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Global Aftermarket Expected To Reach $639B By 2027

Factors for growth include technological advancements in auto part fabrication and standardizing architecture.

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According to Stratistics MRC, the Global Automotive Aftermarket Market is accounted for $400.65 billion in 2019 and is expected to reach $638.58 billion by 2027 growing at a CAGR of 6.0% during the forecast period.

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Technological advancements and standardizing architecture, increasing use of light vehicles, and advanced technology usage in auto parts fabrication are the major factors driving the growth of the market. However, counterfeiting of auto components and growing demand for electric vehicles are hampering the growth of the market, according to the firm

By geography, Europe is going to have a lucrative growth during the forecast period due to the high adoption rate of advanced technologies in the fabrication of auto parts. This, coupled with the increasing digitization of components sales, will ensure Europe retains its runner-up position in this market shortly.

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