PUBLISHER: MarketLine | PRODUCT CODE: 1646414
PUBLISHER: MarketLine | PRODUCT CODE: 1646414
Global Automotive Aftermarket industry profile provides top-line qualitative and quantitative summary information including: sector size (value and volume , and forecast to 2028). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the sector.
Automotive aftermarket includes the sales of automotive components for use on vehicles after first purchase. Market value is calculated in terms of retail selling price (RSP) including all taxes and levies. Market volume refers to each individual aftermarket component, such as wiper blades or brake calipers, considered as a separate unit. The scope includes components sold through fast fits, auto centres, garages, tyre specialists, vehicle manufacturer networks, petrol stations, hypermarkets, crash repair centres/body shops, online sales, parts & accessories stores, and others. Both internal combustion engines and electric vehicles are considered in our scope. Our analysis encompasses both passenger cars and light commercial vehicles.
Automotive aftermarket is segmented into components and labor. The scope of components includes air filters, alloy wheels, alternators, antifreeze or coolant, bonnets, brake discs, brake drums, brake pads, brake shoes, bumpers, cabin filters, catalytic converters, clutches, diesel filters, doors, exhaust systems, floor mats, glass, glow plugs, in car entertainment, light housings, oil, oil filters, paints and solvents, petrol filters, radiators, roof bars, roof boxes, satellite navigation, shock absorbers, spark plugs, starter batteries, starter motors, tow bars, tyres, windscreen wash, windscreen wiper blades, wings, etc. EV aftermarket scope does not include replacement batteries, battery management systems, electric motors, charging equipment, etc. The labor segment refers to the income generated from the labor involved in repairing, maintaining, or modifying vehicles following their original sale. This value is typically based on the hourly labor rate set by service providers.
All market data and forecasts are adjusted for inflation and all currency conversions used in the creation of this report have been calculated using yearly annual average exchange rates.
The global automotive aftermarket sector recorded revenues of $923 billion in 2023, representing a compound annual growth rate (CAGR) of 1.4% between 2018 and 2023.
Sector consumption volume increased with a CAGR of 1.2% between 2018 and 2023, to reach a total of 18,019.7 million units in 2023.
The Asia-Pacific region dominated the global automotive aftermarket sector in 2023, commanding the largest share of 33.0%.