NEW YORK , Jan. 24, 2023 /PRNewswire/ -- According to Technavio, the global automotive aftermarket market size is estimated to grow by USD 164.58 billion from 2022 to 2027. The market is expected to grow at a CAGR of 6.26%. Moreover, the growth momentum will accelerate. APAC will account for 39% of the global market's growth during the forecast period. COVID-19 has had the most negative impact on the global automotive industry in recent years, resulting in a steep fall in demand and a large-scale disruption of the supply chain. It has exerted intense pressure on an already-stressed global automotive market. Yet, there are high predictions that few countries are bringing manufacturing facilities and production back on track, indicating that the supply side is on a restoration line. For more insights on the automotive aftermarket market, request a sample report
Leading trends influencing the market
Aftermarket e-retailing is gaining popularity, which is a key trend in the global automotive aftermarket market.
There has been a shift towards online platforms, which is evident by the annual growth rate of online retail parts sales.
In recent years, sales of automotive spare parts via e-commerce websites have outgrown sales through traditional brick-and-mortar stores.
Buyers also have access to detailed specifications provided by vendors online.
These actors are expected to support the growth of the market during the forecast period.
To know more – buy the report!
Global automotive aftermarket market - Five forces
The global automotive aftermarket market is fragmented, and the five forces analysis covers –
The threat of new entrants
Global automotive aftermarket market – Customer landscape
The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global automotive aftermarket market - Segmentation assessment
Technavio has segmented the market based on distribution channel (retailer, wholesale, and distribution) and vehicle type (passenger cars and commercial vehicles).
The passenger cars segment will grow at a significant rate during the forecast period. There volume sales of passenger vehicles are high across the world owing to their high popularity. They require periodical service and maintenance, wherein the old and worn-out parts are replaced with new ones. Moreover, the rising volume sales of plug-in hybrid vehicles (PHEVs) and battery electric vehicles (BEVs) globally are further driving the growth of the segment.
Based on geography, the global automotive aftermarket market is segmented into APAC, Europe , North America , South America , and Middle East and Africa . The report provides actionable insights and estimates the contribution of all regions to the growth of the global automotive aftermarket market.
APAC is estimated to account for 39% of the growth of the global market during the forecast period. China , India , Japan , and South Korea are the key countries in the market. China and Japan have a large number of vehicles in use. They also dominate the e-commerce industry. These factors will fuel the growth of the market during the forecast period.
Global automotive aftermarket market – Market dynamics
Key factor driving market growth
The high adoption of vehicle parts is driving the global automotive aftermarket market growth.
The demand for automotive spare parts is increasing owing to factors such as the increased service life of vehicles. This increases the number of vehicles in most major countries, which drives the demand for spare parts.
Passenger vehicles and utility vehicles, such as SUVs, MPVs, crossovers, and pickup trucks, are very popular in the automotive market. They require regular service and maintenance to function properly, which creates a high demand for aftermarket parts.
These factors are anticipated to fuel the growth of the market during the forecast period.
Major challenges hindering market growth
The high price sensitivity leading to margin pressure on e-retailers is challenging the global automotive aftermarket market growth.
Moreover, the average vehicle age is increasing due to the high quality of modern vehicles.
In addition, repair costs are increasing across the world, which increases their average repair costs.
Therefore, customers are price sensitive when purchasing automotive products.
Moreover, A fragmented market leads to intense price competition among players.
Such factors are expected to hinder the growth of the market during the forecast period.
Drivers, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!
What are the key data covered in this automotive aftermarket market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the automotive aftermarket market between 2023 and 2027
Precise estimation of the size of the automotive aftermarket market and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the automotive aftermarket market across APAC, Europe , North America , South America , and Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of automotive aftermarket market vendors
Gain instant access to 17,000+ market research reports.
The automotive aftermarket shock absorbers market size is expected to increase by USD 2.59 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.25%. This report extensively covers market segmentation by vehicle type (passenger vehicles and commercial vehicles) and geography (APAC, Europe , North America , South America , and Middle East and Africa ).
The automotive aftermarket telematics market size is expected to increase by USD 36.07 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 24.59%. This report extensively covers segmentation by application (passenger cars and commercial vehicles) and geography (APAC, North America , Europe , South America , and MEA).
