54 Automotive Aftermarket Industry Statistics [2023]

Automotive Aftermarket Industry Trends

The older the car, the more likely it is to need parts and repairs, so the increasing average vehicle age bodes well for the automotive aftermarket industry. Here's more on how vehicle age and the industry as a whole are expected to change over the coming years.

1. The automotive aftermarket industry is expected to reach a compound annual growth rate (CAGR) of just under 3.4% by 2030 according to Grand View Research, but according to Global Market Insights, it could reach 6.4% by 2028. (Grand View Research, Global Market Insights)
2. By 2030, the wholesalers and distributors distribution channel is expected to grow by a CAGR of 3.45% from its 2020 valuation of nearly $179 billion. (Precedence Research)
3. At a 72% share, the biggest product category as of 2021 is Original Equipment Manufacturers (OEM), with the Original Equipment in general projecting to maintain the largest share by 2030. (Straits Research)
4. By 2030, the certified parts segment of the global automotive aftermarket industry is expected to grow at a CAGR of 4.64% from its 2020 valuation of over $166 billion. (Precedence Research)
5. At 52%, genuine parts is the largest certification class of products, though the uncertified product category is projected to grow by 2030. (Straits Research)
6. Straits Research identified increased consumer interest in EVs and the growing OEM market as key market drivers. (Straits Research)
7. There has been a 14% increase in the age of automobiles from the past six years, serving as a positive sign for the development of the market. (Precedence Research)
8. IHS Markit predicts that there will be 84 million vehicles on the road that are 16 years old or older by 2023, an increase of 22% from 2002. (IHS Markit)
9. From 2016 to 2022, the average age of automobiles in the U.S. rose by 14%. (Precedence Research)