The global automotive aftermarket is expected to reach USD 486.36 billion by 2025.
Digitalization of automotive repair & component sales complemented by advanced technology incorporations in the automobile aftermarket component manufacturing is expected to boost the market growth. The surging reception of semi-autonomous, electric vehicles, and hybrid & autonomous cars, in the years to come, is further expected to bolster the new component market growth. The market can be categorized, based on replacement parts, into tire, battery, brake parts, filters, body parts, lighting & electronic components, wheels, and exhaust components.
The increasing vehicle penetration is driven by the overall improvement of lifestyle in the developing countries, such as India and Brazil, and is expected to drive the growth of the automobile industry in the region. Similar surges in the automotive manufacturing sector across various regions along with the increasing stringent emissions norms are expected to drive the growth of automotive aftermarket component sales over the forecast period.
The Asia-Pacific regional market is expected to be the fastest growing market for automotive collision repair services over the forecast period, owing to its developing living standards and high vehicle production. It is also anticipated to be the fastest-growing market in automobile production. With the growing penetration and acceptance of gas and hybrid electric cars, specialized repair centers dedicated toward repair of particular vehicles are expected to increase.