Automotive Aftermarket Industry Revenue and Market Expansion Strategies

The increasing internet penetration and growing online product portfolio of auto parts manufacturers are expected to fuel the growth of electronic retailing (e-tailing) in the global automotive aftermarket. Moreover, the availability of a wide range of products and hassle-free transaction options, with timely delivery, as per the consumer preference, will further result in a shift of consumers from traditional brick-and-mortar stores to e-commerce platforms. Equipment such as headlights and lighting components and dashboard instruments are easily available on online portals. Due to these factors, the global automotive equipment aftermarket is expected to grow from $78.18 billion in 2019 to $145.07 billion by 2030.

Automotive Aftermarket Industry

Based on component, the equipment category is expected to progress with the highest CAGR, of 5.89%, during the forecast period. Dashboard instruments, under the equipment category, are expected to witness the fastest growth during the forecast period. With the rapid installation of technologically advanced and connected aftermarket instruments, including smart instrument clusters, central displays, and warning and information lights, in passenger cars, the automotive aftermarket is expected to witness significant growth during the forecast period.

What are the factors impacting the growth of this market?

1. Online Distribution Channels are Expected to Register Higher Growth Rate throughout the Forecast Period
2. Mergers and Acquisitions, Divestures, and Partnerships to Generate Growth Opportunities for Automotive Aftermarket Component Manufacturing Companies

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Globally, Asia-Pacific (APAC) was the largest market for aftermarket components during the historical period (2015–2019). The regional market is mainly driven by the rising number of vehicles in operation and average age of vehicles in countries such as China, Indonesia, Malaysia, and India. Additionally, the Latin American, Middle Eastern, and African (LAMEA) automotive aftermarket is growing rapidly, on account of the escalating demand for electric vehicles in the region. This, in turn, is expected to increase the requirement for electrical and other related equipment in the region, during the forecast period.

The significant players operating in the global automotive aftermarket are Robert Bosch GmbH, DENSO CORPORATION, Delphi Technologies PLC, Continental AG, ZF Friedrichshafen AG, Mando Corporation, Dana Inc., Knorr-Bremse AG, Valeo SA, Meritor Inc., Tenneco Inc., BorgWarner Inc., and HELLA GmbH & Co. KGaA.