Rockville , Feb. 21, 2024 (GLOBE NEWSWIRE) — The automotive parts aftermarket is expected to grow at a 5.6% CAGR between 2024 and 2034, according to Fact.MR. By 2034, the global aftermarket for these products is expected to reach US$ 1,048.6 million. The global automotive parts aftermarket is rapidly growing and is expected to continue its growth trajectory in the coming years.
The increasing adoption of alternative fuel vehicles, such as electric and hybrid cars, creates new opportunities for aftermarket companies specializing in components specific to these technologies, including batteries, charging systems, and electric drivetrain components. The use of data analytics for predictive maintenance allows aftermarket companies to offer proactive and data-driven services, which can reduce downtime and enhance the overall reliability of vehicles, particularly in fleet management.
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Collaborations between aftermarket companies, original equipment manufacturers, and technology providers can lead to innovative solutions and a more comprehensive range of products and services. The use of augmented reality and virtual reality technologies for training, diagnostics, and repair procedures can enhance the capabilities of aftermarket technicians and improve the overall customer experience.
The emergence of subscription-based models for automotive aftermarket services, such as maintenance packages and continuous updates, can reshape the way consumers engage with aftermarket products. There is an increasing focus on cybersecurity, with the growing complexity of connected vehicles. Aftermarket companies can explore opportunities in providing cybersecurity solutions for vehicles and aftermarket devices.
The integration of usage-based insurance systems, which monitor driving behavior, may lead to increased demand for aftermarket devices and solutions related to telematics and insurance-related services. Government policies, such as incentives for green technologies or regulations promoting safety improvements, can influence the aftermarket by shaping the demand for specific types of components.
Key Takeaways from the Market Study
- In 2024, the global automotive parts aftermarket is estimated to have a global market size of US$ 608.1 million.
- The passenger cars are expected to dominate the market, with a market share of 54.9% in 2034.
- The tires category is expected to hold a market share of 15.5% in 2024.
- China is predicted to acquire an 81.7% of the global market share in 2024.
- East Asia is expected to account for a CAGR of 6.6% by 2034.
“The adoption of blockchain technology in the automotive industry can enhance transparency in the supply chain, reduce counterfeit parts, and streamline transactions, providing new opportunities for aftermarket companies to explore,” says a Fact.MR analyst.
Competitive Landscape
The automotive parts aftermarket is shaped by pricing, distribution channels, customer service, and regulatory compliance to gain a competitive edge. Adapting to market dynamics and staying abreast of technological advancements are essential for sustained success in this dynamic industry.
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Company Portfolio
- Michelin: Michelin is a well-known tire manufacturer with a global presence. While primarily recognized for its tires, Michelin also operates in the automotive aftermarket by offering various automotive components and services. Michelin’s automotive aftermarket offerings include tires, automotive accessories, and solutions related to vehicle performance and safety.
- Denso Corporation: Denso is a Japanese automotive components manufacturer with a significant global presence. The company is a leading supplier of advanced technology, systems, and components to the automotive industry. Denso’s aftermarket portfolio covers a broad spectrum, including air conditioning systems, engine management systems, safety systems, and other critical automotive components.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global automotive parts aftermarket, presenting historical analysis from 2019 to 2023 and forecast statistics for the period of 2024 to 2034.
The study reveals essential insights based on automotive parts aftermarket analysis by vehicle type (passenger cars, light commercial vehicles, heavy commercial vehicles), by product type (engine and transmission parts, brake parts, electrical parts, fuel intake and ignition parts, a/c parts, suspension parts, exhaust parts, engine cooling parts, steering parts, wheels, tires), and by region (North America, Latin America, Europe, East Asia, South Asia and Oceania, and Middle East & Africa).
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Electric Vehicle (EV) Battery Market: The global electric vehicle (EV) battery market is projected to expand at a prolific CAGR of 18.5% and reach a valuation of US$ 347 billion by the end of 2033, up from US$ 63.55 billion in 2023.
Hybrid Electric Vehicles Market: The hybrid electric vehicles market is projected to grow at nearly 14% CAGR through 2031.
Brake Components Aftermarket: Rising preference for advanced automotive systems is boosting market value in the U.S.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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Source: Vietnam Insider