The global automotive aftermarket industry is poised for significant expansion in the coming decade, with forecasts indicating promising times ahead. According to a report by ResearchAndMarkets.com, the industry is projected to reach an impressive USD 589.01 billion by 2030, reflecting a 3.9% growth from 2024 to 2030.
One of the key drivers behind this growth is the digitalization of automotive repair and component sales, as well as advancements in technology that are fueling the manufacturing of aftermarket components. This digital shift is anticipated to provide a substantial boost to the market, alongside the growing demand for new components driven by the increasing prevalence of semi-autonomous, electric vehicles, and hybrid & autonomous cars.
Moreover, the global trend towards improved lifestyles in developing nations such as India and Brazil is expected to contribute to increased vehicle penetration and drive growth in the automotive industry, creating more opportunities for aftermarket component sales.
In addition to these factors, the industry is also witnessing a rise in third-party services and technology, which are offering new and lucrative revenue streams. Furthermore, the influence of digital channels and social media is propelling the sale of automotive aftermarket products, enhancing the purchasing process for customers.
In terms of market dominance, the tire segment represented the largest share in 2023, accounting for 22.5% of the market. Additionally, the retail segment secured the top position in terms of market size, with a 55.5% share in 2023 and is expected to remain dominant in the coming years.
The report also anticipates that the Asia-Pacific region will experience the fastest growth in the aftermarket industry, owing to improving living standards and high vehicle production. The region is expected to see significant growth in automobile production and specialized repair centers.
Despite the optimistic forecast, the industry does face challenges such as the need for investments in product development, supply chain, organizational design, and pricing models. Additionally, the growing demand for genuine parts over uncertified ones presents both opportunities and obstacles for the industry.
To strengthen their market foothold, manufacturers in developing countries are adopting various strategies including mergers, acquisitions, and partnerships.
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In conclusion, the outlook for the automotive aftermarket industry is indeed promising. With advancements in technology, the growing prominence of electric and autonomous vehicles, and evolving consumer demands, the industry is set for growth and innovation in the years to come.