Automotive Aftermarket Industry to Grow Worth USD 529.88 Billion by 2028 | Fortune Business Insights

Pune, India, Dec. 12, 2022 (GLOBE NEWSWIRE) -- The global automotive aftermarket size is projected to reach USD 529.88 billion by 2028 and exhibit a CAGR of 3.8% during the forecast period. The digitization of automotive component delivery services results in greater supply diversity and higher price transparency for customers. The growing digitization of automotive component delivery services and the expansion of the automotive industry are likely to bolster the growth of the market. Fortune Business Insights™ has presented this information in its report titled, "Automotive Aftermarket, 2021-2028". The market size stood at USD 392.35 billion in 2020.

OEM's investments in customer experience optimization have risen in recent years. The introduction of differentiated aftermarket service offerings helps OEMs retain customers and enhance their decision-making regarding service repair. The surging expansion of aftermarket activities by OEMs is likely to stimulate market growth in the coming years.

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Industry developments:

• November 2020: FullSpeed Automotive from CenterOak Partners was acquired by MidOcean Partners to fulfill the company's aggressive growth plan by strategic acquisition & merger and universal organic activities.

Report Highlights:

Drivers & Restraints-

Expansion of Automotive Industry to Propel Market Growth

The swift digitization in developed and developing countries has enabled manufacturers and suppliers to provide consumers the desired product through online sales channels. Customers can use these channels to gather information about parts' price and use these channels to determine the vehicle's parts to buy. The digitization of automotive component delivery services results in greater supply diversity and higher price transparency for customers. The growing digitization of automotive component delivery services is likely to bolster the global automotive aftermarket growth.

The original equipment manufacturers (OEMs) are improving and expanding their aftermarket activities within the automotive aftermarket parts value chain. The introduction of differentiated aftermarket service offerings helps OEMs enhance their decision-making regarding service repair and retain customers. The surging expansion of aftermarket activities by OEMs is likely to stimulate market growth in the coming years.

Lastly, the expansion of the automotive industry due to increasing demand and production of passenger cars and commercial vehicles is anticipated to boost the market growth in the upcoming years.

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Segmentation-

On the basis of replacement part types, the market is segmented into wheels and tires, body parts, lighting components, gaskets & seals, filters, brake pads, and others. On the basis of vehicle type, the market is bifurcated into passenger cars and commercial vehicles. Geographically, the market is categorized into four major regions- Asia Pacific, Europe, North America, and the Rest of the World.

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Report Coverage-

• The report involves data triangulation based on top-down and bottom-up approaches.
• The report contains details on revenues, growth rate, strategies, etc.
• The report highlights market and technological trends, new product developments, etc.
• The report elucidates the data gathered from interviews with reputed stakeholders such as product managers, C-level executives, among others, operating in the market.
• The report also highlights the impact of COVID-19 and suggests measures and strategies to grow in the approaching years.

Regional Insights-

Increasing Vehicle Sales to Accumulate Growth in Asia Pacific

Asia Pacific is anticipated to gain the largest portion of the global automotive aftermarket share. The increasing sales of commercial vehicles and passenger cars are expected to boost the market's growth. Additionally, the implementation of new tax regimes and the rising consolidation amongst automotive aftermarket parts distributors are likely to complement the market growth.

Europe is projected to witness the second-highest growth in the global market due to surging digitization of automotive component delivery services. Moreover, the use of advanced technology in automotive parts fabrication is likely to augment the market growth.

North America is expected to witness steady growth due to the key manufacturers present in the region.

The Rest of the World is likely to gain moderate growth in the forthcoming years. The growing urbanization, increasing customization and fabrication works, and improving disposable income levels are expected to boost the growth of the market.

Competitive Landscape-

Key Players Adopt Inorganic Strategies to Garner Growth in the Market

The market is fragmented and highly competitive. The market includes Valeo SA, Continental AG, Robert Bosch GmbH, Lear Corp., and others as the major players. The key players focus on extensive R&D activities to provide a comprehensive range of products for the market. The key players focus on the development of new products, patents, technological advancements, collaborations, acquisitions, mergers, and others to generate greater revenues and improve their market presence. For instance, in October 2020, BorgWarner Inc. acquired Delphi Technologies, a leading powertrain, and aftermarket company. The acquisition is aimed to empower BorgWarner's scale and capabilities, electronics & power products, and create a global pioneer in electrified propulsion systems.

A list of prominent solid oxide fuel cell manufacturers operating in the global market:

• Robert Bosch GmbH (Gerlingen, Germany)
• Denso Corporation (Aichi, Japan)
• Magna International Inc. (Aurora, Canada)
• Continental AG (Hanover, Germany)
• ZF Friedrichshafen AG (Friedrichshafen, Germany)
• Aisin Seiki Co. (Aichi, Japan)
• Lear Corp. (Michigan, U.S.)
• Valeo SA (Paris, France)
• Bridgestone Corporation (Tokyo, Japan)
• Faurecia (Nanterre, France)

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Frequently Asked Questions:

1. Who has the best Solid Oxide Fuel Cell?

Robert Bosch GmbH, Denso Corporation, Magna International Inc., Continental AG, ZF Friedrichshafen AG, Aisin Seiki Co., Lear Corp., Valeo SA, Bridgestone Corporation, Faurecia

2. How big is the Automotive Aftermarket?

The market is projected to grow from USD 407.51 billion in 2021 to USD 529.8 billion in 2028 at a CAGR of 25.3% during the 2021-2028 period

3. Which region held the highest share in the market?

Asia Pacific Automotive Aftermarket Industry Size, 2020

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