Toronto, Ontario -- The global automotive aftermarket is expected to enjoy a period of comfortable growth, with three research firms forecasting sharp increases in demand for automotive paints, repair services and replacement parts.
Maximize Market Research, based in India, forecasts the automotive paints market will rise from US$10.85 billion ($15.1 billion) in 2023 to US$15.77 billion ($21.9 billion) by 2030, an annual growth rate of 4.7 percent. Clear coats will account for the largest share of sales, followed by base and primer coats.
The report cites rising electric-vehicle production, expanding output in China and India and tighter environmental rules driving adoption of low-VOC, water-based coatings as drivers of the coatings market.
Allied Market Research, based in the United States, estimates the automotive repair and service market will climb from about US$1.1 trillion ($1.53 trillion) in 2024 to roughly US$2.4 trillion ($3.33 trillion) by 2034, growing 7.6 percent a year. -
Fortune Business Insights, also based in India, projects the automotive aftermarket—including replacement parts, accessories and maintenance—will grow from US$430.51 billion ($598 billion) in 2024 to US$565.73 billion ($786 billion) by 2032, a 3.6 percent annual rise.
