MEA Automotive Aftermarket Market Size (2023 – 2030)

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The MEA Automotive Aftermarket Market was estimated to be worth USD 36.94 billion in 2022 and is projected to reach a value of USD 69.39 billion by 2030, growing at a CAGR of 8.2% during the forecast period 2023-2030.

The automotive aftermarket is the secondary market that arises after selling original parts or components. It is also referred to as generic, competitive, or non-OEM replacement components. While using aftermarket components might be more economical than using OEM components. The aftermarket is frequently divided into two categories: accessories and replacement parts. Actual equipment that is not produced by the manufacturer is a replacement component. Automakers and other manufacturers of equipment employ aftermarket parts to repair damaged components, but their usage may alter an insured item's price range. The organization that oversees aftermarket parts regulations is the Certified Automobile Parts Association. Due to its extremely high standards and quality testing, the organization is the industry benchmark for aftermarket components in terms of safety. After the initial sale of the car, accessories are produced and sold for convenience, comfort, protection, and performance. When the original parts are damaged, the OEM or other manufacturers remanufacture substitute parts to replace them.

MEA Automotive Aftermarket Market Drivers:

The MEA automotive aftermarket industry is expanding due to consumer demand for vehicle customization:

As consumers have increasingly begun to modify the performance of their cars by personalizing and enhancing their appearances, the need for spare parts has grown over time. Due to factors like increasing the engine's torque or horsepower, adding window tint to block out harsh light, upgrading bumpers, changing the color of the dash and cabin lighting with LEDs, etc., the demand for vehicle modifications has increased recently, particularly among young people. The demand for automotive aftermarket components is rising as a result of the expanding trend of car personalization in the Middle East and Africa.

Climate Stress Increasing Replacement Market share of MEA automotive aftermarket:

The summer months are severe in the climates of the Middle Eastern and African regions. Additionally, the area has a lot of sand cover. Lack of vegetation in the region's sandy parts causes the soil to become looser and causes more sandstorm activity, which also raises summertime temperatures. As a result, throughout the trip, the air conditioners in automobiles are often on. The constant use of air conditioners shortens their lives and those of their parts, necessitating more frequent car part replacements. Additionally, because of sandstorms, filter elements like air filters and oil filters need to be changed often. The Middle East and Africa's automotive aftermarket is being driven by the severe climatic conditions that have increased the frequency of replacement of automobile components.

MEA Automotive Aftermarket Market Challenges:

Rising sales of electric vehicles and the adoption of vehicle safety technologies would restrain market expansion:

Less wear and tear on automobiles, especially brakes, and tires, which are subjected to tough driving conditions every day, is made possible by the use of sensors in vehicles, which results in optimal driving behavior. This element lowers the need for replacement, which can impede the growth of the industry. The penetration of new raw materials being developed to lessen the degradation of automotive components is another restriction. For instance, self-lubricating brakes for automobiles were created by UBC Okanagan, Sharif University of Technology in Iran, and the University of Toronto. Because compact brake pads can endure greater friction and temperatures, it is hoped that the carbon fiber-infused polymer-based brakes would result in smaller brake pads that are more economical and effective.

COVID-19 Impact on MEA Automotive Aftermarket Market:

The automobile aftermarket has been negatively impacted by Covid-19. The automobile sector has been severely impacted by the worldwide pandemic's detrimental impacts. Regulations requiring lockdown, curfew, and social seclusion decreased output and revenue. Plant closures and limitations on exports and imports by numerous nations have slowed the expansion of the industry. The epidemic also decreased consumer purchasing power, worsening the situation. The market is anticipated to pick up steam following the epidemic.

MEA AUTOMOTIVE AFTERMARKET MARKET REPORT COVERAGE:

MEA Automotive Aftermarket Market Segmentation

MEA Automotive Aftermarket Market Segmentation: By Vehicle Type

• Passenger Vehicle
• Commercial Vehicle

The market is divided into passenger automobiles and commercial vehicles based on the kind of vehicle. Greater consumer awareness of alternative fuel mobility options and the impact of conventional vehicles on global warming has led to an increase in the popularity of electric vehicles, which will have an impact on the growth of the passenger car segment over the forecast period.

