AUTO PARTS MARKET
According to Precedence Research, the global automotive aftermarket was valued at $721.2 billion in 2021 and is expected to exceed $1,167.09 billion by 2030, with a notable compound annual growth rate (CAGR) of 5.49% from 2022 to 2030. Regulatory bodies such as the U.S. Environmental Protection Agency and JASMA are anticipated to drive advancements in automotive parts by monitoring environmental impacts and standards related to automotive exhaust systems, like noise emission levels. Moreover, the digitalization of online sales and services for automotive aftermarket parts, along with online distribution portals with global automotive suppliers, is expected to draw significant investments from market participants. Thanks to online and digitalized distribution gateways, the automotive aftermarket in developing countries is expected to experience substantial growth. Additionally, the increasing trend of online sales for automotive aftermarket parts is anticipated to further boost market growth in the coming years. However, the automotive aftermarket might face challenges due to increased research and development costs, which could hinder market growth. Furthermore, the shift of consumers towards smart and intelligent automotive parts is also expected to increase the total cost of parts.
Last updated