Latest News- Automotive Aftermarket Market: Passenger cars is expected to lead the Vehicle Type segment during 2025-2029

The Automotive Aftermarket Market is being driven by High adoption of vehicle parts

The Automotive Aftermarket Market is expected to grow at a CAGR of 6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 179.7 billion. The automotive aftermarket industry is experiencing a significant shift towards online sales channels, with e-commerce platforms playing a pivotal role in driving market growth. The product offerings in this sector have expanded to encompass a wide range of automotive products, including replacement parts and oils, which are increasingly being sold through digital platforms. This paradigm shift is evidenced by the year-over-year increase in online retail sales of automotive aftermarket parts. In recent times, the revenue growth of e-commerce sales for automotive aftermarket parts has surpassed traditional brick-and-mortar sales, owing to the numerous advantages and benefits associated with online shopping, such as convenience, competitive pricing, and a wider selection of products. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Vehicle Type
  • Passenger cars
  • Commercial vehicles
• Distribution Channel
  • Retailer
  • Wholesale and distribution
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • US
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• High adoption of vehicle parts
• Convenience of purchasing automotive products online
• Growing demand for vehicle customization

However, the market also witnesses some limitations, which are as follows:

• High price sensitivity leading to margin pressure on e-retailers
• Growing adoption of public transportation impacting personal vehicle mile travel
• Availability of counterfeit automotive parts

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Market Scope in Automotive Aftermarket Market Research Report

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Research Analysis Overview

The Automotive Aftermarket Market caters to automobile drivers seeking to customize or enhance their vehicles' performance and appearance. Exhaust sounds and noise emission levels are key considerations, with aftermarket components available on digital platforms and IoT-enabled service enablers. R&D expenditures by automobile manufacturers and Ride-sharing platforms drive production costs for aftermarket filters and electric components. Market concentration, regulatory factors, and changing consumer preferences influence service enhancements and new business models, including connected vehicles, alternative mobility solutions, and intellectual property laws. Safety and environmental standards also impact market reach and operational synergies.

Market Research Overview

The global automotive aftermarket, encompassing manufacturers of components and equipment for passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers, is experiencing significant growth. Key drivers include the surge in electronic components adoption, particularly in the form of electronic control units (ECUs) and other electrical components, fueled by the increasing sales of EVs, motorcycles, and PCs. Furthermore, digital platforms, such as online portals and the Internet-of-Things (IoT), are revolutionizing the industry by enabling real-time service diagnostics and enhancing customer experience. Companies are also investing heavily in research and development (R&D) to meet evolving consumer demands and reduce production costs for automobile manufacturers.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/