Automotive Aftermarket: An Overview

The automotive aftermarket is a rapidly expanding industry that provides replacement parts, accessories, and maintenance services to vehicle owners. Valued at $381.4 billion in 2020, it is projected to grow at a 4.0% CAGR due to rising vehicle age, increased customization demand, and the need for repairs. The industry includes replacement parts like engine components and brake systems, accessories such as audio and navigation systems, and essential maintenance services. However, it faces challenges from evolving vehicle technology, the rise of electric and hybrid vehicles, and counterfeit products. To address these issues, the industry is investing in R&D, OEM collaborations, and anti-counterfeit measures to ensure sustained growth and innovation.