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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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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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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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.
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.
Technavio Research
Jesse Maida
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