Automotive Aftermarket Market 2023-2027: Size and High price sensitivity leading to margin pressure on e-retailers; growth driven by the Distribution Channel, Some of key Companies Positioned Strategically

The automotive aftermarket market size by Distribution Channel (Retailer, Wholesale, and distribution) and Geography (APAC, Europe, North America, South America, and Middle East and Africa), is forecast to increase by USD 164.58 billion. The market is expected to grow at a CAGR of   6.26% between 2023 and 2027.

• In the automotive aftermarket industry, price sensitivity is a significant concern due to the increasing average age of vehicles and escalating repair costs. Modern vehicles, with their high-quality components and advanced technology, have longer lifespans, leading to a larger customer base seeking cost-effective repair solutions. The complexity of these vehicles, coupled with rising labor rates and the increasing cost of automotive parts, such as steel and aluminum, significantly impact repair expenses. Consequently, customers are increasingly price-conscious when making purchasing decisions in the automotive aftermarket sector.
• The Asia Pacific (APAC) region is currently the fastest-growing market in the global automotive aftermarket sector. This trend is expected to continue, solidifying APAC's position as a significant contributor to the industry's expansion. Key contributors to the region's growth include China, India, Japan, and South Korea, which boast high volumes of automobile adoption and a large number of vehicles in use. Moreover, these countries are at the forefront of the e-commerce industry, making APAC an optimal region for the growth of the automotive aftermarket market during the forecast period. Notably, new vehicle sales in APAC are projected to increase at a faster rate than other regions, further fueling market growth.

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Some of the Key Companies:

• 3M Co.
• Aisin Corp.
• Akebono Brake Corp.
• ALCO Filters Ltd.
• Aptiv PLC
• BASF SE
• BorgWarner Inc.
• Bridgestone Corp
• Continental AG
• DENSO Corp.
• Faurecia
• HELLA GmbH and Co. KGaA
• JK Tyre and Industries Ltd.
• LCI Industries
• MAP MotoRad Automotive Parts Ltd.
• NGK SPARK PLUG Co. Ltd.
• Pioneer Corp.
• Robert Bosch GmbH
• Samsung Electronics Co. Ltd.
• Tenneco Inc.
• The Goodyear Tire and Rubber Co.
• Valeo SA
• ZF Friedrichshafen AG

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Jesse Maida
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