The automotive aftermarket industry is a rapidly growing sector, with global sales expected to reach USD 519.2 billion by 2027 at a CAGR of 4.0%. In 2021, the U.S. automotive parts aftermarket sales were about USD 324 billion and e-commerce sales are predicted to surpass USD 28 billion by 2023 in the US alone. There were approximately 4.3 billion motor vehicles in operation worldwide as of Q2 2021 and the average age of passenger cars on roads across North America was 11.8 years old last year according to 2020 Automotive Aftermarket Fact Book research data from ResearchandMarkets.
China is projected to become the largest market for this industry globally by 2029 while light vehicle component markets are forecasted to hit around 367 Billion dollars in 2025 within North America itself; 70% of these components being produced domestically as per Statista’s report from 2012 up until now.. Mexico’s automotive aftermarket experienced an annual growth rate of 11% back in 2019 whereas Europe’s market has been estimated at 3%, between 2020 – 2030 according to PS Market Research reports . The global market for filters will be worth 25 Billion Dollars come 2028 with a CAGR (Compound Annual Growth Rate)of 3%; batteries have seen similar predictions reaching 92 Billion Dollars through their 9 %CAGR over 6 years time frame ; tires too have had positive forecasts expecting 160+Billion Dollar mark before end2027 ,with its own 5 %CGR prediction.
In terms off establishments there were 204 795 auto part related stores operating throughout USA during2020 & 40 percent voice searches made via Amazon regarding car accessories/parts same year Average accessory sale per new vehicle sold stood 805$ that same period whilst Indian Auto Components Industry Turnover reported 10 1billion $ revenue 2018 onwards. Finally Latin American Automotive AfterMarket Industry saw 76 2Bn dollar projection till end2026 All these facts point towards one thing: A booming future ahead for Automotive AfterMarket Sector.
This statistic is a testament to the immense potential of the automotive aftermarket industry. It shows that the industry is expected to grow significantly over the next few years, indicating that it is a lucrative sector for businesses to invest in. This statistic is a valuable insight for anyone looking to gain a better understanding of the automotive aftermarket industry and its future prospects.
In 2021, the U.S. automotive parts aftermarket sales were about USD 324 billion.
This statistic is a testament to the immense size and scope of the automotive aftermarket industry. It highlights the fact that the industry is a major contributor to the U.S. economy, with sales of over USD 324 billion in 2021 alone. This figure is a clear indication of the industry’s importance and its potential for growth in the future.
Automotive Aftermarket Industry Statistics Overview
There were approximately 4.3 billion motor vehicles in operation worldwide by the end of Q2 2021.
This statistic is a testament to the sheer size and scope of the automotive aftermarket industry. It highlights the immense potential for growth and opportunity in the sector, as well as the sheer number of vehicles that require maintenance and repair services. It also serves as a reminder of the importance of the automotive aftermarket industry in keeping the world’s vehicles running safely and efficiently.
The average age of a passenger car on the road in the United States is 11.8 years.
This statistic is a telling indicator of the Automotive Aftermarket Industry’s importance in the United States. It shows that the average car on the road is over a decade old, meaning that the aftermarket industry is essential in keeping these vehicles running and on the road. Without the aftermarket industry, the average age of cars on the road would be much lower.
China is expected to become the largest automotive aftermarket market in the world by 2029.
This statistic is a game-changer for the automotive aftermarket industry, as it indicates that China is on track to become the largest market in the world in just a decade. This means that companies in the automotive aftermarket industry should be preparing now to capitalize on the potential of this rapidly growing market. With the right strategies and investments, businesses can position themselves to take advantage of the opportunities that this statistic presents.
In the U.S., 70% of aftermarket auto parts were produced domestically as of 2021.
This statistic is a testament to the strength of the Automotive Aftermarket Industry in the United States. It shows that the industry is thriving and that the majority of parts are being produced domestically, which is beneficial for the economy and job market. This statistic is a great indicator of the health of the industry and provides a positive outlook for the future.
Mexico’s automotive aftermarket experienced an annual growth rate of 11% in 2019.
The 11% annual growth rate of Mexico’s automotive aftermarket in 2019 is a testament to the industry’s resilience and potential. It shows that despite the challenges of the year, the automotive aftermarket was able to maintain a steady rate of growth, indicating that it is a sector with a bright future. This statistic is a valuable insight into the industry and provides a valuable benchmark for other countries to measure their own performance against.
Europe’s automotive aftermarket is projected to expand at a CAGR of 3.1% between 2020 and 2030.
