The Global Automotive Aftermarket is expected to grow at a significant rate of around 5% during the forecast period. 2022-2028

The automotive aftermarket is expected to grow at a steady rate of around 5% owing to the surge in commercial and passenger automobile production. The automotive aftermarket provides various services to maintain and keep up the vehicle by providing spare parts of different categories. The automotive aftermarket provides the customers to get the installation of the different vehicle parts as per their needs. The growing demand for spare parts like wheels, axles, headlight components, pistons and piston rings, and engine valve parts are driving the growth of the market. In addition, the replacement of vehicle parts, repair, and maintenance of a vehicle are also part of automotive aftermarket service. Additionally, key stakeholders are concentrating on launching new automotive turbochargers with enhanced features to increase sales and strengthen their position in the highly competitive automotive aftermarket. For instance, in June 2021, MAN energy solutions and Rolls-Royce signed a strategic partnership agreement that will see MAN’s PBST brand distribute state-of-the-art MTU turbochargers. With this partnership, the companies combine their competencies, such as Rolls-Royce’s latest high-fuel efficiency mtu turbocharger technology for high-speed gasoline and gas engine and PBST’s global sale structure for the turbocharger.  

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Based on component, the market is segmented into engine parts, drive

transmission and steering parts, suspension and braking parts, equipment,

electrical parts, and others. The equipment category to witness the fastest growth

rate during the forecast period. This is mainly due to the rising demand for vehicle products such as

headlights and & headlight components, wipers and washer systems, dashboard

instruments, and other vehicle equipment in developing countries. Thus,

automotive manufacturers are expected to diversify their products to fulfill

the demand of consumers in the automotive aftermarket industry.  

On the basis

of distribution channel, the market is categorized into offline distribution channel

and online distribution channel. Among these, the online

distribution channel category is expected to witness the fastest growth

rate during the forecast period. This is mainly due to the online distribution channel providing various to attract

customers such as several discounts on the products, home delivery of bulky

parts and components, and easy payment options.  

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For a better understanding of the market adoption of the automotive aftermarket industry, the

market is analyzed based on its worldwide presence in the countries such as

North America (U.S., Canada, Rest of North America), Europe (Germany, U.K.,

France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest

of Asia-Pacific), Rest of World. APAC is anticipated to grow at the fastest rate during the forecast period. This is mainly due to the large population inclined towards high-performance

and electric vehicles.

Moreover, the rise in the purchasing capacity of people is ultimately leading to a high number

of production and sales of passenger vehicles across the region, growing disposable

income, and surging per capita spending of individuals in the

emerging economies of the region is driving the growth of the market. Also,

major players in the market continue to invest in this industry. For instance, in April 2021, Lippert Components Inc.

announced the acquisition of Kaspar Ranch Hand Equipment, LLC. With this

acquisition, Lippert Components Inc.’s aimed to expand its presence in the automotive parts aftermarket.  

Some of the major players operating in the market

include Continental AG, ZF Friedrichshafen AG, Dana Inc., Robert

Bosch GmbH, Valeo SA, Tenneco Inc., Meritor Inc., AISIN SEIKI Co. Ltd., DENSO

CORPORATION, HELLA GmbH & Co.

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Global Automotive Aftermarket Segmentation 

Market Insight, by Component             

Engine Parts 

Pistons and piston rings   

Engine valves and parts 

Fuel injection systems and carburetors 

Powertrain components and others        

Drive Transmission and Steering Parts  

Gearboxes      

Wheels 

Steering systems  

Axles 

Clutch assembly systems and other parts               

Suspension and Braking Parts    

Brake calipers   

Brake pads    

Suspension systems                

Equipment  

Headlights and & headlight components 

Wipers and washer systems 

Dashboard instruments   

Other equipment            

Electrical Parts 

Starter motors 

Spark plugs 

Electric ignition systems 

Batteries and other parts                

Other  

Market Insight, by Distribution Channel            

Offline Distribution Channel           

Online Distribution Channel  

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