Global Automotive Aftermarket Outlook, 2024

Global Automotive Aftermarket Outlook, 2024

Rising Vehicle Ages, a Growing Average Annual Mileage, and an Expanding Vehicle Population Promise a Healthy Outlook in the Short Term

RELEASE DATE
11-Jun-2024
REGION
Global
Deliverable Type
Market Outlook
Research Code: KA60-01-00-00-00
SKU: AU_2024_798
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Description

In this research service, Frost & Sullivan has assessed the automotive aftermarket's performance for 2023 and identified various trends that influence demand for replacement parts, repairs, and maintenance. It has also examined qualitative and quantitative industry features.

The study period is 2023–2028, with 2023 as the base year and 2024–2028 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, the Gulf Cooperation Council countries, and the Rest of the World (no discussion provided). Frost & Sullivan has covered light vehicles with gross vehicle weight ratings 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)

The analysis shows that aftermarket demand metrics have favorably driven global revenues and that the trend will continue in 2024 as well. Aggressive growth forecasts for markets in China and India will be complemented by a positive growth outlook for North America and Europe. Rising vehicle ages, a growing average annual mileage, and an expanding vehicle population are the reasons behind a healthy outlook for the short term. As customers increasingly look to maximize their value from aftermarket purchases, market stakeholders must innovate in their approach and offer targeted solutions to leverage this growth opportunity.

Frost & Sullivan has identified trends that will shape the global automotive aftermarket size in 2024, including the growing presence of Chinese electric vehicles, the popularity of private labels, the importance of the online-to-offline integration, and the increasing diversity of vehicle population by body and powertrain types. These trends reveal opportunity areas for industry stakeholders.

Other relevant analytics and conclusions provided in this research include:
• Regional differences in the industry outlook
• Market changes in 2023 that will have an effect in 2024
• 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 Global Automotive Aftermarket

Growth Opportunities Fuel the Growth Pipeline Engine™

Top Predictions for 2024

Revenue Forecast for Replacement Parts and Accessories

2023 in Numbers

2023 Trends

2024 in Numbers

2024 Trends

Research Scope

Vehicle Segmentation

Market Segmentation by Region

Questions That This Study Will Answer

Top 10 Trends for 2024

Top 10 Growth Opportunities

Global GDP Growth

Inflation and Interest Rates

Currency Trajectory

Labor Market

Oil Markets

Critical Minerals Supplies

North America

Western Europe

Middle East

Asia

Global Light VIO

Global Aftermarket Revenue Potential

Growth Opportunity by Country

Average Vehicle Age

Average Vehicle Miles Traveled

Automotive Aftermarket Revenue Forecast

Automotive Aftermarket Channel Share

Trend Relevance by Region

Global Automotive Aftermarket Top Trends in 2024

Trend 1: Growing Presence of Chinese EV Brands Worldwide

Trend 2: Private Labelling Challenges the Status Quo

Trend 3: OEMs Deploy Solutions to Increase Customer Stickiness

Trend 4: O2O Integration as a Catalyst for a Broader Digital Channel Adoption

Trend 5: Part Proliferation Will Challenge the IAM Retail Channel

OEM Activity in 2023

OEM Activity in 2023 (continued)

eCommerce Activity in 2023

eCommerce Activity in 2023 (continued)

eCommerce Activity in 2023 (continued)

eCommerce Activity in 2023 (continued)

Supplier/Distributor Activity in 2023

Supplier/Distributor Activity in 2023 (continued)

Policy and Regulation Changes in 2023 and 2024

Policy and Regulation Changes in 2023 and 2024 (continued)

Policy and Regulation Changes in 2023 and 2024 (continued)

Regional Outlook: United States

Regional Outlook: Canada

North American Aftermarket Dashboard

Aftermarket Outlook: Revenue by Replacement Part Type

VIO Ownership Pattern

VIO Model Mix

Automotive Aftermarket Opportunity Areas

Regional Outlook: Europe

European Aftermarket Dashboard

Aftermarket Outlook: Revenue by Replacement Part Type

VIO Ownership Pattern

VIO Model Mix

Automotive Aftermarket Opportunity Areas

Regional Outlook: China

China Aftermarket Dashboard

Aftermarket Outlook: Revenue by Replacement Part Type

VIO Ownership Pattern

VIO Model Mix

Automotive Aftermarket Opportunity Areas

Regional Outlook: India

Indian Aftermarket Dashboard

Aftermarket Outlook: Revenue by Replacement Part Type

VIO Ownership Pattern

VIO Model Mix

Automotive Aftermarket Opportunity Areas

Regional Outlook: LATAM

LATAM Aftermarket Dashboard

Aftermarket Outlook: Revenue by Replacement Part Type

VIO Ownership Pattern

VIO Model Mix

Automotive Aftermarket Opportunity Areas

Regional Outlook: GCC

GCC Aftermarket Dashboard

Aftermarket Outlook: Revenue by Replacement Part Type

VIO Ownership Pattern

VIO Model Mix

Automotive Aftermarket Opportunity Areas

Key Conclusions and Future Outlook

Growth Opportunity 1: O2O Integration for Part Purchase Digital Channel

Growth Opportunity 1: O2O Integration for Part Purchase Digital Channel (continued)

Growth Opportunity 2: Private Label Brands Gain Popularity

Growth Opportunity 2: Private Label Brands Gain Popularity (continued)

Growth Opportunity 3: Growing EV Share in the Vehicle Parc

Growth Opportunity 3: Growing EV Share in the Vehicle Parc (continued)

Best Practices Recognition

Frost Radar

Benefits and Impacts of Growth Opportunities

Next Steps

Take the Next Step

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

Legal Disclaimer

In this research service, Frost & Sullivan has assessed the automotive aftermarket's performance for 2023 and identified various trends that influence demand for replacement parts, repairs, and maintenance. It has also examined qualitative and quantitative industry features. The study period is 2023 2028, with 2023 as the base year and 2024 2028 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, the Gulf Cooperation Council countries, and the Rest of the World (no discussion provided). Frost & Sullivan has covered light vehicles with gross vehicle weight ratings 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) The analysis shows that aftermarket demand metrics have favorably driven global revenues and that the trend will continue in 2024 as well. Aggressive growth forecasts for markets in China and India will be complemented by a positive growth outlook for North America and Europe. Rising vehicle ages, a growing average annual mileage, and an expanding vehicle population are the reasons behind a healthy outlook for the short term. As customers increasingly look to maximize their value from aftermarket purchases, market stakeholders must innovate in their approach and offer targeted solutions to leverage this growth opportunity. Frost & Sullivan has identified trends that will shape the global automotive aftermarket size in 2024, including the growing presence of Chinese electric vehicles, the popularity of private labels, the importance of the online-to-offline integration, and the increasing diversity of vehicle population by body and powertrain types. These trends reveal opportunity areas for industry stakeholders. Other relevant analytics and conclusions provided in this research include: Regional differences in the industry outlook Market changes in 2023 that will have an effect in 2024 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
Podcast No
WIP Number KA60-01-00-00-00