India Automotive Aftermarket size was valued at USD 10.3 billion in 2023 and the total India Automotive Aftermarket revenue is expected to grow at a CAGR of 7.2% from 2024 to 2030, reaching nearly USD 16.76 Billion.
What is India Automotive Aftermarket scope ?
The India Automotive Aftermarket is a dynamic sector encompassing the replacement, repair, and maintenance of vehicles. As of 2023, this market was valued at USD 10.3 billion, with significant growth projected over the next decade. By 2030, the market is expected to reach approximately USD 16.76 billion, driven by an annual growth rate of 7.2%.
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India Automotive Aftermarket Trends?
The India Automotive Aftermarket is experiencing notable transformations. Traditional sequential selling methods are being replaced by direct distribution through e-commerce platforms. Collaborations between Original Equipment Manufacturers (OEMs) and online retail giants, such as Amazon and eBay, are becoming more prevalent. A significant example includes Robert Bosch’s successful partnership with TMall, generating a Gross Merchandise Volume (GMV) of $290 million.
What are India Automotive Aftermarket Dynamics ?
- Growth Drivers:
- Rising Vehicle Sales: A robust 15% increase in overall vehicle sales from January 2023 to January 2024 has bolstered the aftermarket sector. This growth is evident across key segments, including a 15% rise in two-wheeler sales and a 37% increase in three-wheelers.
- Pre-Owned Car Market: The growing pre-owned car market is enhancing aftermarket opportunities, with a projected CAGR of 17.5% by FY 2030. This growth is fueled by the expansion of organized businesses and online platforms.
- Challenges:
- Regulatory Constraints: The strict regulatory environment imposes challenges, including high compliance costs, complex regulations, and barriers to entry. Compliance with safety, emission norms, and certification requirements impacts innovation and market competition.
- Opportunities:
- Technological Advancements: Innovations such as connected vehicles, electric vehicles (EVs), and advanced driver assistance systems (ADAS) present new growth avenues. The adoption of connected vehicle technology facilitates remote diagnostics and predictive maintenance, while the shift towards EVs creates demand for charging infrastructure and battery management systems.
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How is the Northern region of India Expected to grow ?
The Northern region of India, including states like Delhi, Uttar Pradesh, Punjab, and Haryana, leads in aftermarket demand due to high vehicle density and agricultural activities. The Western region, with states such as Maharashtra, Gujarat, and Rajasthan, also plays a significant role, driven by major cities and industrial hubs.
what is the expected growth of by type segmentation ?
The India Automotive Aftermarket encompasses a diverse range of replacement parts essential for vehicle maintenance and repair. The tire segment is a key component, driven by the need for regular replacements due to wear and tear. Similarly, batteries are crucial for vehicle operation, with a steady demand for both standard and high-performance options. Brake parts, including pads and rotors, are vital for ensuring safety and efficiency on the road. Filters, such as oil, air, and fuel filters, play a critical role in maintaining vehicle performance and longevity.
by Replacement
Parts Tire
Battery
Brake Parts
Filters
Body parts
Lighting & Electronic Components
Wheels
Exhaust components
Turbochargers
Others
What is India Automotive Aftermarket Segmentation
by Replacement
Parts Tire
Battery
Brake Parts
Filters
Body parts
Lighting & Electronic Components
Wheels
Exhaust components
Turbochargers
Others
by Certification
Genuine Parts
Certified Parts
Uncertified Parts
by Service Channel
DIY (Do it Yourself)
DIFM (Do it for Me)
OE (Delegating to OEM’s)
by Distribution Channel
OEMs
Repair Shops
Wholesalers & Distributors
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What are the key Players for India Automotive Aftermarket
1. Bosch India
2. TVS Group
3. Mahindra & Mahindra
4. Exide Industries
5. Tata Motors
6. Minda Industries
7. Amara Raja Batteries
8. Ashok Leyland
9. Hero MotoCorp
10. Maruti Suzuki
11. Motherson Sumi Systems
12. JK Tyre & Industries
13. Lumax Industries
14. Sundram Fasteners
15. WABCO India
16. Gabriel India
Key Offerings:
- Past Market Size and Competitive Landscape
- India Automotive Aftermarket Size, Share, Size & Forecast by different segment
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- India Automotive Aftermarket Segmentation – A detailed analysis by Product
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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