Global Automotive Aftermarket Outlook, 2024

Description

Rising Vehicle Ages, a Growing Average Annual Mileage, and an Expanding Vehicle Population Promise a Healthy Outlook in the Short Term

In this research service, Frost & Sullivan has assessed the automotive aftermarket's performance for 2023 and identified various trends that influence demand for replacement parts, repairs, and maintenance. It has also examined qualitative and quantitative industry features.

The study period is 2023-2028, with 2023 as the base year and 2024-2028 as the forecast period. The geographic scope is global, with separate discussions for the following regions: North America (Canada and the United States), Europe, China, India, Latin America, the Gulf Cooperation Council countries, and the Rest of the World (no discussion provided). Frost & Sullivan has covered light vehicles with gross vehicle weight ratings up to 6 metric tons, which comprise:

Passenger vehicles (e.g., sedans, hatchbacks, sports utility vehicles, multipurpose vehicles, vans)
Light commercial vehicles (e.g., pickup trucks)

The analysis shows that aftermarket demand metrics have favorably driven global revenues and that the trend will continue in 2024 as well. Aggressive growth forecasts for markets in China and India will be complemented by a positive growth outlook for North America and Europe. Rising vehicle ages, a growing average annual mileage, and an expanding vehicle population are the reasons behind a healthy outlook for the short term. As customers increasingly look to maximize their value from aftermarket purchases, market stakeholders must innovate in their approach and offer targeted solutions to leverage this growth opportunity.

Frost & Sullivan has identified trends that will shape the global automotive aftermarket size in 2024, including the growing presence of Chinese electric vehicles, the popularity of private labels, the importance of the online-to-offline integration, and the increasing diversity of vehicle population by body and powertrain types. These trends reveal opportunity areas for industry stakeholders.

Other relevant analytics and conclusions provided in this research include:

Regional differences in the industry outlook
Market changes in 2023 that will have an effect in 2024
Notable OEM activities
Opportunities available at the local level for aftermarket participants in each region

Product Code: KA60-41

Transformation in the Automotive Aftermarket

Why Is It Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top 3 Strategic Imperatives on the Global Automotive Aftermarket
Growth Opportunities Fuel the Growth Pipeline Engine™

Growth Environment

Top Predictions for 2024
Revenue Forecast for Replacement Parts and Accessories
2023 in Numbers
2023 Trends
2024 in Numbers
2024 Trends

Ecosystem

Research Scope
Vehicle Segmentation
Market Segmentation by Region
Questions That This Study Will Answer

2024 Global Economic Outlook

Top 10 Trends for 2024
Top 10 Growth Opportunities
Global GDP Growth
Inflation and Interest Rates
Currency Trajectory
Labor Market
Oil Markets
Critical Minerals Supplies
North America
Western Europe
Middle East
Asia

Growth Generator: Global Automotive Aftermarket Outlook, 2024

Global Light VIO
Global Aftermarket Revenue Potential
Growth Opportunity by Country
Average Vehicle Age
Average Vehicle Miles Traveled
Automotive Aftermarket Revenue Forecast
Automotive Aftermarket Channel Share
Trend Relevance by Region
Global Automotive Aftermarket Top Trends in 2024
Trend 1: Growing Presence of Chinese EV Brands Worldwide
Trend 2: Private Labelling Challenges the Status Quo
Trend 3: OEMs Deploy Solutions to Increase Customer Stickiness
Trend 4: O2O Integration as a Catalyst for a Broader Digital Channel Adoption
Trend 5: Part Proliferation Will Challenge the IAM Retail Channel
OEM Activity in 2023
eCommerce Activity in 2023
Supplier/Distributor Activity in 2023
Policy and Regulation Changes in 2023 and 2024

Growth Generator: North America Automotive Aftermarket Outlook, 2024

Regional Outlook: United States
Regional Outlook: Canada
North American Aftermarket Dashboard
Aftermarket Outlook: Revenue by Replacement Part Type
VIO Ownership Pattern
VIO Model Mix
Automotive Aftermarket Opportunity Areas

Growth Generator: Europe Automotive Aftermarket Outlook, 2024

Regional Outlook: Europe
European Aftermarket Dashboard
Aftermarket Outlook: Revenue by Replacement Part Type
VIO Ownership Pattern
VIO Model Mix
Automotive Aftermarket Opportunity Areas

Growth Generator: China Automotive Aftermarket Outlook, 2024

Regional Outlook: China
China Aftermarket Dashboard
Aftermarket Outlook: Revenue by Replacement Part Type
VIO Ownership Pattern
VIO Model Mix
Automotive Aftermarket Opportunity Areas

Growth Generator: India Automotive Aftermarket Outlook, 2024

Regional Outlook: India
Indian Aftermarket Dashboard
Aftermarket Outlook: Revenue by Replacement Part Type
VIO Ownership Pattern
VIO Model Mix
Automotive Aftermarket Opportunity Areas

Growth Generator: LATAM Automotive Aftermarket Outlook, 2024

Regional Outlook: LATAM
LATAM Aftermarket Dashboard
Aftermarket Outlook: Revenue by Replacement Part Type
VIO Ownership Pattern
VIO Model Mix
Automotive Aftermarket Opportunity Areas

Growth Generator: GCC Automotive Aftermarket Outlook, 2024

Regional Outlook: GCC
GCC Aftermarket Dashboard
Aftermarket Outlook: Revenue by Replacement Part Type
VIO Ownership Pattern
VIO Model Mix
Automotive Aftermarket Opportunity Areas

Key Conclusions and Future Outlook

Key Conclusions and Future Outlook

Growth Opportunity Universe

Growth Opportunity 1: O2O Integration for Part Purchase Digital Channel
Growth Opportunity 2: Private Label Brands Gain Popularity
Growth Opportunity 3: Growing EV Share in the Vehicle Parc

Best Practices Recognition

Best Practices Recognition

Frost Radar

Frost Radar

Next Steps

Benefits and Impacts of Growth Opportunities
Next Steps
Take the Next Step
List of Exhibits
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