PUBLISHER: The Business Research Company | PRODUCT CODE: 1895262
PUBLISHER: The Business Research Company | PRODUCT CODE: 1895262
The automotive aftermarket refers to the secondary market of the automotive industry, which deals with the manufacturing, remanufacturing, distribution, retailing and installation of all vehicle parts, equipment and accessories after the sale of the automobile by the original equipment manufacturer (OEM) to the consumer.
The automotive aftermarket market consists of revenues generated by entities that play a crucial role in vehicle maintenance, repair and customization and is vital for extending vehicle lifespans and enhancing performance. The market caters to a broad user base including individual car owners, fleet operators, independent repair shops, franchised dealers and commercial garages. It is used throughout a vehicle's lifecycle, particularly after the original warranty period has expired, when parts and maintenance become the responsibility of the owner.
The global automotive aftermarket market reached a value of nearly $464,104.46 million in 2024, having grown at a compound annual growth rate (CAGR) of 4.04% since 2019. The market is expected to grow from $464,104.46 million in 2024 to $670,153.50 million in 2029 at a rate of 7.62%. The market is then expected to grow at a CAGR of 7.21% from 2029 and reach $948,964.07 million in 2034.
Shift Toward Shared Mobility
During the historic period, the automotive aftermarket market was driven by the shift toward shared mobility. Shared mobility models, such as ride-hailing, car-sharing and fleet services, have increased the utilization rates of vehicles, which in turn lead to more frequent maintenance, repair and part replacements. As more vehicles are used intensively in shared fleets, wear and tear accelerate, driving demand for aftermarket components and services. Moreover, shared mobility places emphasis on vehicle uptime and reliability, pushing operators to adopt more formal repair and service networks to ensure consistent performance. For instance, in January 2023, according to McKinsey & Company, a US-based management consulting firm, 56% of consumers are willing to replace trips taken in private vehicles with future shared autonomous vehicles. Before the COVID-19 pandemic upended public transportation worldwide, global revenues for shared mobility reached roughly $130 billion to $140 billion in 2019 in the United States, Europe, and Greater China, McKinsey analysis shows. At around $120 billion to $130 billion, the ride-hailing segment received the bulk of consumer spending, with the remaining $10 billion mainly split between car sharing and micromobility. Therefore, the automotive aftermarket market was mainly driven by the shift toward shared mobility.
Integration Of Hydrogen-Compatible Turbochargers To Support Low-Emission Heavy Vehicles
Key companies in the automotive aftermarket market are focusing on integrating components tailored for hydrogen internal combustion engine (H2 ICE) systems, especially turbochargers, to support the transition toward lower-emission heavy vehicles. These innovations involve the design of bespoke turbocharging solutions that can handle the unique combustion and flow characteristics of hydrogen fuel, while maintaining performance, durability, and compliance with emission standards. In this way, aftermarket participants can position themselves as enablers of the low-carbon drivetrain ecosystem. For instance, in April 2025, Cummins, a US-based global power and technology leader, launched an industry-first turbocharger specifically engineered for hydrogen internal combustion engines, targeting on-highway heavy-duty vehicle applications in Europe. The new turbocharger features design optimizations for hydrogen combustion, advanced prognostic capabilities, and alignment with upcoming standards like Euro VII. By incorporating hydrogen-specific turbocharger technology into their portfolios, aftermarket companies can prepare for servicing of next-generation drivetrains, capture incremental value in the evolving powertrain ecosystem, and ensure relevance in a shifting regulatory landscape.
The global automotive aftermarket market is fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 6.50% of the total market in 2024.
Automotive Aftermarket Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global automotive aftermarket market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for automotive aftermarket? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The automotive aftermarket market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider automotive aftermarket market; and compares it with other markets.