Automotive AfterMarket, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Description

Global Automotive Aftermarket size will demonstrate a 12.6% CAGR between 2024 and 2032, attributed to trends in vehicle customization and upgrades, in line with increased awareness of vehicle maintenance. Consumers are increasingly seeking specialized parts and accessories to enhance their vehicles' performance, aesthetics, and functionality. This demand for personalized and upgraded components fuels the expansion of the aftermarket sector. Additionally, heightened awareness about the importance of regular maintenance and the benefits of using high-quality aftermarket products contributes to the growing market as vehicle owners invest in prolonging their vehicles' lifespan and improving overall performance.

For instance, in April 2024, Schaeffler Korea introduced the 'Schaeffler TruPower' commercial vehicle coolant optimized for engine thermal management. Available in 4 liters through Junwoo APS, it includes additives to prevent corrosion and extend engine life. It reflects a trend towards more specialized and technically advanced aftermarket solutions, indicating potential growth in this segment as consumers and businesses seek products that provide added value and improved vehicle maintenance.

The automotive aftermarket is divided based on vehicle powertrain, product, channel, and region.

The electronics components segment will undergo a remarkable upturn by 2032, owing to the increasing integration of advanced technologies in vehicles. With the growing demand for infotainment systems, advanced driver assistance systems (ADAS), and electronic control units (ECUs), automotive electronics have become critical. These components enhance vehicle performance, safety, and connectivity, driving their substantial aftermarket demand. The rapid technological innovations and the trend toward vehicle modernization further bolster the electronics components segment's prominence in the automotive aftermarket.

The offline channel segment will see a considerable surge by 2032, driven by its well-established network of brick-and-mortar stores and service centers. These physical locations offer customers the advantage of immediate product availability, personalized service, and expert advice. The ability to inspect products in person and receive hands-on support enhances consumer trust and satisfaction. Besides, offline channels facilitate quick resolution of issues and convenient installation services, reinforcing their pivotal role in the market.

North America will experience a notable expansion through 2032 due to its advanced automotive industry, high vehicle ownership rates, and significant consumer spending. The region boasts a well-established network of auto parts suppliers, service centers, and repair shops, which cater to a large and diverse customer base. Moreover, technological upgrades and a strong emphasis on vehicle maintenance and upgrades further bolster market growth. North America's robust infrastructure and consumer preferences make it a key contributor to the global automotive aftermarket.

Product Code: 1166

Chapter 1 Methodology and Scope

1.1 Market scope and definition
1.2 Base estimates and calculations
1.3 Forecast calculation
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Data Mining Sources
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Industry 360° synopsis
2.2 Type trends
2.3 Application trends
2.4 End use industry trends

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Technology and innovation landscape
3.3 Regulatory landscape
3.4 Industry impact forces
- 3.4.1 Growth drivers
  - 3.4.1.1 Increasing e-commerce platform and acquisition
  - 3.4.1.2 Growth in e-commerce spending
  - 3.4.1.3 Shifting trends towards digitalization
- 3.4.2 Industry pitfalls and challenges
  - 3.4.2.1 Cybersecurity challenges
  - 3.4.2.2 Proliferation of counterfeit parts
3.5 Growth potential analysis
3.6 Porter's analysis
- 3.6.1 Supplier power
- 3.6.2 Buyer power
- 3.6.3 Threat of new entrants
- 3.6.4 Threat of substitutes
- 3.6.5 Industry rivalry
3.7 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Company market share analysis
4.2 Competitive positioning matrix
4.3 Strategic outlook matrix

Chapter 5 Market Size and Forecast, By Vehicle Powertrain, 2018-2032 (USD Million, Thousand Units)

5.1 Key trends
5.2 Internal Combustion Engine (ICE) Vehicles
5.3 Battery Electric Vehicles (BEV)

Chapter 6 Market Size and Forecast, By Consumer, 2018-2032 (USD Million, Thousand Units)

6.1 Key trends
6.2. D2 B
- 6.2.1 B2bigB
- 6.2.2 B2smallB
6.3. B2 C
6.4. D2 C

Chapter 7 Market Size and Forecast, By Product, 2018-2032 (USD Million, Thousand Units)

7.1 Key trends
7.2 Replacement Parts
7.3 Braking
- 7.3.1 Brake pads
- 7.3.2 Hydraulics and Hardware
- 7.3.3 Rotor and Drum
7.4 Steering And Suspension
- 7.4.1 Control arms
- 7.4.2 Ball joints
- 7.4.3 Tie rods
- 7.4.4 Sway bar links
- 7.4.5 Bushings
- 7.4.6 Bearings/Seals
- 7.4.7 Coil springs
7.5 Hub assemblies
7.6 Universal joints
7.7 Gaskets
7.8 Wipers
7.9 Filters
7.10 Lighting
7.11 Spark plugs
7.12 Tires
7.13 Battery
7.14 BEV specific parts
7.15 Electronics components
- 7.15.1 Starter
- 7.15.2 Alternator
- 7.15.3 Spark plugs
- 7.15.4 Others
7.16 Accessories
- 7.16.1 External component
- 7.16.2 Internal component
7.17 Lifestyle
- 7.17.1 Apparel and merchandise
  - 7.17.1.1 T-shirts
  - 7.17.1.2 Caps
  - 7.17.1.3 Mugs
  - 7.17.1.4 Key chains
  - 7.17.1.5 Others
- 7.17.2 Driving gear and accessories
  - 7.17.2.1 Driving gloves
  - 7.17.2.2 Sunglasses
  - 7.17.2.3 Shoes
  - 7.17.2.4 Watches
  - 7.17.2.5 Others
7.18 Others

Chapter 8 Market Size and Forecast, By Channel, 2018-2032 (USD Million, Thousand Units)

8.1 Key trends
8.2 Offline
8.3 Online shops (Delticom, Autodoc, etc.)
8.4 Others

Chapter 9 Market Size and Forecast, By Region, 2018-2032 (USD Million, Thousand Units)

9.1 Key trends
9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 France
- 9.3.4 Spain
- 9.3.5 Italy
- 9.3.6 Russia
9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 Australia
- 9.4.5 South Korea
- 9.4.6 Indonesia
- 9.4.7 Malaysia
9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Argentina
9.6 Middle East and Africa
- 9.6.1 UAE
- 9.6.2 South Africa
- 9.6.3 Saudi Arabia

Chapter 10 Company Profiles

10.1 Lear Corporation
10.2 BASF SE
10.3 Yazaki Corporation
10.4 Cooper Tire and Rubber Company
10.5 Alco Filters Ltd.
10.6 Continental AG
10.7 Bridgestone Corporation
10.8 Delphi Technologies
10.9 Denso Corporation
10.10 Hella Gmbh and Co. KGaA
10.11 3M
10.12 Akebono Brake Corporation
10.13 Federal-Mogul Holdings LLC.
10.14 Shandong Zhengnuo Group Co., Ltd.
10.15 ASIMCO
10.16 ACDelco Corporation
10.17 Magneti Marelli
10.18 Robert Bosch GmbH
10.19 Aisin Seiki
10.20 Hyundai Mobis Co Ltd.
10.21 Johnson Controls
10.22 Toyota Motor Corporation
10.23 Magna International Inc.