Global Automotive Aftermarket Outlook, 2023

Global Automotive Aftermarket Outlook, 2023

Demand Expected to Record 7.7% YoY Growth, Driven by the Chinese Aftermarket

RELEASE DATE
29-May-2023
REGION
North America
Deliverable Type
Market Outlook
Research Code: K8D2-01-00-00-00
SKU: AU02542-NA-MO_27714
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Description

In this report, Frost & Sullivan evaluates the automotive aftermarket performance in 2022 and identifies numerous trends that affect demand for replacement parts, repairs, and maintenance. It also looks at qualitative and quantitative industry characteristics.

The study period is 2022–2027, with 2022 as the base year and 2023–2027 as the forecast period. The geographic scope is global, with separate discussions for the following regions: North America (Canada and the United States), Europe, China, India, Latin America, and the Rest of the World (no discussion provided). We cover light vehicles with gross vehicle weight rating up to 6 metric tons, which comprise:
• Passenger vehicles (e.g., sedans, hatchbacks, sports utility vehicles, multipurpose vehicles, vans)
• Light commercial vehicles (e.g., pickup trucks)

Our analysis shows that the Russia-Ukraine conflict continues to disrupt supply chains and cause inflation worldwide. Despite rising vehicle sales, consumer behavior changes from the COVID-19 pandemic remain, resulting in lower driving mileage and longer vehicle holding periods. While fewer mileage decreases the need for aftermarket products and services, the latter can increase demand, albeit later in the vehicle lifecycle. In response, market participants diversify their revenue streams through new products and business models, pursue efficiency and better services through digitization, and cater to the growing electric vehicle population.

Some trends we identified that will shape the global automotive aftermarket size in 2023 include data monetization; sustainability, focusing on green practices; and the use of artificial intelligence in retail end aftermarket opportunities. The trends reveal opportunity areas for industry stakeholders.

Other important information includes:
• Regional differences in the industry outlook
• Market changes in 2022 that will have an effect in 2023
• Notable OEM activities
• Opportunities available at the local level for aftermarket participants in each region

Author: Anuj Monga

Table of Contents

Why Is It Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top 3 Strategic Imperatives on the Automotive Aftermarket

Growth Opportunities Fuel the Growth Pipeline Engine™

2022 Global Automotive Aftermarket: Forecast vs Actuals

Revenue Forecast for Replacement Parts and Accessories

2022 in Numbers

2022 Trends

2023 in Numbers

2023 Trends

Research Scope

Vehicle Segmentation

Market Segmentation by Region

Questions this Study will Answer

Top 5 Global Economic Highlights of 2023

Global GDP Growth Expectations

Recessionary/Slowdown Expectations for Major Economies

Global GDP Growth Snapshot

Advanced Economy Predictions for 2023

Emerging Economy Predictions for 2023

2023 Regional Risks and Policy Direction

2023 Top Growth Opportunities by Region

Global Light VIO

Global Aftermarket Revenue Potential

Growth Opportunity by Country

Average Vehicle Age

Average Vehicle Miles Traveled

Relevance of Trends by Region

Top Trends Driving the Global Automotive Aftermarket

Trend 1: Data Monetization Gains Steam

Trend 2: Sustainability, with Green Practices in Focus

Trend 3: Servicing Electrified and Autonomous Vehicle Population

Trend 4: AI In Retail-end Aftermarket Applications

Trend 5: Dealership Downsizing to Influence the Associated Aftermarket

Emerging Competitors in Related Markets

OEM Activity in 2022

OEM Activity in 2022 (continued)

eCommerce Activity in 2022

eCommerce Activity in 2022 (continued)

Supplier Activity in 2022

Supplier Activity in 2022 (continued)

M&As, MoUs, and Partnerships in 2022

M&As, MoUs, and Partnerships in 2022 (continued)

Policy and Regulation Changes in 2022

Policy and Regulation Changes in 2022 (continued)

Regional Outlook: United States

Regional Outlook: Canada

North American Aftermarket Dashboard

Aftermarket Outlook: Revenue by Replacement Parts Type

VIO Ownership Pattern

VIO Model Mix

Automotive Aftermarket Opportunity Areas

Regional Outlook: Europe

European Aftermarket Dashboard

Aftermarket Outlook: Revenue by Replacement Parts Type

VIO Ownership Pattern

VIO Model Mix

Automotive Aftermarket Opportunity Areas

Regional Outlook: China

China Aftermarket Dashboard

Aftermarket Outlook: Revenue by Replacement Parts Type

VIO Ownership Pattern

VIO Model Mix

Automotive Aftermarket Opportunity Areas

Regional Outlook: India

Indian Aftermarket Dashboard

Aftermarket Outlook: Revenue by Replacement Parts Type

VIO Ownership Pattern

VIO Model Mix

Automotive Aftermarket Opportunity Areas

Regional Outlook: Latin America

Latin American Aftermarket Dashboard

Aftermarket Outlook: Revenue by Replacement Parts Type

VIO Ownership Pattern

VIO Model Mix

Automotive Aftermarket Opportunity Areas

Growth Opportunity 1: Remote Diagnostics

Growth Opportunity 1: Remote Diagnostics (continued)

Growth Opportunity 2: Fleet Services from Connected Telematics

Growth Opportunity 2: Fleet Services from Connected Telematics (continued)

Growth Opportunity 3: On-demand Services Gain Popular Adoption

Growth Opportunity 3: On-demand Services Gain Popular Adoption (continued)

Conclusions and Outlook

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

Legal Disclaimer

In this report, Frost & Sullivan evaluates the automotive aftermarket performance in 2022 and identifies numerous trends that affect demand for replacement parts, repairs, and maintenance. It also looks at qualitative and quantitative industry characteristics. The study period is 2022–2027, with 2022 as the base year and 2023–2027 as the forecast period. The geographic scope is global, with separate discussions for the following regions: North America (Canada and the United States), Europe, China, India, Latin America, and the Rest of the World (no discussion provided). We cover light vehicles with gross vehicle weight rating up to 6 metric tons, which comprise: • Passenger vehicles (e.g., sedans, hatchbacks, sports utility vehicles, multipurpose vehicles, vans) • Light commercial vehicles (e.g., pickup trucks) Our analysis shows that the Russia-Ukraine conflict continues to disrupt supply chains and cause inflation worldwide. Despite rising vehicle sales, consumer behavior changes from the COVID-19 pandemic remain, resulting in lower driving mileage and longer vehicle holding periods. While fewer mileage decreases the need for aftermarket products and services, the latter can increase demand, albeit later in the vehicle lifecycle. In response, market participants diversify their revenue streams through new products and business models, pursue efficiency and better services through digitization, and cater to the growing electric vehicle population. Some trends we identified that will shape the global automotive aftermarket size in 2023 include data monetization; sustainability, focusing on green practices; and the use of artificial intelligence in retail end aftermarket opportunities. The trends reveal opportunity areas for industry stakeholders. Other important information includes: • Regional differences in the industry outlook • Market changes in 2022 that will have an effect in 2023 • Notable OEM activities • Opportunities available at the local level for aftermarket participants in each region Author: Anuj Monga
More Information
Deliverable Type Market Outlook
Author Anuj Monga
Industries Automotive
No Index No
Is Prebook No
Keyword 1 Automotive Aftermarket Industry
Keyword 2 auto aftermarket
Keyword 3 automotive trends
Podcast No
WIP Number K8D2-01-00-00-00