Key Highlights
- The global automotive aftermarket size was valued at approximately $430 billion in 2022
- The North American automotive aftermarket market is projected to reach $345 billion by 2025
- In 2021, the automotive aftermarket segment accounted for about 45% of vehicle repair industry revenue in the US
- The global OEM automotive parts market was valued at $234 billion in 2021
- The average age of vehicles in the US is over 12 years, increasing the demand for aftermarket parts
- The top-selling aftermarket products include brake pads, oil filters, and batteries
- Online sales of automotive aftermarket parts are projected to grow at a CAGR of 17% between 2022 and 2027
- The European automotive aftermarket market was valued at approximately €130 billion in 2021
- Electric vehicle (EV) aftermarket parts are expected to grow at a CAGR of 16% through 2030, due to rising EV adoption
- Over 80% of repair shops in the US source parts from local suppliers, highlighting the importance of local aftermarket networks
- In 2022, the leading reason for vehicle repairs was brake issues, accounting for 28% of repairs
- The global market for automotive diagnostic tools is projected to reach $5.6 billion by 2025
- More than 70% of replacement parts sold in the US are aftermarket parts, not OEM
The automotive aftermarket industry is booming, with a global valuation of over $430 billion in 2022 and rapid growth driven by aging vehicles, technological advancements, and shifting consumer preferences toward online and eco-friendly solutions.
Aftermarket Services and Consumer Behavior
- The aftermarket closure rate in 2021 was less than 5%, indicating steady industry stability
- The use of telematics data in the aftermarket industry can reduce vehicle downtime by up to 20%, improving customer satisfaction
- The percentage of consumers who prefer aftermarket parts over OEM for cost reasons exceeds 60%, highlighting price sensitivity
- The adoption of mobile mechanic services is increasing, accounting for about 15% of the total mobile repair market in 2023, reflecting consumer preference for convenience
- The percentage of consumers who research aftermarket parts online before purchase exceeds 75%, illustrating the importance of digital presence
- The number of mobile aftermarket repair units increased by 14% in 2023, reflecting industry adaptability and consumer demand for convenience
Aftermarket Services and Consumer Behavior Interpretation
Market Size and Market Value
- The global automotive aftermarket size was valued at approximately $430 billion in 2022
- The North American automotive aftermarket market is projected to reach $345 billion by 2025
- In 2021, the automotive aftermarket segment accounted for about 45% of vehicle repair industry revenue in the US
- The global OEM automotive parts market was valued at $234 billion in 2021
- Online sales of automotive aftermarket parts are projected to grow at a CAGR of 17% between 2022 and 2027
- The European automotive aftermarket market was valued at approximately €130 billion in 2021
- Electric vehicle (EV) aftermarket parts are expected to grow at a CAGR of 16% through 2030, due to rising EV adoption
- The global market for automotive diagnostic tools is projected to reach $5.6 billion by 2025
- The global automotive coatings market within the aftermarket was valued at $4.5 billion in 2021, expected to grow at 4.2% CAGR
- The adoption of IoT and AI in automotive maintenance is expected to increase efficiency and reduce costs, with an estimated market impact of $12 billion annually by 2025
- Hybrid and electric vehicles are driving demand for specialized aftermarket components, with an expected growth rate of 12% annually through 2030
- The collision repair segment makes up roughly 30% of the automotive aftermarket, with significant growth fueled by increased vehicle recalls and insurance repairs
- Fleet maintenance services contribute approximately 25% of the total revenue in the automotive aftermarket industry
- The global advanced driver-assistance systems (ADAS) aftermarket is projected to reach $15 billion by 2026, rapidly growing due to safety regulations
- The global market for aftermarket tire sales is projected to reach $60 billion by 2024, driven by increased vehicle miles and tire replacements
- Heavy-duty truck aftermarket parts are expected to grow at a CAGR of 5% between 2022 and 2030, due to rising freight demand
- The adoption of 3D printing for spare parts manufacturing is increasing industry efficiency, with 10% of aftermarket parts expected to be produced via 3D printing by 2025
- The global automotive aftermarket lubricants market was valued at around $26 billion in 2021, with steady growth expected
- The global market for specialty automotive chemicals is expected to grow at a CAGR of 3.8% through 2027, driven by demand for vehicle coatings and cleaning products
- The rise of subscription-based maintenance plans is influencing aftermarket revenue models, with an estimated $4 billion in revenue by 2025
- The aftermarket industry has a significant number of independent repair shops, accounting for roughly 70% of its network, emphasizing a decentralized market structure
- The global automotive glass market within the aftermarket is valued at approximately $8 billion in 2021, driven by rising vehicle glass replacements
- The impact of COVID-19 slowed some segments of the aftermarket industry in 2020 but recovery was strong in 2021 and 2022, with revenue growths of 6% and 8% respectively
- The subscription and digital services segment of the aftermarket industry is forecasted to grow by over 20% annually, emphasizing a shift toward integrated digital solutions
- Heavy-duty truck aftermarket is expected to account for nearly 25% of global revenue in the aftermarket industry by 2025, due to increased freight activity
- The aftermarket automotive electronics market is projected to grow at a CAGR of 9% through 2027, driven by increased vehicle connectivity features
- Demand for recycled and remanufactured automotive parts is increasing, accounting for around 30% of the aftermarket parts sold in the US
