Press release
Global Automotive Aftermarket Market to Reach USD 731 billion in 2032
Global Automotive Aftermarket Market Size, Market Growth, Market Share, Forecast,
According to GMI Research estimates that automotive aftermarket market [https://www.gmiresearch.com/report/automotive-aftermarket-market/] size reached USD 538 billion in 2024, and the global automotive aftermarket is forecast to touch USD 731 billion in 2032, the market is projected to grow at a steady CAGR of 3.9% from 2025-2032 primarily driven by surge in vehicle in operation (VIO), increasing vehicle ownership, robust new vehicle sales, increasing average vehicle age, rise in vehicle miles travel (VMT) and rising demand for vehicle modification accessories.
Market Drivers
Increase in Vehicle in Operation (VIO)
The global Vehicle in Operations (VIO) continue to follow an upward growth momentum in the coming years and the global VIO is forecast to touch 1.6 billion passenger vehicles by 2030.
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New Vehicle Sales Growth
The global new passenger cars sales is increasing, and it continues to maintain an upward growth trajectory in the last 4 years with an average growth of 5.4% compared to an average last 4 year global GDP growth of 4,2%. According to OICA, the global new passenger vehicle sales stood at 67.5 million units in 2024 from 65.4 million units in 2023, the sales grew by 3.3% in 2024.
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Increasing Average Vehicle Age
The average vehicle age across the world is increasing, in US the light vehicle average age reached 12.7 years in 2024 making the current VIO with the oldest vehicles forming the largest share in US since 2012. According to ACEA, the average age of cars in Europe is around 12.3 years, the eastern European countries have most oldest cars fleet in the EU.
Market Challenges
The market also faces considerable challenges due to supply chain disruptions. The sector depends on a complex global supply chain for its parts and components. Disruptions caused by natural disasters or trade disputes can result in shortages and high costs which impacts the aftermarket pricing and availability.
Growing sales of EV across major vehicle markets globally, as per EIA the EV sales reach reached around 17 million units in 2024 growing by 25% YoY. At the end of 2024, the EV vehicle in Operation (VIO) reached almost 58 million comprising of 4% of the total global fleet. Currently the EVs share on the total vehicle on road is relatively small however, this is changing very rapidly will have negative impact on the overall automotive aftermarket.
Segment Analysis
Replacement Parts
Tires captures the largest revenue share of the global automotive aftermarket in 2024 as tires goes through more wear and tear and need regular replacement. The demand for tires is growing as the global average vehicle miles travel (VMT) is increasing particularly in the developing countries owing to growing living standards attributed to growing income levels.
Vehicle Type
Passenger vehicle dominates the aftermarket revenues globally as passenger vehicles captures the largest market share of the global VIO in 2024 and this trend is forecast to continue during the forecast period till 2032
Certification Type
Independent aftermarket (IAM) which includes OE and aftermarket parts sales is gaining more traction as the average vehicle age is on the rise globally, as older vehicles need more repair and maintenance and this need will further grow as the vehicles become more older and the owners of old cars which are budget-conscious opt for affordable parts.
Sales Channel
The shift towards e-commerce reflects the growing role of online sales and digital platforms in acquiring replacement parts and automotive services. Consumers are progressively favoring online platforms for their purchases rather than physical retail stores.
Regional Market Analysis
Asia Pacific
Asia Pacific is expected to lead the global automotive aftermarket market growth during the forecast period. The primary factors driving the market growth are robust economic growth in China, India and in ASEAN.
China
China automotive aftermarket is growing at a robust rate owing to rising VIO, increase in average vehicle age and surge in used car sales.
India
India Automotive Aftermarket Market size was reached USD 11.3 billion in 2024 and the market is forecast to grow at a CAGR of 8.1% and it is projected to reach USD 21.1 billion in 2032.
North America
North America lead the global automotive aftermarket share owing to large VIO, increasing vehicle age, tendency towards inclination towards personalizing and customizing their cars boosting the need for aftermarket accessories and performance upgrades.
US
The US Automotive Aftermarket market size touched USD 260 billion in 2024 and the market is forecast to grow at a steady CAGR of 3.7% and is estimated to reach USD 348 billion in 2032 owing to rising vehicle age, growing VIO, rising demand for vehicle customization accessories and performance upgrades.
Canada
Canada Automotive Aftermarket market size reached USD 22.4 billion in 2024 and the market is estimated to grow at a CAGR of 3.3% from 2025-2032 reaching a market size of USD 29.0 billion in 2032. The market is growing due to increase in new vehicle sales, growing VIO and rise in average vehicle age.
Europe
Europe is the second largest automotive aftermarket globally and captures a substantial global market share driven by its large vehicle fleet and growing average vehicle age. The major revenues driving countries for automotive aftermarket in Europe are Germany, UK, France, Spain, Italy etc.
UK
In Europe. UK dominates the VIO with over 41 million vehicles on road in 2023 and the VIO is forecast to grow creating opportunities for aftermarket companies. UK automotive aftermarket is forecast to grow at a CAGR of 2.3% between 2025-2032 owing to substantial number of vehicles are out of warranty and growing number of registered vehicles.
Major Companies
Major players operating in the market are Denso Corporation, ZF, Delphi, Valeo, Forvia Hella, Bosch, 3M Company, Continental AG, Federal-Mogul, Magna International, ACDelco, Hyundai Mobis, Lear, Michelin, Bridgestone among others.
Leading market players
* Denso Corporation
* ZF
* Delphi
* Valeo
* Forvia Hella
* Bosch
* 3M Company
* Continental AG
* Federal-Mogul
* Magna International
* ACDelco
* Hyundai Mobis
* Lear
* Michelin
* Bridgestone
Recent Developments
* In 2025, The world leader in protective films and coatings, XPEL, Inc. listed in NASDAQ, purchased the assets of the exclusive distributor of XPEL's products in the Chinese aftermarket.
* In 2024, Nissens Automotive, a prominent European manufacturer and distributor of aftermarket engine cooling and air conditioning systems with an expanding range of vehicle control technology, is acquired by SMP in 2024. For almost $390 million, SMP purchased all of Nissens' issued and outstanding shares.
* In 2024, Thompson Auto Glass, located in New Hampshire, has agreed to sell its auto glass assets to Safelite Group, the country's top provider of car glass services and recalibration and the owner of Safelite AutoGlass.
About GMI Research:
GMI Research is a market research & consulting firm which helps its client to address their most pressing strategic and business challenges. GMI Research leverages its industry expertise and experience to identify the industry trends, big opportunities and potential growth areas across industries. Our Syndicated reports provide actionable insights and covers industry trends, market drivers & restraints, macroeconomic factors, market estimates & forecasts, competitive landscape etc. which helps our clients to strengthen its market position by deploying specific strategies and actions that will lead to higher growth.
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