Accelerate at a CAGR of 6.26%
APAC, Europe, North America, South America, and Middle East and Africa
US, China, Japan, India, and Germany
Leading vendors, market positioning of vendors, competitive strategies, and industry risks
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, and ZF Friedrichshafen AG
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Browse for Technavio's consumer discretionary market reports
3.4 Market outlook: Forecast for 2022-2027
4.1 Global automotive aftermarket market 2017 - 2021
4.2 Vehicle type Segment Analysis 2017 - 2021
4.3 Distribution channel Segment Analysis 2017 - 2021
5.1 Global automotive aftermarket market 2022 - 2027
6.1 Global automotive aftermarket market 2022 - 2027
6.2 Global automotive aftermarket market by Segment – Historic Analysis 2022 - 2027
8 Market Segmentation by Vehicle Type
8.3 Passenger cars - Market size and forecast 2022-2027
8.4 Commercial vehicles - Market size and forecast 2022-2027
8.5 Market opportunity by Vehicle Type
9 Market Segmentation by Distribution Channel
9.3 Retailer - Market size and forecast 2022-2027
9.4 Wholesale and distribution - Market size and forecast 2022-2027
9.5 Market opportunity by Distribution Channel
11.3 APAC - Market size and forecast 2022-2027
11.4 Europe - Market size and forecast 2022-2027
11.5 North America - Market size and forecast 2022-2027
11.6 South America - Market size and forecast 2022-2027
11.7 Middle East and Africa - Market size and forecast 2022-2027
11.8 China - Market size and forecast 2022-2027
11.9 US - Market size and forecast 2022-2027
11.10 Japan - Market size and forecast 2022-2027
11.11 Germany - Market size and forecast 2022-2027
11.12 India - Market size and forecast 2022-2027
12.3 Impact of drivers and challenges
14.9 HELLA GmbH and Co. KGaA
14.10 NGK SPARK PLUG Co. Ltd.
14.15 The Goodyear Tire and Rubber Co.
15.3 Currency conversion rates for US$
About Us Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact 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/
View original content to download multimedia:https://www.prnewswire.com/news-releases/automotive-aftermarket-market-2023-2027-highlights-on-global-supply-chain-covid-analysis-and-latest-trends----technavio-301727996.html
In this article, we discuss Warren Buffett’s stock portfolio and his recent buys. If you want to read about some more stocks in the Buffett portfolio, go directly to Buffett Stock Portfolio: Warren Buffett’s 5 Recent Buys. American business tycoon, entrepreneur, and investor Warren Edward Buffett presently serves as Berkshire Hathaway chairman and CEO. He […]
Americans born in the postwar boom are entering their golden years. Despite the financial success of their careers, a disturbing number aren’t prepared for the financial challenges ahead.
Yes, there's math. No, it's not that hard.
Five of the six Bed Bath & Beyond stores in the Kansas City area will be closing in the near future as the struggling retailer fights to stay in business.
Natural gas markets have fallen again this week, as it looks like we are simply trying to fall straight to the ground.
Carriers, trying to meet strong travel demand, are looking to cast a wider net amid a shortage of aviators.
The Euro has initially rallied during the trading week but gave back all of the gains to show signs of exhaustion.
Regular readers will know that we love our dividends at Simply Wall St, which is why it's exciting to see International...
(Bloomberg) -- Bondholders of Adani Group firms are holding initial conversations with financial advisers and lawyers to weigh their options after the unfolding crisis at the Indian conglomerate sent several dollar obligations into distressed territory.Most Read from BloombergUS Downs Chinese Balloon, Prompting Protests from BeijingTrump Offers $1 Million Bond to Appeal Clinton Suit SanctionsFrom China to Big Sky: The Balloon That Unnerved the White HouseThousands Mistake US Research Balloon for
In the category defined as “mining, quarrying, and oil and gas extraction," the unemployment rate is now just 0.3%, versus 8.4% a year ago.
Healthcare is one of the biggest costs you will face in retirement. In fact, by many estimates, it's the single biggest cost for retirees. A representative study by Fidelity found that a 65-year-old couple in 2022 will need more than $315,000 … Continue reading → The post Cost of Healthcare in Retirement appeared first on SmartAsset Blog.
Workers between18 and 25 already had $33,000 socked away in their retirement accounts.
Both pensions and Social Security provide an income stream to retirees, but they differ widely on how they're structured and funded. Learn the differences.
Ford Motor Co's disappointing quarterly results underscored that disruptions caused by the global semiconductor shortage are still bedeviling automakers, but some are suffering more than others. Ford said on Thursday it left billions of dollars on the table that were within its control and blamed a 100,000 vehicle shortfall in its fourth-quarter volume mostly on the inability to obtain enough chips. "We're going to see in 2023, there is still going to be volatility around chips," Ford Chief Financial Officer John Lawler said on Thursday.
See: I’m 67 and retired with $57,000 left on my mortgage and $600,000 saved for retirement – should I pay off my home now? You ask one of the most common questions we get at MarketWatch about retirement saving and spending – if it makes sense to pay off a mortgage before retirement. What you need to do before you can even answer this question is jot down every single expense you anticipate you’ll have in retirement, and add a little extra cushion for what you won’t expect.
Citi Leisure & Travel Analyst James Hardiman examines the travel demand trends tied to cruise lines and their growth outlooks in the leisure and travel industry.
The year ahead will be all about refocusing on priorities for tech giants.
The US Federal Trade Commission (FTC) is reportedly preparing an antitrust lawsuit against Amazon. The potential legal action, first reported in the Wall Street Journal, is expected to target a wide array of the e-commerce giant’s business practices.
Unemployment rate is lowest since 1969, as some employers continue to hire new workers — especially in key industries.
The company last year moved into nearly 200,000 square feet in Brisbane — enough space for 400 people.