Toronto, Ontario -- The global market for auto parts and accessories is expected to grow from $2 trillion in 2024 to $2.4 trillion by 2030, according to a recent report from the Irish market analysis firm Research and Markets.
This steady rise reflects an annual growth rate of 2.8 percent. The report also highlights that growth in the driveline and powertrain segment is outpacing other segments. Interior and exterior parts are also expanding, though at a slower pace.
Canada’s auto parts and accessories market is expected to grow steadily at about two point four percent per year from 2024 to 2030, reaching about US$40 billion.
The United States remains the largest market for auto parts, valued at over US$550 billion in 2024. China is catching up quickly, projected to grow at an annual rate of 4.8 percent and reach US$472.5 billion by 2030.
Several factors are driving this global expansion. As vehicles age, owners are spending more on maintenance and replacement parts. At the same time, rising interest in car customization is boosting demand for accessories. Technological innovations—such as 3D printing, smart parts, and augmented reality tools—are also making it easier to produce and install components.
The shift to electric vehicles is creating new demand for specialized parts, and sustainability concerns are encouraging the use of recycled and eco-friendly materials. Online sales are playing a growing role as well, giving consumers easier access to a wider range of products.