- The global automotive aftermarket packaging market is valued at $3.2 billion and growing with a CAGR of 4.1%, driven by increased demand for organized and safe storage of parts
- The number of independent aftermarket repair outlets is estimated to be over 50,000 globally, ensuring widespread accessibility
- The global aftermarket automotive lighting market is projected to reach $8.5 billion by 2027, driven by innovations in LED technology and vehicle safety
- The global automotive window regulator market is expected to grow at a CAGR of 4.3% during 2022-2028, driven by vehicle aging and repair needs
- Vehicle sensors, including for tire pressure and collision detection, are among the fastest-growing aftermarket components, with a CAGR of 10% through 2027
- The average spend per vehicle on aftermarket parts in North America is approximately $370 annually, reflecting a sizeable consumer market
- The growth of autonomous vehicle technology is expected to influence the aftermarket industry, creating new segments worth $3 billion by 2028
- The global automotive aftermarket chemicals market is expected to reach $6 billion by 2027, driven by increasing demand for aftermarket cleaning and protective chemicals
- The market for aftermarket performance parts is projected to grow annually at 8% through 2030, driven by car enthusiasts and racing markets
- The global market for automotive aftermarket filters, including oil, air, and fuel filters, is valued at over $10 billion in 2021, with steady growth expected
- The integration of augmented reality (AR) into aftermarket repair procedures is expected to increase accuracy and reduce errors, with a projected market impact of $900 million by 2025
- Alternative fuels, such as biofuels and hydrogen, are emerging as new opportunities for aftermarket industry growth, with a projected market size of $2 billion by 2026
- The number of registered aftermarket parts retailers increased by 9% in 2022, signifying an expanding distribution network
- The global demand for automotive aftermarket coatings is expected to reach $5.2 billion by 2025, led by demand for durable, high-quality finishes
- Globally, the average vehicle owner spends about $370 annually on aftermarket parts and repairs, totaling over $250 billion industry-wide
- The global market for automotive exhaust systems in the aftermarket is projected to reach $4.2 billion by 2026, driven by emissions regulations and vehicle aging
- The rise of do-it-yourself (DIY) repairs has accounted for 35% of the aftermarket parts market in North America in 2022, showing a shift towards consumer-driven maintenance
- The global market for automotive anti-corrosion products is projected to grow at 4% CAGR, driven by vehicle exterior protection needs
Market Size and Market Value Interpretation
Product Segments and Market Components
- The top-selling aftermarket products include brake pads, oil filters, and batteries
- In 2022, the leading reason for vehicle repairs was brake issues, accounting for 28% of repairs
- More than 70% of replacement parts sold in the US are aftermarket parts, not OEM
- Vehicle accessory sales represent about 30% of the total aftermarket revenue, particularly in categories like lighting, audio, and customization parts
- US government initiatives and safety regulations are expected to boost demand for aftermarket safety parts, including airbags and sensors, with a forecasted growth rate of 4.5% annually through 2030
- The aftermarket's focus on sustainability has led to a 12% increase in sales of eco-friendly and recycled parts since 2020, aligning with environmental regulations
- The rise of eco-friendly aftermarket products has increased demand for biodegradable and non-toxic cleaning supplies, accounting for 18% of the market share in 2022
- The growth of connected car features has resulted in a 10% increase in aftermarket component sales, particularly for sensors and electronic modules
Product Segments and Market Components Interpretation
Regional and Demographic Trends
- The average age of vehicles in the US is over 12 years, increasing the demand for aftermarket parts
- Over 80% of repair shops in the US source parts from local suppliers, highlighting the importance of local aftermarket networks
- The median age of aftermarket automotive repair shops is over 15 years, indicating an aging industry workforce
- The Asia-Pacific region is expected to lead the automotive aftermarket growth, due to increasing vehicle fleets and urbanization
- Millennials and Gen Z consumers are driving a shift towards online purchasing of automotive parts, accounting for nearly 45% of sales in 2022
- Participation in the automotive aftermarket trade shows increased by 12% in 2022, reflecting industry growth and networking
- Demand for aftermarket parts in developing countries is expected to grow faster than in developed markets, with a CAGR of 7%, due to increasing vehicle ownership
- The automotive aftermarket workforce is estimated to comprise over 4 million technicians globally, highlighting industry employment significance
- Digital training and certification programs for automotive technicians are becoming more prevalent, supporting workforce development in the aftermarket industry
- The average lifespan of automotive repair shops is estimated at around 20 years, though many close due to industry disruptions
Regional and Demographic Trends Interpretation
Technological Developments and Innovations
- Advancements in vehicle diagnostics are expected to reduce repair times by approximately 15-20%, increasing shop efficiency
- The use of AI-powered inventory management systems in the aftermarket industry is projected to improve stock turnover rates by 25%, reducing costs
- R&D investment in advanced automotive aftermarket technologies increased by 15% in 2022, highlighting ongoing innovation efforts
- The aftermarket industry’s digital transformation has led to a 20% increase in efficiency for many repair businesses, according to industry surveys in 2023
Technological Developments and Innovations Interpretation
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