The global automotive aftermarket industry is expected to witness significant growth, reaching a market size of $589.01 billion by 2030, with a compound annual growth rate (CAGR) of 4.0% from 2023 to 2030. Factors driving this growth include the digitalization of automotive repair and component sales, advanced technology incorporations in aftermarket component manufacturing, and the increasing adoption of semi-autonomous, electric vehicles, and hybrid & autonomous cars.
The increasing number of lightweight vehicles and the aging light vehicle fleet contribute to the growth of the automotive aftermarket. Technological advancements have presented both challenges and opportunities for the industry, with innovation business models and solutions creating sustainable growth opportunities. North America leads in technology adoption, resulting in a faster and higher adoption of hybrid electric automobiles.
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The Asia-Pacific region is expected to be the fastest-growing market for the automotive aftermarket due to developing living standards and high vehicle production. The region’s growing acceptance of gas and hybrid electric cars is also expected to lead to an increase in specialized repair centers dedicated to these vehicles.
FAQs:
1. What is the expected market size of the global automotive aftermarket industry by 2030?
The market is projected to reach $589.01 billion by 2030.
2. What factors are driving the growth of the automotive aftermarket industry?
Factors such as digitalization of repair and component sales, technological advancements, and the adoption of electric and hybrid vehicles are contributing to the industry’s growth.
3. Which region is expected to witness the fastest growth in the automotive aftermarket?
The Asia-Pacific region is anticipated to be the fastest-growing market due to developing living standards, high vehicle production, and the acceptance of gas and hybrid electric cars.
4. How are technological advancements impacting the automotive aftermarket industry?
Technological advancements have presented both challenges and opportunities, with advanced technology incorporations in component manufacturing and the digitalization of sales driving growth in the industry.
5. What are the key trends in the automotive aftermarket industry?
Key trends include the increasing number of lightweight vehicles, the aging vehicle fleet, the rise of specialized repair centers, and the growing demand for aftermarket component sales driven by surges in vehicle collisions and the preference for repair over replacement.
