Home > > Global Automotive Aftermarket Market Report
The Automotive Aftermarket market was valued at $455,835.5 Million in 2023, and is projected to reach $597,973.9 Million by 2030 growing at a CAGR of 4.00% from 2024 to 2030. Tire segment is expected to be the highest contributor to this market, with $92,162.6 Million in 2023, and is anticipated to reach $147,812.0 Million by 2030, registering a CAGR of 6.99%. Filters segment is anticipated to reach $20,772.5 Million by 2030 with the highest CAGR of 7.19%. Tire and Brake parts segments collectively expected to account for about 27.1% share of the Automotive Aftermarket market in 2023, with the former constituting around 20.2% share. Filters and Tire segments are expected to witness significant growth rates at a CAGR of 7.19% and 6.99% respectively, during the forecast period. Presently, share of these two segments is estimated to be around 23.0% in the overall Automotive Aftermarket market in 2023, and is anticipated to reach 28.2% by 2030. The drivers of the automotive aftermarket market include the pursuit of vehicle drivers to enhance their vehicle's performance, the digitization of component sales and services, the emergence of online portals distributing aftermarket components, and the growth in online sales of automotive components. Additionally, technological advancements in propulsion, the concentration of end-users in the market, and the rise of new business models are driving the market forward. The automotive aftermarket market also presents several opportunities for growth. The increasing demand for vehicle customization, the growing trend of vehicle electrification, and the integration of advanced technologies in vehicles are driving innovation in the aftermarket sector. Additionally, the increasing focus on skills development and training programs, the growth of e-commerce channels, and the rising output and sales of consumer and passenger vehicles are also creating opportunities for the aftermarket industry. Furthermore, strategic alliances and collaborations between collision repair centers and leading auto insurance companies are expected to drive market growth. Replacement Tire Battery Brake parts Filters Body parts Lighting & Electronic components Wheels Exhaust components Other Replacements BY REGION North America U.s. Canada Mexico Europe Germany France UK Italy Spain Rest of Europe Asia China India Japan South Korea Rest of Asia Middle East Africa Brazil Argentina Rest of Middle East Africa