AFTERMARKET AUTOMOTIVE PARTS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Aftermarket Automotive Parts Market Size and Trends

Global aftermarket automotive parts market is estimated to be valued at USD 474.12 Bn in 2024 and is expected to reach USD 704.63 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.8% from 2024 to 2031.

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Global aftermarket automotive parts market can witness significant growth over the forecast period due to factors like increasing vehicle parc, rising demand for replacement parts and greater focus of OEMs and independent distributors to maintain and enhance aftermarket network and supply chain. Growing trend of do-it-yourself (DIY) automotive repairs coupled with rising availability of instructional and repair videos over internet can boost demand for individual aftermarket parts such as engine parts, drive transmission and steering parts among others.

Rising demand for customization and performance enhancement

The automotive aftermarket industry has witnessed substantial growth due to rising consumer desire to customize and enhance the performance of their vehicles. With availability of a wide variety of aftermarket components that provide a unique style and driving experience, customers are willing to experiment and personalize their vehicles as per their preferences.

Especially for sports and luxury vehicles, aftermarket parts play a pivotal role in allowing custom body kits, exhaust systems, cosmetic accessories, large brakes and wheels, upgraded suspensions and transmissions components, and others which help customers extract the maximum performance benchmarks from their cars. Brands like BMW, Audi, Mercedes, Ford and Chevrolet have especially strong cult followings among auto enthusiasts who like to push the limits of their vehicles. This has opened up a huge market for specialty component makers and custom shops catering to these aficionados. Even regular sedan models witness do-it-yourself installation of basic cosmetic parts and improved filter and lubricant systems.

In June 2023, Continental AG, a leading global automobile supplier, launched the UltraContact NXT series tire that is known for its high sustainability credentials. This innovative tire is composed of up to 65% recycled, renewable, and ISCC PLUS mass balance-certified materials, reflecting Continental's commitment to environmental responsibility. The UltraContact NXT will be available in 19 sizes, combining sustainable materials with maximum safety and performance, as evidenced by its top ratings in rolling resistance, wet braking, and exterior noise on the EU tire label.

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Technological advancements in aftermarket parts

With the advent of widely accessible vehicle diagnostics tools, advance driver assistance systems, mobile-based part locators and artificial intelligence, purchasing decisions around replacement and upgrade parts have become simpler yet nuanced for buyers.

Diagnostic scanners provide mechanics and do-it-yourself enthusiasts, ability to pinpoint issues precisely, thus, reducing misdiagnosis of issues and ensuring right parts are replaced. Plug-and-play chips that reprogram engine operation have enhanced efficiency and power outputs while tamer driver aids like intelligent cruises control have boosted safety and comfort. Furthermore, electric vehicles being a fast-emerging segment have opened opportunities for novel battery management systems, efficient motors and personalized infotainment solutions.

E-commerce platforms act as an efficient virtual marketplace where customers can research comprehensive component specifications, read reviews from other owners and have products delivered directly. AI assist by recommending personalized fitment combinations based on driving patterns.  As the mechanical and digital realms converge, exciting new opportunities for performance upgrades, data-driven maintenance, and customizable in-vehicle experiences are rapidly emerging. This shift is highlighting both established industry players and startups with their innovative offerings. The sustained momentum of this technology-driven product innovation cycle will be vital in driving global demand for aftermarket parts in the future.