The automotive aftermarket will register a compound annual growth rate of 5.07% to reach a value of USD 1,370.17 billion by 2030. The development of joint ventures between aftermarket companies, OEMs, auto repair service providers, and various other stakeholders is one of the most significant trends, which is currently being seen in the industry.
These partnerships enable market participants to produce cutting-edge aftermarket goods, enter developing nations, and acquire technology.

The APAC region held the largest share in the market in the past, and this is predicted to demonstrate the fastest growth, at a CAGR of 5.64% in the future.

The average age of the vehicle increases along with the number of cars in the APAC region. The need for aftermarket parts is increased by the more frequent maintenance and part replacements needed for older automobiles.

China, Japan, and South Korea are leading the development of automotive technology in the APAC region. Electric vehicles, automated driving, and technological solutions for communication are advancing quickly in the region. These technical developments give aftermarket vendors and service providers the chance to meet the changing demands of car owners.
The engine parts component category held the largest automotive aftermarket share in the past.

At authorized dealerships, engine repairs or replacements might be costly. As a more affordable option, vehicle owners often buy engine parts from the aftermarket. When compared to original equipment manufacturer (OEM) parts, aftermarket engine parts are more affordable, making them a common option for many customers.

Customers are attracted to the aftermarket because it provides products at a lower cost.
Automotive aftermarket will grow because of the fact that, there is an increase in the age of vehicles, and growing number of vehicles in operation