Forget the dealership, because the $462.5 billion global automotive aftermarket is booming everywhere from your local garage to online shops, fueled by an aging fleet of cars and drivers everywhere seeking affordable repairs and personalized upgrades.
Key Takeaways
- The global automotive aftermarket industry reached a market size of $462.5 billion in 2023, driven by increasing vehicle age and repair needs.
- In the US, the aftermarket parts sector generated $47.6 billion in revenue from brakes and brake parts alone in 2022.
- Europe's automotive aftermarket market was valued at €92.3 billion in 2023, with a focus on replacement parts.
- The global automotive aftermarket is projected to grow at a CAGR of 3.8% from 2024 to 2030, reaching $612.4 billion by 2030.
- US aftermarket expected to reach $500 billion by 2028, growing at 4.2% CAGR.
- Europe aftermarket CAGR of 3.5% forecasted through 2032.
- North America holds 28% of global aftermarket share in 2023.
- Asia-Pacific accounts for 42% of global aftermarket revenue in 2023.
- Europe represents 25% market share in automotive aftermarket 2023.
- Tires represent 24% of global aftermarket sales in 2023.
- Brakes account for 18% of US aftermarket revenue in 2022.
- Batteries hold 12% share in European aftermarket.
- 62% of vehicle owners prefer OEM parts for critical repairs in 2023 survey.
- 45% of US consumers opt for DIY repairs due to cost savings in 2023.
- Rise in online aftermarket purchases: 35% increase YoY in Europe 2023.
The global automotive aftermarket parts industry is a massive and consistently growing market worldwide.
Growth and Forecasts
- The global automotive aftermarket is projected to grow at a CAGR of 3.8% from 2024 to 2030, reaching $612.4 billion by 2030.
- US aftermarket expected to reach $500 billion by 2028, growing at 4.2% CAGR.
- Europe aftermarket CAGR of 3.5% forecasted through 2032.
- Asia-Pacific aftermarket to grow at 5.1% CAGR to $250 billion by 2030.
- Latin America aftermarket growth rate of 4.7% CAGR projected to 2029.
- EV aftermarket parts forecasted to grow at 15.2% CAGR to $85 billion by 2030.
- Tire aftermarket global CAGR 4.0% to 2028.
- DIY segment in North America to grow 3.9% annually to 2030.
- Battery aftermarket Europe CAGR 4.5% through 2030.
- Middle East aftermarket projected CAGR 5.3% to 2027.
- Australian aftermarket growth at 3.2% CAGR to $10.5 billion by 2028.
- Filter aftermarket US CAGR 3.7% to 2030.
- Lighting aftermarket global growth 4.1% CAGR to 2029.
- UK aftermarket forecasted CAGR 2.8% to £15 billion by 2030.
- Canadian aftermarket CAGR 4.0% to CAD 22 billion by 2028.
- India aftermarket growth 7.5% CAGR to INR 150,000 crore by 2030.
- Germany aftermarket CAGR 3.1% to €35 billion by 2030.
- Brazil aftermarket projected 5.0% CAGR to BRL 65 billion by 2029.
- Japan aftermarket CAGR 2.5% to ¥4 trillion by 2030.
- France aftermarket growth 3.4% CAGR to €20 billion by 2028.
- Mexico aftermarket CAGR 4.8% to $12 billion by 2030.
- Turkey aftermarket 5.2% CAGR projected to $9 billion by 2028.
- Russia aftermarket growth 4.1% CAGR despite challenges to 2030.
- Spain aftermarket CAGR 3.0% to €8.5 billion by 2030.
- Wiper aftermarket global CAGR 3.6% to 2030.
- Exhaust systems US aftermarket 3.9% CAGR to 2029.
- China aftermarket CAGR 6.2% to CNY 1,500 billion by 2030.
Growth and Forecasts Interpretation
While the world may fantasize about self-driving cars, the steady, relentless hum of growth in the aftermarket industry—from booming EV parts to simple wiper blades—proves that humanity's fundamental urge to tinker with, upgrade, and simply keep our beloved vehicles on the road is an economic force immune to obsolescence.
Market Size and Value
- The global automotive aftermarket industry reached a market size of $462.5 billion in 2023, driven by increasing vehicle age and repair needs.
- In the US, the aftermarket parts sector generated $47.6 billion in revenue from brakes and brake parts alone in 2022.
- Europe's automotive aftermarket market was valued at €92.3 billion in 2023, with a focus on replacement parts.
- The Asia-Pacific aftermarket parts industry hit $178.4 billion in 2023, led by China and India.
- North American aftermarket sales for collision repair parts reached $12.8 billion in 2022.
- The tire segment in the global aftermarket was worth $112.7 billion in 2023.
- US DIY aftermarket parts sales totaled $9.2 billion in 2023.
- Battery aftermarket in Europe generated €8.5 billion in revenue in 2022.
- Latin America's aftermarket market size stood at $25.6 billion in 2023.
- Global aftermarket for EV parts reached $15.4 billion in 2023.
- Middle East aftermarket parts industry valued at $18.2 billion in 2022.
- Australian aftermarket market was $7.9 billion in 2023.
- Filter segment (oil, air, fuel) in US aftermarket: $6.3 billion in 2023.
- Global lighting aftermarket parts: $22.1 billion in 2022.
- South African aftermarket revenue: $4.5 billion in 2023.
- UK aftermarket parts sales: £12.4 billion in 2023.
- Canadian aftermarket market size: CAD 15.2 billion in 2022.
- Indian aftermarket valued at INR 85,000 crore (~$10.2 billion) in 2023.