This statistic is a testament to the potential of the automotive aftermarket industry in Europe. It indicates that the industry is expected to grow steadily over the next decade, providing a lucrative opportunity for businesses to capitalize on. This is an important statistic to consider when discussing the automotive aftermarket industry, as it provides insight into the potential of the industry and the potential for businesses to benefit from it.
The global market for automotive filters is expected to reach USD 25.75 billion by 2028, with a CAGR of 3.1%.
This statistic is a testament to the growth of the automotive aftermarket industry, indicating that the global market for automotive filters is expected to expand significantly over the next decade. This is a positive sign for the industry, as it suggests that the demand for automotive filters is increasing, and that the industry is likely to remain a lucrative one for the foreseeable future.
The global automotive battery market is forecast to reach USD 92.85 billion by 2026, with a 9.7% CAGR.
This statistic is a powerful indicator of the potential growth of the automotive aftermarket industry. It shows that the global automotive battery market is expected to expand significantly over the next few years, with a CAGR of 9.7%. This indicates that the automotive aftermarket industry is likely to experience a surge in demand for automotive batteries, which could lead to increased profits and opportunities for businesses in the sector.
In 2020, there were around 204,795 automotive part-related establishments in the United States.
This statistic is a powerful indicator of the size and scope of the automotive aftermarket industry in the United States. It demonstrates the sheer number of establishments that are involved in the production and sale of automotive parts, and the impact that the industry has on the economy. It also serves as a reminder of the importance of the automotive aftermarket industry in providing jobs and economic stability to many communities across the country.
Around 40% of car parts and accessories searches on Amazon are made using voice search in the US.
This statistic is a telling indication of the growing popularity of voice search in the automotive aftermarket industry. It shows that customers are increasingly turning to voice search to find car parts and accessories, suggesting that businesses in the automotive aftermarket industry should consider optimizing their websites for voice search to ensure they don’t miss out on potential customers.
In 2021, the average accessory sales per new vehicle sold in the U.S. were approximately USD 805.
This statistic is a telling indicator of the Automotive Aftermarket Industry’s success in 2021. It shows that the industry was able to capitalize on the increased demand for new vehicles and capitalize on the opportunity to sell accessories to new vehicle owners. This statistic is a testament to the industry’s ability to capitalize on the growing automotive market and provide customers with the products they need to customize their vehicles.
In 2018, the Indian automotive aftermarket industry was estimated to be around USD 10.1 billion.
This statistic is a testament to the immense potential of the Indian automotive aftermarket industry. It highlights the fact that the industry is growing at a rapid pace and is expected to reach even greater heights in the coming years. This statistic is a great starting point for anyone looking to gain an understanding of the current state of the automotive aftermarket industry in India and the opportunities it presents.
The Canadian automotive aftermarket industry accounted for roughly CAD 22.3 billion in 2021.
This statistic is a testament to the immense size and scope of the Canadian automotive aftermarket industry. It highlights the fact that the industry is a major contributor to the Canadian economy, and that it is an important source of employment and revenue for many businesses. It also serves as a reminder of the importance of the industry in providing quality parts and services to Canadians.
The Latin America automotive aftermarket industry is expected to reach USD 76.2 billion by 2026.
This statistic is a testament to the immense potential of the Latin America automotive aftermarket industry. It shows that the industry is expected to experience significant growth in the coming years, indicating that it is a lucrative sector for businesses to invest in. This statistic is a valuable insight for anyone looking to gain a better understanding of the automotive aftermarket industry and its future prospects.
Conclusion
The automotive aftermarket industry is a rapidly growing sector, with the global market expected to reach USD 519.2 billion by 2027 and grow at a CAGR of 4%. The U.S., China, North America, Europe, Mexico, India and Latin America are all major markets for this industry that have seen significant growth in recent years.
In 2021 alone there were approximately 4.3 billion motor vehicles in operation worldwide and the average age of passenger cars on the road was 11.8 years in the United States and 11.1 years in Europe – both indicating an increasing demand for parts replacements or upgrades over time as vehicles age out or become obsolete due to technological advancements such as electric vehicle adoption rates rising globally each year since 2018.
E-commerce sales of automotive parts & accessories continue to rise steadily too; predicted to surpass USD 28 billion by 2023 within just US borders alone. With these trends continuing into 2022 it’s clear that this lucrative industry will remain strong well into future decades providing ample opportunities for businesses looking capitalize on its potential success moving forward.
References
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3. – https://www.www.psmarketresearch.com
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5. – https://www.www.fortunebusinessinsights.com
6. – https://www.www.grandviewresearch.com
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8. – https://www.www.statista.com
9. – https://www.www.researchandmarkets.com
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