Automotive AfterMarket, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Automotive AfterMarket, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Global Automotive Aftermarket size will demonstrate a 12.6% CAGR between 2024 and 2032, attributed to trends in vehicle customization and upgrades, in line with increased awareness of vehicle maintenance. Consumers are increasingly seeking specialized parts and accessories to enhance their vehicles' performance, aesthetics, and functionality. This demand for personalized and upgraded components fuels the expansion of the aftermarket sector. Additionally, heightened awareness about the importance of regular maintenance and the benefits of using high-quality aftermarket products contributes to the growing market as vehicle owners invest in prolonging their vehicles' lifespan and improving overall performance.

For instance, in April 2024, Schaeffler Korea introduced the ‘Schaeffler TruPower’ commercial vehicle coolant optimized for engine thermal management. Available in 4 liters through Junwoo APS, it includes additives to prevent corrosion and extend engine life. It reflects a trend towards more specialized and technically advanced aftermarket solutions, indicating potential growth in this segment as consumers and businesses seek products that provide added value and improved vehicle maintenance.

The automotive aftermarket is divided based on vehicle powertrain, product, channel, and region.

The electronics components segment will undergo a remarkable upturn by 2032, owing to the increasing integration of advanced technologies in vehicles. With the growing demand for infotainment systems, advanced driver assistance systems (ADAS), and electronic control units (ECUs), automotive electronics have become critical. These components enhance vehicle performance, safety, and connectivity, driving their substantial aftermarket demand. The rapid technological innovations and the trend toward vehicle modernization further bolster the electronics components segment's prominence in the automotive aftermarket.

The offline channel segment will see a considerable surge by 2032, driven by its well-established network of brick-and-mortar stores and service centers. These physical locations offer customers the advantage of immediate product availability, personalized service, and expert advice. The ability to inspect products in person and receive hands-on support enhances consumer trust and satisfaction. Besides, offline channels facilitate quick resolution of issues and convenient installation services, reinforcing their pivotal role in the market.

North America will experience a notable expansion through 2032 due to its advanced automotive industry, high vehicle ownership rates, and significant consumer spending. The region boasts a well-established network of auto parts suppliers, service centers, and repair shops, which cater to a large and diverse customer base. Moreover, technological upgrades and a strong emphasis on vehicle maintenance and upgrades further bolster market growth. North America's robust infrastructure and consumer preferences make it a key contributor to the global automotive aftermarket.