APAC's Automotive Aftermarket Gears Up for 3.7% Growth Surge by 2028

The market for automotive aftermarket wear and tear in Asia Pacific is projected to grow at a compound annual rate of 3.7% between 2023 and 2028, as per report from Globaldata. It is expected that this industry, encompassing car parts for repairs, mechanical parts, components subject to wear and tear, and tires, will grow from 1.4 billion units in 2023 to 1.68 billion units by 2028.

Madhuchhanda Palit, an automotive analyst at GlobalData, pointed out that market expansion will be impacted by various factors such as the quantity of vehicles on the road, frequency of accidents, driving habits, and population characteristics.

Countries like India and Thailand, which heavily depend on personal vehicles, are forecasted to experience a substantial increase in demand for aftermarket products and services. Furthermore, variables such as the state of roads, traffic regulations, and the implementation of advanced driver assistance systems could affect the need for crash repair services and other aftermarket parts.

The Automotive Industry is forecasted to increase to USD 6950.55 billion by 2032 from USD 4075.65 Billion in 2024, showing a CAGR of 6.9% from 2024 to 2032. The Automotive Industry market was worth $3812.5 billion in 2023. The automotive market is experiencing growth due to a rise in demand for luxury passenger vehicles, as well as increased urbanization and infrastructure spending in the economy.