The Global Automotive Aftermarket Industry size was estimated at USD 438.7 billion in 2021 and is expected to hit around USD 771.93 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 6.48% from 2022 to 2030.
Global Automotive Aftermarket Industry: Breakup by Region, 2022 & 2031
Source: Primary Research and Secondary Research Analysis
The term "automotive aftermarket" describes the secondary market for auto parts, accessories, and services, including the buying, selling, installing, fixing, and maintaining of these parts after the manufacturer has first sold the car. In other words, it is the sector of the economy that offers goods and services for the upkeep, modification, and repair of already-road-ready cars.
There are a variety of companies in the automotive aftermarket, including independent repair shops, specialty stores, wholesalers, distributors, and manufacturers. From replacement components like brakes, tyres, and filters to performance enhancements like exhaust systems, suspension kits, and engine tuning, it includes everything. It also includes extras like navigational tools, entertainment systems, and automobile care items.
The global automotive aftermarket industry is a large and complex sector that provides a wide range of products and services to support the repair, maintenance, and customization of vehicles after they leave the original equipment manufacturer (OEM). The industry is comprised of many different businesses, including parts manufacturers, distributors, wholesalers, retailers, service providers, and repair shops.
The replacement parts market and the accessories and performance parts market are the two major segments that can be used to classify the sector. The market for replacement parts consists of parts required for the correct functioning and upkeep of a vehicle, such as brakes, suspension systems, engines, transmissions, and electrical equipment. Products like entertainment systems, navigational aids, car care items, and performance enhancements like exhaust systems, suspension kits, and engine tuning are all included in the market for accessories and performance parts.
The increasing age of vehicles worldwide is one of the primary factors driving growth in the global automotive aftermarket industry. As vehicles age, they require more maintenance and repairs, creating a consistent demand for replacement parts and services. Furthermore, the industry's expansion is accelerated by the growth of e-commerce and online retail platforms, making it easier for consumers to purchase aftermarket parts and accessories.
Another significant trend in the global automotive aftermarket industry is the growing desire for vehicle customization and personalization. Consumers are seeking to distinguish their vehicles from others on the road, resulting in a higher demand for aftermarket accessories and performance parts that enable them to customize their vehicles to their preferences.
All in all, the global automotive aftermarket industry is an expanding and dynamic sector that provides a diverse range of products and services to meet the needs of vehicle owners and enthusiasts worldwide.
Global Automotive Aftermarket Industry Research Report, 2020-2031.
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