U.S. Automotive Aftermarket Industry Size, Share & Trends Analysis Report By Replacement Parts, By Service Channel, By Certification, By Product Pricing, By Distribution Channel, And Segment Forecasts, 2023 - 2030

U.S. Automotive Aftermarket Industry Growth & Trends

The U.S. automotive aftermarket industry size is expected to reach USD 281.98 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 4.1% from 2023 to 2030 owing to the rising adoption of automotive technologies, such as exhaust and safety and other aspects influencing vehicular performance. The market is estimated to remain innovation-led by introducing new chemicals and metals that provide cost-efficiency and weight reduction in automobiles. In addition, the increasing vehicle parc and vehicle age in the U.S. is expected to contribute to the growing demand for replacement parts, thus driving market growth in the country. Rising disposable income in the U.S. is creating a positive growth outlook for the sales of passenger cars.

The increasing demand for aftermarket parts is directly proportional to the growing sales of passenger cars. Moreover, factors, such as developing infrastructure and increasing adoption of modern lifestyle across the country contribute to the growth of automotive aftermarket. Technological proliferation and high investments in R&D by automakers are expected to further drive demand for automotive aftermarket components over the forecast period. Efforts taken by vendors to make aftermarket products available in adequate quantities and improve the quality of recycled products have contributed to the high demand for alternative parts, such as engines; door assemblies; transmissions; sheet metal products, such as fenders, trunk lids, and hoods; bumpers; and lights assemblies.

In addition, maintaining a high inventory level and wide distribution network allows higher fulfillment rates, boosting the sales of alternative parts. However, the increasing adoption of hybrid and electric vehicles is hampering the growth opportunities for automotive aftermarket components, mainly exhaust components. As a result, the threat of substitutes for aftermarket parts is expected to remain high over the forecast period. Modern vehicles often have advanced technologies, such as ADAS, infotainment systems, and connectivity features. The rising integration of these technologies in vehicles creates the need for specialized aftermarket services and solutions. Aftermarket providers that can adapt and provide expertise in servicing these advanced systems are well-positioned for growth. The rise of digital channels or social media influence is also fueling the sale of automotive afterparts in the U.S.

U.S. Automotive Aftermarket Industry Report Highlights

• The tire replacement part segment dominated the market with a share of 22.52% in 2022 due to the factors, such as frequent replacements of tires compared to their automotive component counterparts
• The OE service channel segment dominated the market with a share of 55.91% in 2022 on account of their high quality and reliability
• The rise in sales of automobiles, increased purchasing power, and improved standard of living are expected to drive the industry growth
• The market is shifting toward the automation of various functions and processes as it enhances efficiency & accuracy, improves workplace safety, and reduces human errors

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