While the Russia-Ukraine conflict has exacerbated logistical disruptions, the auto parts industry has witnessed strong demand. The adoption of advanced technology in aftermarket component manufacturing and rising e-commerce sales of auto parts should keep driving the industry’s growth.
In addition, demand for electric vehicles is rising with highly fluctuating oil prices, which is expected to drive growth in the auto parts sector. The worldwide automotive aftermarket is expected to grow at a 4.8% CAGR through 2030.
