Russia Automotive Aftermarket Market

Automotive production has a high impact in Russia, with the country manufacturing 608,460 vehicles during 2022. During this year, Russia ranked 21st with this production among car-producing nations. The Russia Automotive Aftermarket market is predicted to rise at the highest CAGR in the forecast duration, due to a rise in demand for new cars on roads, an upsurge in second-hand car sales, and an increase in disposable income of consumers.

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Russia Automotive Aftermarket Market Overview

The automotive aftermarket plays a crucial role within the automotive market segment. It incorporates a broad variety of services and business activities connected to vehicle parts and accessories after the original sale by the OEM to customers. This segment is comprised of the remanufacturing, manufacturing, retailing, distribution, and installation of all types of automotive components and equipment.

In substance, the automotive aftermarket carries customers with a different variety of vehicle parts, devices, equipment, and accessories, catering to different price ranges and superiority. It serves as a vital resource for vehicle holders seeking to repair, maintain, or upgrade their automobiles, confirming the long life and functionality of their vehicles beyond the initial buy from the OEM.

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Key Russian Automotive Aftermarket Market Drivers

In 2015, dropping oil prices, and collective measures with universal sanctions imposed on Russia brought the economy to a mild recession. Whereas, during 2013, Russia’s Automotive Industry was one of the top 10 around the globe and set a record.

The economy is certainly presenting signs of recovery, but the growth rate is predicted to remain at a moderate pace in the forecast duration. This is owing to aspects likewise slow economic enlargement and diminished buying power among customers. Key factors supporting the growth includes the increase in the sales of used vehicles and a considerable concentration of vehicles aged more than 10 years within the vehicle parc. For instance, older vehicles, especially those exceeding 10 years of age, tend to have higher service and maintenance demands. Aspects such as rough terrain and tricky climatic situations can increase wear and tear on different vehicle components, comprising brakes, suspension, filters, tires, and others. As a result, the demand for replacements and repairs in the Russia Automotive Aftermarket Industry efficiently rises.

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In addition, during May 2018, the Russian government revealed its strategic plan for the advancement of the domestic automotive industry through 2025. This strategy established magnificent aims for the segment, remarkably focusing on producing 2.21 million passenger cars in a year. This initiative reflects Russia’s promise to drive growth and competitiveness in its automotive segment.

In 2020, Russia recorded a total of 56,674 vehicle sales, which was a slight rise compared to the 51,355 sales in 2015. This growth represented a 2% increase from the sales figure in 2015 due to the growing acceptance of vehicles that have been introduced in the market. However, the growth rate of the Automotive Aftermarket Market in Russia was expected to slow down in the near years owing to the departure of Western companies from the country. In addition, local producers were hostile to meeting the demand efficiently. Economic challenges, including decreased buying power among customers, were also contributing to the predicted slowdown of Russian Automotive Aftermarket Market growth.

In addition, the continuous conflict in Ukraine, which showed no signs of stopping, was predicted to endure impacting the Russian economy and, by extension, the vehicle market. This enlarged conflict could possibly affect the economy’s complete health and maintain downward pressure on the worth of the Automotive Aftermarket Market in Russia during 2023-2030.

Segments covered in the Report

The Russia Automotive Aftermarket Market has been segmented on the basis of vehicle type, replacement parts, certification. Based on the vehicle type, the market has been segmented into commercial vehicles and passenger vehicles. By replacement parts, the market is segmented into tire, battery, brake parts, filters, Lighting Components, Electronic components, Lubricants, Clutch Parts, Engine Components and others. Based on certification, the market has been segmented into Genuine Parts, Certified Parts, Counterfeit Parts, Others.

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Market Segmentation

Russia Automotive Aftermarket Market by Vehicle Type

• • Commercial Vehicles
  • Passenger Vehicles

Russia Automotive Aftermarket Market by Replacement Parts

• • Tire
  • Battery
  • Brake Parts
  • Filters
    • Air Filter
    • Oil Filter
    • Others
    • Lighting Components
    • Electronic components
    • Lubricants
    • Clutch Parts
    • Engine Components
      • Timing Belt
      • Spark Plugs
      • Others
  • Others

Russia Automotive Aftermarket Market by Certification

• • Genuine Parts
  • Certified Parts
  • Counterfeit Parts
  • Others