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How big of an industry is Aftermarket automotive?

How big of an industry is Aftermarket automotive?

USD 408.5 billion
Report Overview. The global automotive aftermarket industry size was valued at USD 408.5 billion in 2021. The market is expected to register a compound annual growth rate (CAGR) of 3.4% from 2022 to 2030.

What does Aftermarket mean for cars?

Aftermarket parts are replacement parts that are not made by the original equipment manufacturer. Aftermarket parts are used to replace damaged parts in automobiles and other equipment, but their use may alter the coverage of an insured item.

How much money does the automotive aftermarket industry make?

a $324 billion
According to the Automotive Aftermarket Suppliers Association (AASA) the U.S. light-duty aftermarket is a $324 billion industry (2021) with a compound annual growth rate of around 4% projected through 2024. The $324 billion number is up 11% from $292 billion in 2020, due to the impact of the coronavirus pandemic.

What comes under automotive industry?

automotive industry, all those companies and activities involved in the manufacture of motor vehicles, including most components, such as engines and bodies, but excluding tires, batteries, and fuel.

How many people work in the automotive aftermarket industry?

about 4.5 million people
Auto repair and service outlook The aftermarket industry employs about 4.5 million people and includes over 270,000 repair shops and over 265,000 retail parts outlets.

Is the auto mechanic industry growing?

The market size of the Auto Mechanics industry is expected to increase 3.6% in 2022. Has the Auto Mechanics industry in the US grown or declined over the past 5 years? The market size of the Auto Mechanics industry in the US has grown 0.3% per year on average between 2017 and 2022.

What’s the difference between aftermarket and factory?

Original equipment manufacturer (OEM) parts match those that came with your car, and are of the same quality as its original parts. They’re also the most expensive. Aftermarket parts are cheaper, and made by other manufacturers — often several, giving you more options.

Is aftermarket better than OEM?

High-quality aftermarket parts are as good as OEM parts, or in some cases, can perform better. You really do get what you pay for, and the higher the cost, the better the build or materials. There are hundreds of manufacturers to choose from, so be sure to ask your mechanic about your options.

How many people work in the aftermarket car industry?

4.5 million people
The aftermarket employs about 4.5 million people in the US. That includes employment at parts manufacturers, dealerships, wholesale distributors, auto parts stores and tire stores, gas stations, and service repair companies.

What is the difference between automobile and automotive industry?

The term automotive is an adjective that relates to motor vehicles. This adjective can be used to refer to many aspects of motor vehicles. Automotive industry refers to a broad range of organizations and companies that are involved in design, manufacturing, marketing and selling motor vehicles.

What type of industry is a car dealership?

retail trade sector
The motor vehicle and parts dealers subsector is part of the retail trade sector. Industries in the Motor Vehicle and Parts Dealers subsector retail motor vehicles and parts from fixed point-of-sale locations.

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