Global Automotive Aftermarket Outlook, 2024

Global Automotive Aftermarket Outlook, 2024

Rising Vehicle Ages, a Growing Average Annual Mileage, and an Expanding Vehicle Population Promise a Healthy Outlook in the Short Term

In this research service, Frost & Sullivan has assessed the automotive aftermarket's performance for 2023 and identified various trends that influence demand for replacement parts, repairs, and maintenance. It has also examined qualitative and quantitative industry features.

The study period is 2023–2028, with 2023 as the base year and 2024–2028 as the forecast period. The geographic scope is global, with separate discussions for the following regions: North America (Canada and the United States), Europe, China, India, Latin America, the Gulf Cooperation Council countries, and the Rest of the World (no discussion provided).

Frost & Sullivan has covered light vehicles with gross vehicle weight ratings up to 6 metric tons, which comprise:
• Passenger vehicles (e.g., sedans, hatchbacks, sports utility vehicles, multipurpose vehicles, vans)
• Light commercial vehicles (e.g., pickup trucks)

The analysis shows that aftermarket demand metrics have favorably driven global revenues and that the trend will continue in 2024 as well. Aggressive growth forecasts for markets in China and India will be complemented by a positive growth outlook for North America and Europe. Rising vehicle ages, a growing average annual mileage, and an expanding vehicle population are the reasons behind a healthy outlook for the short term. As customers increasingly look to maximize their value from aftermarket purchases, market stakeholders must innovate in their approach and offer targeted solutions to leverage this growth opportunity.

Frost & Sullivan has identified trends that will shape the global automotive aftermarket size in 2024, including the growing presence of Chinese electric vehicles, the popularity of private labels, the importance of the online-to-offline integration, and the increasing diversity of vehicle population by body and powertrain types. These trends reveal opportunity areas for industry stakeholders.

Other relevant analytics and conclusions provided in this research include:
• Regional differences in the industry outlook
• Market changes in 2023 that will have an effect in 2024
• Notable OEM activities
• Opportunities available at the local level for aftermarket participants in each region