Furthermore, due to future emission standards for commercial vehicles, which are likely to have an influence on the maintenance side via increasing engine electronics usage, the commercial vehicle segment is anticipated to see stable expansion in this market. Remanufacturing is becoming more popular since it saves money by providing truck warranty support, operators' service life, and performance. These key variables are anticipated to influence the commercial vehicle market.

MEA Automotive Aftermarket Market Segmentation: By Glass Type

• Sunroof Glass
• Smart Glass
• Others

The usage of sunroof glass is anticipated to rise, particularly in high-end vehicles, which is anticipated to be advantageous for the growth of the automotive glass sector. Glass is being used more often these days as a result of consumers' predilection for sunroofs in automobiles. Manufacturers of automobiles like Honda and Toyota have expanded the availability of sunroofs from the premium car market to other markets. Additionally, improvements in vehicle design have increased the size of the side windows and windscreen, which has contributed to the industry's overall development.

According to predictions, the future of the car industry is smart glass. The majority of research has been focused on enhancing and mainstream automobile applications for smart glass. It may be utilized to give a head-up display in cars, exactly like in a helicopter's glass cockpit. This greatly improves accessibility to all the controls and improves the ambiance of the car. Automakers are working hard to make this a reality in vehicles, like Mercedes and Volvo.

MEA Automotive Aftermarket Market Segmentation: By Replacement Parts Type

• Battery
• Brake Pads
• Filters
• Gaskets & Seals
• Lighting Components
• Body Parts
• Wheels and Tires
• Others

The market is divided into batteries, brake pads, filters, gaskets & seals, lighting components, body parts, wheels & tires, and others based on the kind of replacement parts. The main revenue share of the global market was accounted for by the wheels and tires segment in 2020. Due to increased attention being paid to the safety of vehicle occupants as well as research and development efforts by major aftermarket players to reduce the overall weight of a vehicle by introducing lightweight and affordable solutions, the body parts segment is anticipated to hold one of the largest market shares.

Additionally, the filter industry is likely to rise as consumers become more aware of cabin air filter replacement, their presence, and the ability to buy more expensive filter products in developed nations. Additionally, the adoption of cutting-edge lighting solutions, notably in highway vehicles, and the high demand in areas with inadequate road infrastructure are driving the growth of the lighting components sector.

The regular product replacement required to maintain vehicle safety is likely to lead to growth in the brake pads market as well. By lowering the stopping distance of automobiles, disc brakes improve security, which is projected to boost expansion in this market. In this market, the battery category is likely to have stable expansion, primarily due to strict government rules and pollution standards controlling the vehicle industry. For instance, the American Recovery & Reinvestment Act of the United States provides funding to both public and private organizations to create hybrid electric cars.

MEA Automotive Aftermarket Market Segmentation: By Distribution Channel

• Retailers
• Wholesale and Distribution

The market is divided into retail, wholesale, and distribution segments based on the distribution channel. A sizable portion of the market's shares are held by the retailer segment. The automotive aftermarkets are crucial components of the whole automotive production and supervision scheme since automotive parts need to be updated on time to maintain the vehicle's overall performance, making wholesale and distribution the market sector with the quickest growth. The market is moving in favor of digitalization as a result of the rapid growth of technology. Online stores sell products and services. The rise in consumer and passenger vehicle manufacturing, the digitization of automotive repair and maintenance services, and the application of advanced technology in auto parts are all driving the expansion of the automotive aftermarket industry.

Middle East and Africa Overview:

Automotive Aftermarket by MEA Customers desire to alter and enhance the performance of their automobiles by customizing and boosting the aesthetic of the cars, and the market business is geographically categorized in nations like Saudi Arabia, Iran, the United Arab Emirates, and Oman. Numerous car modifications have been demanded recently, particularly by the area's youth. The Middle East and Africa are likely to experience increased demand for vehicle components as a result of this trend during the next years.

Key Players:

1. Denso Corporation,
2. Robert Bosch GmbH
3. Mitsubishi Electric Corporation
4. Delphi Automotive Plc
5. ACDelco
6. Akebono Brake Industry Co., Ltd
7. Magna Internation Inc.
8. WABCO
9. Continental AG
10. Cooper Tire & Rubber Company