Global Automotive Aftermarket Market Size (2024 to 2029)

The global automotive aftermarket market is deemed to grow at a CAGR of 7.17% to reach USD 390.6 billion by the end of 2029 from USD 257.5 billion in 2024.

Market Drivers

The growing disposable income, especially in developed and developing countries, is attributed to the purchasing of electric and hybrid vehicles in recent times. The automotive industry is widely expanding and adopting all the latest technologies to launch innovative cars at affordable prices. The rising prominence for cars is solely leveling up the demand for aftermarket parts and services, which is enhancing the growth rate of the market.

People's awareness of the quality and effectiveness of spare parts and services is posing huge opportunities for top companies to launch products according to their preferences. Penetration of e-commerce is another factor that is adding fuel to the growth rate of the automotive aftermarket market. The availability of replacement parts, services, and others through online platforms is escalating the market's growth rate to an extent.

Market Restraints

However, the rising economic crisis will impose a major threat to the growth rate of the automotive aftermarket market. Due to the economic crisis, sales in the automotive industry have been gradually falling in recent years, which has degraded the market's growth rate. In addition, the lack of local brand services, especially in rural areas, may degrade the importance of the original parts, which acts as a barrier for the key players. Soaring prices of higher-end vehicles, which are not affordable by the common people, also hamper the market's growth rate to the extent during the forecast period. In addition, stringent rules and regulations by government authorities over trading between the countries are additionally to decline the huge growth opportunities for the automotive aftermarket market in the future period.

This research report on the global automotive aftermarket is segmented and sub-segmented into the following categories.

By Replacement Part

• Battery
• Tyre
• Filters  
• Brake Parts    
• Turbochargers 
• Body Parts 
• Wheels

The battery segment is holding the highest share of the automotive aftermarket market. The increasing number of vehicles globally, along with the rising population, shall elevate the growth rate of the battery segment. The launch of innovative batteries with the latest technological developments will also increase the growth rate of the battery segment in the coming years. The tyre and wheels segment also has prominent growth opportunities throughout the forecast period.

By Service Channel

• DIFM   
• DIY     
• OE      

The OE segment shall hold the highest CAGR by the end of the forecast period, whereas the DIY segment is likely to lead the market's share. Original equipment leverages the demand of the consumers towards loyalty. DIY( Do it yourself) segment share is growing with the rising consumer's technical knowledge of the components.

By Distribution Channel

• Wholesalers & Distributors 
• Retailers 

The wholesalers & distributors segment is witnessed in the leading dominant share of the market. Consumers are more likely to install high-quality components that are available from branded distributors, which is prompting the growth rate of this segment.

By Certification

• Certified Parts
• Genuine Parts
• Uncertified Parts

The certified and genuine parts segment is anticipated to have the dominant growth rate in the automotive aftermarket market. The rising expenditure on the vehicles shall leverage the market's growth rate.

Regional Analysis

Asia Pacific automotive aftermarket market size is deemed to hit the highest growth rate by the end of 2029. India and China are the major countries contributing the highest share of the market during the forecast period. The presence of top branded companies in these countries is leveling up the growth opportunities for the market. Consistent economic growth in India and China shall also pose new opportunities for the market to expand in the coming years.

Following Asia Pacific, North America is expected to have a prominent market share during the forecast period. The launch of innovative cars with the most advanced technologies and a high urban population is likely to gear up the demand for the automotive aftermarket. The rising prominence for customized car accessories is attributed to bolstering the growth rate of the market.

Europe is sustained in boosting the growth opportunities for the automotive aftermarket market. European country's pledge to achieve net zero emissions by the end of 2050 shall promote huge opportunities for the automotive aftermarket market. The government is making stringent rules over the quick adoption of energy-efficient vehicles in order to reduce the carbon emissions that may fuel the growth rate of the market.

The rising economy in both Latin America and the Middle East & African regions shall leverage the opportunities for the automotive aftermarket market share in the coming years.

RECENT HAPPENINGS IN THE GLOBAL AUTOMOTIVE AFTER-MARKET

In 2024, Nippon Paint launched the brand Mastercraft in India, which expels the body paint repair services. The company, located in Gurugram, has a capacity to repair around 2,500 cars every year, and the company is expecting to provide state-of-the-art technology and green solutions according to the government's plans for environment-friendly solutions.