Automotive Aftermarket Market Size, Share, Growth Analysis, By Replacement Part(Tire, Battery, Brake Parts, Filters), By Distribution Channel(Retailers (OEMs, Repair Shops), Wholesalers & Distributors), By Service Channel(DIY (Do it Yourself), DIFM (Do it for Me), OE (Delegating to OEMs)), By Certification(Genuine Parts (Manufacturing Type (Newly Manufactured, Remanufactured, Rebuilt, Reused)), By Region - Industry Forecast 2024-2031

Asia Pacific dominated the market in terms of size, holding a share of 28.5%. The Asia Pacific market is expected to grow significantly between 2023 and 2030. Due to rising consumer and passenger car production and sales, the employment of cutting-edge technology in the production of auto parts, and the digitization of automotive component delivery services, there is likely to be an increase in automobile sales in the region. A lot of companies are focusing on acquisitions to grow their market share. For example, in February 2021, Goodyear Tire & Rubber Company acquired Cooper Tire & Rubber Company in order to combine the brand portfolio and provide complete services across the market's value range.

Universities and other R&D institutions are working harder than ever to enhance their cost and operational efficiencies in order to cut the cost of these crucial automotive components and eventually the cost of the finished product. A group of researchers from Imperial College London's Department of Chemical Engineering has developed a revolutionary design that uses up to 80% less rare metal, cutting the cost of the vehicle and the component's manufacturing. The prototype is anticipated to outperform the present vehicles. These rules have put pressure on component manufacturers to provide highly efficient, eco-friendly car parts for both home and foreign markets. Three growing economies China, India, and Brazil have recently verified long-term tendencies that are expected to provide optimistic prospects.