Global wholesale and automotive aftermarket set to grow at a compound annual growth rate of 7.2%

The global wholesale and distribution automotive aftermarket market is expected to grow from $195.95 billion in 2021 to $217.93 billion in 2022 at a compound annual growth rate (CAGR) of 10.7%. The wholesale and distribution automotive market is expected to reach $288.10 billion in 2026 at a CAGR of 7.2%.

The main replacement parts in the wholesale and distribution automotive aftermarket market include tires, batteries, brake parts, filters, body parts, lighting and electronic components, wheels, exhaust components, and other replacement parts. The tire refers to the wholesale and distribution of automotive tires in the aftermarket. The tire is a robust, flexible rubber casing affixed to a wheel rim. A moving vehicle’s wheels benefit from the cushioning and traction that tires offer. Tires can be found on cars, trucks, buses, bicycles, motorbikes, and other automobiles. The different types of products offered in wholesale and distribution automotive aftermarket include genuine parts, certified parts, and uncertified parts. They are distributed through retailers, wholesalers, and distributors channels.

North America was the largest region in the wholesale and distribution automotive aftermarket market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wholesale and distribution automotive aftermarket market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The growing automotive industry is driving the wholesale and distribution automotive aftermarket. The automotive industry comprises a diverse group of businesses and institutions engaged in the design, development, production, marketing, and sale of automobiles. Consumers’ changing interest and preference motivates automobile manufacturers to manufacture various styles and lines of automobiles.

Technological advancement and the rise in economic conditions also lead to growth in the automotive industry. Automotive aftermarket aids the automobile industry by providing the spare parts needed by the customers when they buy a new or existing automobile. For instance, in 2021, according to a report published by the International Energy Agency (IEA), a Paris-based autonomous intergovernmental organization, the worldwide electric car stock reached the 10 million mark in 2020, showing a 43% increase over 2019, following a decade of strong development..

The increasing digitalization of automotive repair & maintenance services is a key trend in the wholesale and distribution of automotive aftermarket. Automotive aftermarket product and service producers now provide online platforms for information, guidance, and instruction on proper installation and troubleshooting, as well as digital tools for a product selection like electronic catalogs, video libraries for tutorials and product showcases and video libraries for tutorials.

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