Due to the increase in the average age of vehicles, the demand for replacement components is expected to surge in the coming years, especially in emerging economies, such as those in Asia-Pacific (APAC) and Latin America, Middle East, and Africa (LAMEA). For instance, the average age of the vehicles is predicted to increase from four years to six years in China from 2010 to 2020, mainly due to huge improvements in the quality of the automobiles being manufactured, which is itself a result of the rapid adoption of advanced products.
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The other major factors pushing the demand for automotive parts across the world are the burgeoning demand for electric vehicles, on account of the increasing implementation of government policies and regulations promoting the adoption of eco-friendly modes of transportation. Moreover, there has been a huge rise in green consciousness throughout the world since the last few years, which is boosting the popularity of electric vehicles. Fuelled by the above factors, the global automotive aftermarket is expected to grow from $803.22 billion in 2019 to $1,370.17 billion in 2030, with a CAGR of 5.07% during the forecast period (2020–2030).
Geographically, the highest demand for vehicle component replacement was observed in Asia-Pacific (APAC) in 2019, and this trend is set to continue during the forecast period. This is primarily ascribed to the rapid rise in the number of vehicles in operation (VIO), especially in China and India. Moreover, the presence of major companies supplying automotive aftermarket components in APAC is predicted to further fuel the rise in the demand for these components in the region.
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Therefore, it can be concluded that owing to the increasing sale of automobiles in various countries across the world, the demand for aftermarket components is expected to witness substantial growth in the coming years.