Authored By: Sarah
13 Feb 2025

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. This trend is reflected in the increasing revenue generated from the sale of automotive products, including replacement parts and oils, through digital platforms. The convenience, accessibility, and competitive pricing offered by e-commerce sites have led to a paradigm shift in consumer behavior, resulting in a surge in online retail part sales that surpasses traditional brick-and-mortar sales. The advantages of e-commerce, such as 24/7 availability, easy price comparisons, and streamlined purchasing processes, are key factors fueling the growth of the automotive aftermarket market. 

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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

    Market Scope

    Report Coverage

    Details

    Page number

    201

    Base year

    2024

    Historic period

    2019-2023

    Forecast period

    2025-2029

    Growth momentum & CAGR

    Accelerate at a CAGR of 6%

    Market growth 2025-2029

    USD 179.7 billion

    Market structure

    market_structure.ucfirst

    YoY growth 2024-2025(%)

    5.7

    Key countries

    China, US, Japan, Germany, India, UK, France, South Korea, Brazil, and Italy

    Competitive landscape

    Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

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    Find out which segment is leading the market by accessing the free PDF report

    Research Analysis Overview

    The Automotive Aftermarket Market caters to automobile drivers seeking to customize their vehicles' exhaust sounds and enhance performance, with mufflers and aftermarket filters being popular components. Digital platforms and IoT are driving market growth through service enablement, connected vehicles, and operational synergies. R&D expenditures by automobile manufacturers and regulatory factors shape production costs. Market reach is expanding with the emergence of online portals, ride-sharing platforms, and alternative mobility solutions. Safety and environmental regulations, intellectual property laws, and service substitutes also influence market dynamics. New business models, such as those based on digitization, are transforming the industry landscape.

    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 increasing integration of electronic components in automobiles, such as electronic control units (ECUs), fueled by the rising sales of EVs, motorcycles, and PCs. Furthermore, the digitalization of aftermarket platforms, including online portals, is expanding market reach and accessibility for consumers seeking aftermarket components to enhance their vehicles' performance, exhaust sound, and noise emission levels, primarily through the use of mufflers and other performance-enhancing equipment. Technavio projects the global automotive components and equipment market size to grow substantially due to these factors.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.


    Contacts

    Technavio Research
    Jesse Maida
    Media & Marketing Executive
    US: +1 844 364 1100
    UK: +44 203 893 3200
    Email: media@technavio.com
    Website: www.technavio.com/

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