Automotive Aftermarket Global Market Opportunities and Strategies to 2034

This report describes and explains the automotive aftermarket market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global automotive aftermarket market reached a value of nearly $464.1 billion in 2024, having grown at a compound annual growth rate (CAGR) of 4.04% since 2019. The market is expected to grow from $464.1 billion in 2024 to $670.15 billion in 2029 at a rate of 7.62%. The market is then expected to grow at a CAGR of 7.21% from 2029 and reach $948.96 billion in 2034.

Growth in the historic period resulted from shift toward shared mobility, increasing demand for spare parts, increased usage of commercial vehicles and expansion of automotive industry. Factors that negatively affected growth in the historic period were the shortage of skilled labor and competition from counterfeit and grey-market parts.

Going forward, increasing vehicle ownership, expansion of e-commerce platforms for auto parts sales, stringent zero emission mandates and regulations and rising adoption of automation in fleet management will drive growth. Factor that could hinder the growth of the automotive aftermarket market in the future include were recycling rules and waste handling, environmental and climate change risks and impact of trade war and tariff.

North America was the largest region in the automotive aftermarket market, accounting for 34.87% or $161.82 billion of the total in 2024. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the automotive aftermarket market will be Asia-Pacific and Middle East where growth will be at CAGRs of 8.85% and 7.95% respectively. These will be followed by Eastern Europe and Africa where the markets are expected to grow at CAGRs of 7.91% and 7.60% respectively.

The global automotive aftermarket market is fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 6.50% of the total market in 2024. Continental AG was the largest competitor with a 1.09% share of the market, followed by Denso Corporation with 0.88%, ZF Friedrichshafen AG with 0.84%, Aisin Corporation (Formerly Aisin Seiki) with 0.84%, Schaeffler AG with 0.60%, Tenneco Inc. (Federal-Mogul LLC (DRiV Incorporated)) with 0.54%, Valeo S.A with 0.53%, Gates Corporation with 0.50%, Niterra Group with 0.38% and Mahle GmbH with 0.30%.

The automotive aftermarket market is segmented by type into tire, battery, brake parts, filters, body parts, lighting and electronic components, wheels, exhaust components, turbochargers and others. The tire market was the largest segment of the automotive aftermarket market segmented by type, accounting for 24.98% or $115.95 billion of the total in 2024. Going forward, the lighting and electronic components segment is expected to be the fastest growing segment in the automotive aftermarket market segmented by source, at a CAGR of 19.23% during 2024-2029.

The automotive aftermarket market is segmented by vehicle type into passenger cars and commercial vehicles. The passenger cars market was the largest segment of the automotive aftermarket market segmented by vehicle type, accounting for 68.87% or $319.62 billion of the total in 2024. Going forward, the commercial vehicles segment is expected to be the fastest growing segment in the automotive aftermarket market segmented by vehicle type, at a CAGR of 7.00% during 2024-2029.

The automotive aftermarket market is segmented by certification outlook into genuine parts, certified parts and uncertified parts. The genuine parts market was the largest segment of the automotive aftermarket market segmented by certification outlook, accounting for 57.03% or $264.67 billion of the total in 2024. Going forward, the certified parts segment is expected to be the fastest growing segment in the automotive aftermarket market segmented by application, at a CAGR of 9.34% during 2024-2029.

The automotive aftermarket market is segmented by distribution channel into offline distribution channel and online distribution channel. The offline distribution channel market was the largest segment of the automotive aftermarket market segmented by distribution channel, accounting for 72.15% or $334.84 billion of the total in 2024. Going forward, the online distribution channel segment is expected to be the fastest growing segment in the automotive aftermarket market segmented by distribution channel, at a CAGR of 13.10% during 2024-2029.

The top opportunities in the automotive aftermarket market segmented by type will arise in the battery segment, which will gain $116.55 billion of global annual sales by 2029. The top opportunities in the automotive aftermarket market segmented by vehicle type will arise in the passenger cars segment, which will gain $467.55 billion of global annual sales by 2029. The top opportunities in the automotive aftermarket market segmented by certification outlook will arise in the genuine parts segment, which will gain $376.89 billion of global annual sales by 2029. The top opportunities in the automotive aftermarket market segmented by distribution channel will arise in the online distribution channel segment, which will gain $292.75 billion of global annual sales by 2029. The automotive aftermarket market size will gain the most in the USA at $54.58 billion.

Market-trend-based strategies for the automotive aftermarket market include integrating components tailored for hydrogen internal combustion engine (H2 ICE) systems, especially turbochargers, expanding the vehicle coverage of critical safety components like brake pads, designing and launching high-performance wheel solutions that blend advanced materials with customization, expanding their spare parts and component offerings, expansion of specialized automotive filtration solutions to meet growing demand for high-performance and eco-friendly vehicles, developing advanced body repair tools and kits tailored for collision repair demand and prioritizing the development of advanced exhaust solutions aimed at enhancing vehicle performance, customization, and overall driving experience.

Player-adopted strategies in the automotive aftermarket market include focus on portfolio expansion, developing new product solutions and strategic partnerships.

To take advantage of the opportunities, the analyst recommends the automotive aftermarket market companies to focus on advancing hydrogen-compatible turbocharging solutions, focus on expanding vehicle coverage and localized product development, focus on high-performance and customizable wheel solutions, focus on expanding product portfolios aligned with emerging vehicle technologies, focus on expanding specialized filtration solutions for advanced vehicle needs, focus on developing advanced body repair tools for efficient collision restoration, focus on advancing exhaust technologies for performance and personalization, focus on integrating fast-charging battery technologies to strengthen ev support services, focus on expanding sustainable material integration to drive green aftermarket growth, focus on advancing microled lighting to expand aftermarket opportunities, focus on lighting and electronic components to drive accelerated aftermarket growth, focus on passenger cars to maximize aftermarket expansion, expand in emerging markets, focus on expanding multichannel distribution networks, focus on building competitive and value-based pricing structures, develop an integrated and data-driven digital promotion strategy, strengthen trade partnerships and customer engagement for sustainable promotion, focus on online distribution channel to capture rapid market growth.