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The global Automotive Aftermarket Industry size stood at USD 408.49 billion in 2022. The market value is slated to rise from USD 418.95 billion in 2023 to USD 527.25 billion by 2030 at a CAGR of 3.3% during 2023-2030.
Fortune Business Insights™ presents this information in its report titled “Automotive Aftermarket Industry Size, Share & COVID-19 Impact Analysis, By Replacement Part Type (Battery, Brake Pads, Filters, Gasket & Seals, Lighting Component, Body Part(Interior and Exterior), Wheels & Tires, and Others), By Vehicle Type (Passenger Cars and Commercial Vehicles), and Regional Forecast, 2023– 2030”.
The market caters to the preferences and needs of vehicle owners. The players in the market offer a range of choices beyond what is available through OEMs (original equipment manufacturers). The rising demand for replacing numerous parts in older vehicles is expected to drive the industry expansion over the forthcoming years.
Reduced Product Demand Restrained Industry Expansion during COVID-19 Pandemic
The pandemic period recorded a reduced demand for aftermarket services and replacement parts. This was on account of a reduction in daily commute and the subsequent decrease in the vehicles’ wear and tear. The period also led to the enforcement of social distancing and lockdown measures, negatively affecting industry growth.
Bosch Launched Various Products to Gain Competitive Edge
In July 2023, Bosch announced the rollout of Bosch Blue Line Brake Pads. As claimed by the company, the products are equipped with an asbestos-free formula and good wear rate. The company has also launched the ENV6 brake fluid, equipped with good lubrication, a high boiling point, and low viscosity. Furthermore, the Bosch AGM Battery has been designed for delivering long-lasting and reliable power to vehicles with a start-stop system.
Rising Product Purchase through E-Commerce Channels to Drive Market Growth
The recent years have recorded an increasing preference for online platforms for product purchase instead of conventional brick-and-mortar stores. Online shopping allows customers to access an extensive range of products. These factors are expected to drive Automotive Aftermarket Industry growth.
However, the industry expansion could be restrained due to the adoption of advanced technologies in modern vehicles.
Companies Offer Various Products to Ace Market Competition
Industry players provide an array of products such as workshop services, diagnostic equipment, and automotive parts, and environmentally friendly products. These products are being launched for securing a competitive advantage in the market. Some of the key players include ZF Friedrichshafen AG, Continental AG, Robert Bosch GmbH, and others.
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Key Industry Development
November 2023 – Bridgestone unveiled the latest generation of its long-haul tire family, dubbed Ecopia. The new ENLITEN range applies the company’s advanced approach to tire development. As claimed by the company, the range would provide up to 6% higher mileage in drive and 40% higher mileage in steer.
Further Report Findings:
Table of Segmentation
CAGR of 3.3% from 2023 to 2030
Value (USD Billion)
By Replacement Part Type
By Vehicle Type