The Automotive Aftermarket Market is expected to grow at a significant CAGR over the forecast period (2020-2027).

The factors driving growth of the Automotive Aftermarket Market includes rising demand for upgrading vehicles, increasing popularity of autonomous vehicles, growing focus of companies on shifting towards digital platforms, expansion of original equipment manufacturers in the aftermarket activates and improvements in the living standards. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), internet of Things (IoT), increasing consumers preference for purchasing smart automobile parts, rise in the launch of new products and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major companies on research and development, strategic partnerships between enterprises and growing population growth rates, are further contributing to the market growth.

However, growth of the Automotive Aftermarket Market is hindered attributed to increased adoption of vehicle safety technologies.

The leading players operating in the Automotive Aftermarket Market are Robert Bosch GmbH, The Goodyear Tire & Rubber Company, ZF Friedrichshafen AG, Continental AG, 3M Company, BorgWarner Inc., Cooper Tire & Rubber Company, Tenneco Inc., Denso Corporation, and Marelli Holdings Co., Ltd., among others.

Based on Replacement Part, the Tire segment is predicted to projected to capture the largest market share during the forecast period

Tires are gaining popularity in automotive aftermarket owing to its low replacement rates, as compared to other components, which is pushing growth of the segment.

On the other hand, Brake Parts segment is projected to expand at a remarkable CAGR over the forecast attributed to strict regulations imposed by Governments to control emission levels

Based on Region, the Asia-Pacific region is anticipated to hold the highest market share over the forecast period

Growing demand for autonomous vehicles across India, Singapore and Japan, increased adoption of advanced technologies, presence of the leading players such as Denso Corporation, and Marelli Holdings Co., Ltd., and high population growth rates, are some of the key factors that are supporting to the market  growth in Asia-Pacific.

Key Developments

• In 2020, BorgWarner Inc., completed the acquisition of Delphi Technologies PLC, which is one of the leading companies in automotive aftermarket. This is expected to enhance the company’s business portfolio in the automotive aftermarket industry.
• In 2018, Tenneco Inc., completed the acquisition of Federal-Mogul Corporation. This acquisition helped the company to expand its product portfolio in the aftermarket products.

Market Segmentation

Segmentation by Replacement Part

• Tire
• Battery
• Brake Parts
• Filters
• Body Parts
• Lighting & Electronics Components
• Exhaust Component
• Turbochargers
• Others

Segmentation t by Distribution Channel

• Online
• Offline

Segmentation by Region

• Asia Pacific
  • China
  • Japan
  • India
  • Rest of APAC
• North America
  • United States of America
  • Canada
• Europe
  • United Kingdom
  • Germany
  • France
  • Spain
  • Rest of Europe
• RoW
  • Brazil
  • South Africa
  • Saudi Arabia
  • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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