Emerging Trends in the Automotive Aftermarket Industry Sector

The automotive aftermarket industry is undergoing a transformative phase, driven by technological advancements, strategic innovations, and shifting consumer preferences. The global Automotive Aftermarket Industry size was valued at USD 780.36 billion in 2023 and is projected to grow from USD 819.14 billion in 2024 to USD 1,207.72 billion by 2031, exhibiting a CAGR of 5.70% during the forecast period. The expansion of the industry is driven by the increasing vehicle longevity, rising number of vehicles, advancements in technology, and growing consumer demand for maintenance, customization, and online accessibility.

Market Overview

The automotive aftermarket encompasses a wide range of products and services, including replacement parts, accessories, performance enhancements, and maintenance services. This sector caters to the growing demand for vehicle longevity, customization, and improved performance. As vehicles become increasingly sophisticated, the aftermarket industry must adapt to provide compatible and innovative solutions.

Key segments of the automotive aftermarket include:

1. Replacement Parts: Engine components, brake systems, batteries, and more.
2. Accessories: Customization products such as seat covers, infotainment systems, and exterior modifications.
3. Performance Parts: Turbochargers, exhaust systems, and other enhancements to boost vehicle performance.
4. Maintenance Services: Routine services like oil changes, tire rotations, and diagnostics.

List of Key Companies in the Automotive Aftermarket Industry

• 3M 
• Continental Automotive Technologies GmbH 
• Phinia Inc.
• Robert Bosch GmbH
• The Goodyear Tire & Rubber Company
• DENSO CORPORATION.
• DRiV Automotive Inc.
• HELLA GmbH & Co. KGaA
• VALEO SERVICE
• ZF Friedrichshafen AG 

Key Industry Developments

• December 2023 (Launch): ZF Aftermarket launched 16 new SACHS CDC part numbers for passenger vehicles in the U.S. and Canada. This expansion included a range of BMW models and followed the initial launch at AAPEX 2023. ZF planned to unveil more CDC part numbers in early 2024. With over 34 million CDC dampers produced globally, ZF anticipated growing demand for their advanced damping technology in the aftermarket.
• September 2023 (Launch): Valeo expanded its FullPack DMFs line by introducing 24 new part numbers designed for major European and Asian vehicle models. The company had already been offering over 200 part numbers since mid-2023, providing comprehensive solutions for replacing Dual Mass Flywheels. Valeo emphasized its presence in German, French, and Asian applications…