Automotive Aftermarket its Future Outlook and Trends

Buying a vehicle is a huge milestone in many people’s lives and it is often the second-biggest investment that a person makes in their life after a house. At least that’s what an average person thinks until the vehicle gets smashed up in a road accident or a certain vehicle part has broken down and requires immediate replacement. This is when reality hits and the person realizes that vehicle ownership puts heavy strain on the pockets.

Automotive Aftermarfket

However, with the rise of the aftermarket sector in recent years, getting vehicle repairs, maintenance services, spare automobile parts, and upgrades has become more affordable than ever before. The aftermarket consists of companies offering both automotive services and parts. Apart from the mushrooming sales of vehicles, the increasing average age of automobiles, especially in the developing nations of Latin America, Middle East, and Africa (LAMEA) and Asia-Pacific (APAC), is also fueling the demand for aftermarket services across the world.

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For example, in China, the average age of vehicles, which was recorded to be 4 years in 2010, is predicted to rise to as much as 6 years by December 2020. This growth in the average age is being caused because of the manufacturing of technologically advanced and more robust vehicles than before, the integration of advanced solutions, systems, and products in vehicles, and the provision of stretched car loans (having duration of 4-5 years) in many emerging economies.

The growing popularity of electric vehicles, on account of the rising public awareness about the escalating pollution levels and the implementation of favorable government policies and regulations, is also pushing up the demand for aftermarket services across the globe. The ballooning demand for these services is causing huge growth of the global automotive aftermarket. According to, market research company, P&S Intelligence, the valuation of the industry will rise from $803.22 billion to $1,370.17 billion from 2019 to 2030.

The market would also exhibit a CAGR of 5.07% between 2020 and 2030. Steering and drive transmission parts, equipment, suspension and braking parts, electrical parts, and engine parts are the majorly sold automotive parts by the companies operating in the aftermarket. Out of these, the sales of the engine parts are predicted to be the highest in the future years. This would be because of the increasing number of vehicles in operation in many countries around the world.

In 2018, the total passenger cars sold all over the world stood at more than 65 million units and this number is predicted to rise significantly in the coming years. Moreover, the major aftermarket companies are increasingly focusing on launching new engine parts and components in the upcoming years. Geographically, the Asia-Pacific (APAC) automotive aftermarket is predicted to be the most lucrative one in the forthcoming years, primarily because of the increasing average age of vehicles in the region. 

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Thus, it can be said with full conviction that the demand for automotive aftermarket components and services would shoot-up all over the world in the years to come, mainly because of the growing sales of vehicles, the rising requirement for vehicle repair and maintenance services and spare parts, and the expanding operations of the aftermarket companies around the world.