Automotive Aftermarket Will Reach $1,370.17 Billion by 2030 due to Increasing Number of Vehicles in Operation: P&S Intelligence

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Automotive Aftermarket Research Report: By Component (Engine Parts, Drive Transmission and Steering Parts, Suspension and Braking Parts, Equipment, Electrical Parts), Distribution Channel (Offline Distribution Channel, Online Distribution Channel)

NEW YORK, March 02, 2020 (GLOBE NEWSWIRE) -- The global automotive aftermarket share generated $803.22 billion in 2019 and is projected to attain $1,370.17 billion in 2030, progressing at a CAGR of 5.07% during 2020–2030. The increasing internet penetration and growing online product portfolio of auto parts manufacturers are expected to fuel the growth of electronic retailing (e-tailing) in the global automotive aftermarket. Moreover, the availability of a wide range of products and hassle-free transaction options, with timely delivery, as per the consumer preference, will further result in a shift of consumers from traditional brick-and-mortar stores to e-commerce platforms. Equipment such as headlights and lighting components and dashboard instruments are easily available on online portals. Due to these factors, the global automotive equipment aftermarket is expected to grow from $78.18 billion in 2019 to $145.07 billion by 2030.

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On the basis of distribution channel, the online distribution channel category is expected to progress with the higher CAGR, of 8.36%, during the forecast period (2020–2030). Online distribution channels allow consumers to directly buy the components from a seller, over the internet, using a web browser or a smartphone application. Customers can shop online using a range of devices, including desktop computers, laptops, tablet computers, and smartphones. With the rise in the internet penetration, especially in developing countries such as Brazil and India, the automotive aftermarket is expected to witness an increase in the online sale of products during the forecast period.

Browse report overview with 139 tables and 87 figures spread through 208 pages and detailed TOC on "Automotive Aftermarket Research Report: Global Industry Size, Share Analysis and Growth Forecast to 2030" at: https://www.psmarketresearch.com/market-analysis/automotive-aftermarket

Based on component, the equipment category is expected to progress with the highest CAGR, of 5.89%, during the forecast period. Dashboard instruments, under the equipment category, are expected to witness the fastest growth during the forecast period. With the rapid installation of technologically advanced and connected aftermarket instruments, including smart instrument clusters, central displays, and warning and information lights, in passenger cars, the automotive aftermarket is expected to witness significant growth during the forecast period.

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Globally, Asia-Pacific (APAC) was the largest market for aftermarket components during the historical period (2015–2019). The regional market is mainly driven by the rising number of vehicles in operation and average age of vehicles in countries such as China, Indonesia, Malaysia, and India. Additionally, the Latin American, Middle Eastern, and African (LAMEA) automotive aftermarket is growing rapidly, on account of the escalating demand for electric vehicles in the region. This, in turn, is expected to increase the requirement for electrical and other related equipment in the region, during the forecast period.

The significant players operating in the global automotive aftermarket are Robert Bosch GmbH, DENSO CORPORATION, Delphi Technologies PLC, Continental AG, ZF Friedrichshafen AG, Mando Corporation, Dana Inc., Knorr-Bremse AG, Valeo SA, Meritor Inc., Tenneco Inc., BorgWarner Inc., and HELLA GmbH & Co. KGaA.

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