AFTERMARKET AUTOMOTIVE PARTS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
High mileage driven by consumers and aging vehicle fleet boosts demand for replacement of old and damaged parts. Growing number of on-road vehicles around the world due to rising incomes and vehicle ownership has boosted the need for spare parts. Furthermore, longer average lifespan of vehicles can also expand the replacement market. However, original equipment manufacturers (OEMs) capturing a substantial share of the independent aftermarket through their dealer channels can pose challenges for aftermarket parts distributors and retailers. Rise of e-commerce, expanding distribution networks into rural markets and surging vehicle population worldwide can offer future growth opportunities.
Market Dynamics:
Global aftermarket automotive parts market growth is driven by factors such as growing vehicle fleet, higher average age of vehicles, expansion of organized retail, and availability of low-cost generic parts. However, intense competition from vehicle OEMs through their extensive dealer networks can hamper the market growth. Proliferation of e-commerce platforms can also open new sales channels for independent distributors, thus, creating opportunities for aftermarket parts companies. Rising vehicle miles driven and rising demand from commercial vehicle owners can drive the replacement market growth. Fluctuations in raw material prices and stringent emission regulations can also pose challenges.
Key features of the study:
- This report provides in-depth analysis of the global aftermarket automotive parts market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global aftermarket automotive parts market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Aisin Seiki Co., AutoZone, Inc., Bridgestone Corporation, Continental AG, Denso Corporation, Faurecia, Goodyear Tire and Rubber Company, Hyundai Mobis, Lear Corporation, Magneti Marelli, Robert Bosch GmbH, Tenneco, Valeo SA, ZF Friedrichshafen AG, and 3M Company
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- Global aftermarket automotive parts market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global aftermarket automotive parts market
Detailed Segmentation-
Detailed Segmentation-
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