- German aftermarket: €28.7 billion in 2023.
- Brazilian aftermarket: BRL 45.6 billion (~$9.1 billion) in 2022.
- Japanese aftermarket market: ¥3.2 trillion (~$21.5 billion) in 2023.
- French aftermarket revenue: €15.8 billion in 2023.
- Mexican aftermarket: $8.7 billion in 2022.
- Turkish aftermarket market size: $6.4 billion in 2023.
- Russian aftermarket: RUB 1.2 trillion (~$13.5 billion) in 2022.
- Spanish aftermarket: €6.9 billion in 2023.
- Indonesian aftermarket: IDR 150 trillion (~$9.8 billion) in 2023.
- Global wiper blades aftermarket: $5.8 billion in 2023.
- US exhaust systems aftermarket: $4.2 billion in 2022.
- China aftermarket parts market: CNY 1,050 billion (~$148 billion) in 2023.
Market Size and Value Interpretation
The world's vehicles are aging not-so-gracefully, creating a nearly half-trillion-dollar global industry where we all pay dearly to keep the past—and our cars—from completely breaking down.
Regional Analysis
- North America holds 28% of global aftermarket share in 2023.
- Asia-Pacific accounts for 42% of global aftermarket revenue in 2023.
- Europe represents 25% market share in automotive aftermarket 2023.
- US dominates North America with 85% of regional aftermarket sales.
- China leads Asia-Pacific aftermarket with 35% regional share in 2023.
- Germany holds 30% of European aftermarket market in 2023.
- Brazil accounts for 40% of Latin America aftermarket in 2022.
- India contributes 22% to Asia-Pacific aftermarket growth.
- Mexico's share in North American aftermarket is 10% in 2023.
- UK represents 15% of European aftermarket revenue.
- Japan holds 18% of Asia-Pacific aftermarket in 2023.
- France's aftermarket share in Europe: 12% in 2023.
- Australia dominates Oceania aftermarket with 75% share.
- South Africa leads Africa aftermarket with 28% continental share.
- Turkey's share in Middle East & Africa aftermarket: 20%.
- Russia accounts for 60% of CIS aftermarket region.
- Spain holds 8% of European aftermarket.
- Indonesia's Asia-Pacific aftermarket share: 10% in 2023.
- Canada 12% of North American aftermarket.
- Middle East (GCC) 15% of emerging markets aftermarket.
Regional Analysis Interpretation
Think of the global aftermarket stage: North America hogs the spotlight while trying to be the star, Asia-Pacific is the wealthy understudy waiting for its main act, and Europe, ever the reliable ensemble, wonders when everyone will notice that Germany and its supporting cast have been flawlessly performing this whole time.
Segment and Product Breakdown
- Tires represent 24% of global aftermarket sales in 2023.
- Brakes account for 18% of US aftermarket revenue in 2022.
- Batteries hold 12% share in European aftermarket.
- Collision parts 15% of North American aftermarket.
- Filters (oil/air/fuel) 10% global aftermarket share.
- DIY sales 20% of total US aftermarket.
- Lighting 8% of global aftermarket in 2023.
- Exhaust systems 7% share in US aftermarket.
- Wiper blades 4% of global aftermarket revenue.
- Suspension parts 9% in Europe aftermarket.
- EV-specific parts 5% and rising in global aftermarket.
- Body parts 11% of Asia-Pacific aftermarket.
- Engine parts 13% share worldwide.
- Transmission components 6% in North America.
- Electrical parts 14% of European market.
- Wheels and rims 5% global share.
- Oils and lubricants 16% of aftermarket sales.
- Clutches 3% in Asia aftermarket.
- Radiators/cooling 4% US share.
- Mirrors 2.5% global aftermarket.
Segment and Product Breakdown Interpretation
The global aftermarket industry is a high-stakes game of automotive bingo where tires, brakes, and oil are the most likely to complete your card, proving that what keeps a car rolling, stopping, and lubricated will always be the cornerstone of this trillion-dollar ecosystem.
Trends and Consumer Insights
- 62% of vehicle owners prefer OEM parts for critical repairs in 2023 survey.
- 45% of US consumers opt for DIY repairs due to cost savings in 2023.
- Rise in online aftermarket purchases: 35% increase YoY in Europe 2023.
- 78% of millennials delay repairs due to economic pressures in 2023.
- EV owners 2x more likely to use aftermarket for accessories in 2023.
- Sustainability drives 52% preference for recycled parts in US 2023.
- Mobile repair services adopted by 28% of consumers globally in 2023.
- Subscription models for parts gaining traction: 15% trial rate in 2023.
- Women represent 40% of aftermarket buyers, up 10% since 2020.
- Telematics integration influences 65% repair decisions in 2023.
- 71% prioritize warranty on aftermarket parts purchases.
- Asia consumers favor affordable non-OEM: 55% preference 2023.
- Post-pandemic repair backlog cleared by 60% of owners in 2023.
- Gen Z 3x more likely to use apps for parts sourcing.
- 48% shift to electric/hybrid parts due to regulations.
- Loyalty programs boost repeat buys by 30% in 2023 surveys.
- 67% influenced by social media reviews for parts.
- Aging fleet drives 80% of repair demand in mature markets.
- Customization trend: 25% seek performance upgrades.
- Price sensitivity highest: 92% compare prices online first.
Trends and Consumer Insights Interpretation
The aftermarket parts industry is a fascinating paradox where most people swear by OEM for critical repairs yet frugality dictates everything else, from millennials delaying repairs to a 92% online price hunt, all while EV owners happily bling out their rides and women increasingly take the wheel on purchasing decisions.
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