PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1531096
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1531096
Market Overview
The wholesale and distribution automotive aftermarket generated revenue of USD 256.9 billion in 2024, which is expected to witness a CAGR of 4.7% during 2024-2030, to reach USD 338.8 billion by 2030.
Cars are made to deal with every sort of strain it can endure but as time passes by, extensive use of cars leads to the decline of car components. They should be replaced after; some distance, or time has been traveled. The headings that influence the growth of this market include innovation, easier access, and performance of a broad assortment of parts.
in recent times, the wholesale and distribution automotive aftermarket has witnessed a notable trend known as digital transformation. This trend involves the adoption of digital tools like electronic catalogs, video tutorials, and online ordering platforms.
The surge in vehicle demand has spurred technological advancements, prompting automotive aftermarket players to offer online platforms for information, guidance, and purchasing. This shift has raised consumer awareness and interest in this secondary market, with e-commerce becoming a key aspect of this digital transformation. It has revolutionized the operations of companies selling parts at wholesale rates, creating numerous business opportunities.
The automotive market's significant expansion has led to a higher demand for aftermarket components. As a result, OEMs and component suppliers are expanding their physical and online presence and diversifying their product portfolios. Many OEMs have also set up repair shops catering to various automobile brands, enabling them to compete effectively in the market and reach a broader customer base over extended periods.
Key Insights
Filters are witnessing rapid growth due to their replacement requirement every 3,000-5,000 miles to prevent clogging, which affects engine performance and fuel efficiency.
Tires hold the largest market share as they bear significant stress, needing replacement every 5,000-7,500 miles to maintain traction and avoid accidents.
Passenger vehicles dominate the market, driven by luxury car demand and regulatory trends focusing on safety, emissions, and technological advancements.
Genuine certified parts are most trusted, constituting 45% of the market, while uncertified replacement parts are growing rapidly at a CAGR of 5.0%.
OEMs are expected to lead the market due to reliability and consumer trust, with DIY repairs growing at a CAGR of 5.1% by 2030.
North America has the largest market share (50%) due to high vehicle ownership, established OEMs, internet access, and parts replacement awareness.
APAC is the fastest-growing market (CAGR of 5.2%) driven by technological advancements, high automobile utilization, and population growth, particularly in China, Japan, India, and South Korea.