Published on: November 13, 2019
The automotive aftermarket is expected to grow at a CAGR of 6.26% between 2022 and 2027. The size of the market is forecast to increase by USD 164.58 billion. The growth of the market is driven by several factors, including the high adoption of vehicle parts, the convenience of purchasing automotive products online, and the growing demand for vehicle customization.
The automotive aftermarket is made up of a wide array of products and services, ranging from aftermarket parts and automotive accessories to repair services and maintenance. It provides consumers with options to customize, maintain, and enhance the performance of their vehicles. Increasing vehicle ownership, rising demand for aftermarket parts, and technological advancements are all impacting the growth of the market.
Several trends are shaping the automotive aftermarket landscape. These include a growing interest in vehicle customization to achieve an aesthetic look and improve performance, the emergence of technologically advanced spare parts and aftermarket accessories, and the expansion of e-commerce platforms providing convenient access to aftermarket products and services.
Increasing vehicle ownership rates, consumer preferences for pre-owned vehicles, and stringent regulatory requirements driving the adoption of aftermarket products to ensure compliance are all driving the growth of the automotive aftermarket. Rising disposable income levels also enable consumers to invest in aftermarket upgrades and accessories.
Maintaining quality standards and ensuring the authenticity of aftermarket parts can be challenging for automotive aftermarket vendors, as can competition from OEMs expanding their aftermarket presence, supply chain disruptions impacting spare parts availability, complex regulatory landscapes, and addressing consumer price sensitivity while ensuring profitability.
APAC is projected to account for 39% of the global market’s growth by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC is the fastest-growing region in the global automotive aftermarket market, with China, India, Japan, and South Korea being the largest contributors to the growth of the regional market. APAC is a high-volume adopter of automobiles and has the presence of countries like China and Japan that have a large number of vehicles in use. These countries also lead the e-commerce industry. Therefore, the region is ideal for the growth of the market during the forecast period.
Technavio's automotive aftermarket industry reports monitor the leading players in the global market along with their current and forecasted market share. Our analysis covers regional and global companies. Some of the top companies covered in our automotive aftermarket reports include:
In order to provide you with a comprehensive view of the automotive aftermarket industry, our experts analyze the market from many different perspectives. Our reports help identify opportunities, risks, key competitors, and more, helping you make timely, informed decisions to optimize your position in the market.
Technavio reports insights include:
Develop a deeper understanding of the automotive aftermarket with Technavio’s comprehensive market research reports. We provide the latest information on key industry dynamics, including global and regional market forecasts, internal and external pressure points, the vendor landscape, and more.
Our in-depth knowledge of the automotive aftermarket is built on decades of experience and a global network of industry experts. We know the importance of having a strong foundation on which to base important decisions, and with over 500 analysts located around the world, we deliver actionable insights for every segment of the market.
Technavio’s market research reports provide an analysis of current trends and how they are affecting the market. We also identify market drivers and challenges to help you discover opportunities and avoid pitfalls.
Every Technavio report includes detailed segmentation insights, breaking down the market in terms of product type, geography, sales channels, and more. And if you’re looking for something a little more specific, our Custom Research Solutions can tailor any report to meet your unique needs.
We provide detailed profiles on the biggest competitors in the market, including data such as business divisions, product offerings, and news. Our reports also include an overview of the competitive landscape as a whole, including the risks and opportunities that it presents.
LinkedIn
Facebook 
Twitter
Email
Reddit
Tumblr
Quora
Pinterest
WhatsApp