Customer customization is becoming more flexible in vehicle design and production, which is expected to boost market development throughout the forecast period, and helps to hold the dominant share in the Global Market.
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Impact of COVID-19 on Automotive Aftermarket Market:
The COVID-19 crisis in 2020 includes a massive and rapid impact on the worldwide integrated automobile sector. Closures of car assembly factories, large-scale manufacturing pauses, and disruptions in aftermarket product exports are putting enormous strain on the automotive sector, which is already full of a world demand downturn. People inhabit home thanks to COVID-19, and also the economy has entered a slump, causing less wear and tear on their vehicles. In 2020 the ageing fleet of vehicles, on the alternative hand, is predicted to boost demand for these automotive parts within the long run years.
Segmentation Analysis:
The global Automotive After Market segmentation include:
By Replacement Part: Battery, Tyre, Filtersm, Brake Parts, Turbochargers, Body Parts, Wheels.
Due to their shorter replacement cycle than their rivals, tyres led the market and are expected to continue to do so over the projection period. Furthermore, the development of intelligent tyres and tire monitoring systems has had a significant influence on tyre aftermarket sales as a means of improving car safety features. The industry is being propelled forward by rising disposable income in emerging nations, as well as a shift in customer demand for attractive and aesthetic vehicle design.
By Service Channel: DIFM (Do It for Me), DIY (Do It Yourself), OE (Delegating to OEMs).
With a market share of 72.9 percent in 2021, the first Equipment (OE) sector is predicted to still dominate the market throughout the research period. Brand recognition and consumer loyalty are the most important drivers of market growth within the OE sector.
During the projection period, bang Yourself (DIY) is predicted to grow at a decent rate. This may well be attributed to consumers’ increasing technical knowledge and willingness to mend, maintain, and alter their automobiles themselves.
By Distribution Channel: Wholesalers & Distributors, Retailers (OEMs & Repair Shops).
In 2021, the retail segment led the market in terms of size, accounting for 57.2 percent of the whole. In aspect of size, the retail segment is predicted to dominate the market by 2027.
The wholesale and distribution sector are anticipated to grow at a comparatively rapid rate in terms of revenue from 2022 to 2027. Automotive aftermarket economies are essential components of the complete automotive production and maintenance scheme, as automotive components must get replaced on an everyday basis to take care of the vehicle’s overall performance.
By Certification: Certified Parts, Genuine Parts, Uncertified Parts.
Genuine components, with a market share of 52.2 percent in 2021, led the market in terms of market size. In terms of scale, the real components market will have exceeded the aftermarket by 2026. The uncertified category is predicted to grow at a fairly rapid rate in terms of revenue between 2022-2027. Counterfeit components are illegal, haven’t been tested, and are available with no warranty. Car manufacturers or OEMs, often called subcontractors, make genuine components. Genuine replacement parts are more diversified, simpler to get, and are available with a guaranty. the disadvantage is that these parts are pricey and only available through certain retailers.
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Regional Analysis:
In rising markets like China and India, the market in Asia Pacific is characterized by expanding vehicular sales of both passenger automobiles and commercial vehicles. In addition, there has been an increase in consolidation among parts distributors, as a result of new tax laws, which are responsible for displacing the present unorganized sector. These factors are expected to propel APAC to a leading position in the worldwide market.
The second-largest market share is predicted to be held by Europe. The use of advanced technologies in the production of auto parts, as well as the digitalization of automotive component supply sales, are driving this region’s market growth.
This market is expected to develop steadily in North America, with the United States accounting for the largest share. The presence of major manufacturers has positioned this region as a major aftermarket production hub for automobile parts and accessories.
The market in Latin America is predicted to develop rapidly, thanks to growing manufacturing and customization activity in Mexico, and the industry in the Middle East is still in its infancy.
Latest Industry Developments:
Boeing has placed an order with Motherson to produce aftermarket polymer components. Motherson is expanding its capacity to deliver integrated solutions to the aerospace sector, according to the company. Motherson, a manufacturer of auto components, has been awarded a contract by Boeing to produce and deliver aftermarket molded polymer parts for commercial airline interiors.
Hero Electric, an electric two-wheeler manufacturer, has teamed with SpareIt, a multi-sided automotive aftermarket platform, to teach private garage owners and utilize their network as EV service centers. SpareIt will provide these garages as private garage owners (PGO) for Hero Electric’s B2B and B2C clients as part of the agreement, according to a release issued on Wednesday.
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