The value of the United Kingdom (UK) automotive aftermarket grew by 4.9 per cent during the course of 2018. According to MarketLine, which produces its data in US-dollars across all markets worldwide, this means the UK automotive aftermarket was and is worth $28.5 billion (£22.53 billion) a year. However, the same research suggests that the value of the UK automotive aftermarket sector is increasing and in 2023 is forecast to be worth $34.4 billion (£27.2 billion), up 20.7 per cent compared with 2018.
The hybrid and electric cars market has seen strong growth globally as countries work to meet ambitious CO2 targets, rising at a compound annual growth rate (CAGR) of 12.6 per cent. Scandinavian countries such as Sweden will enjoy exceptional growth forecast growth of 27.9 per cent between 2016 and 2021, according to research firm MarketLine.