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Global Automotive Market Projections to Increase Through 2028

Akbar Ridwan 17/04/2026 15:25 WIB

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TNB Aura projects that the global automotive market size will continue to increase over the period 2020-2028.

Global Automotive Market Size Projection (2020-2028)

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Global Automotive Market Size Projection (2020-2028)

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According to projections from Singapore-based venture capital firm TNB Aura, the global automotive market is expected to grow significantly over the next few years.

In 2020, the estimated market size was still US$2.6 trillion. This figure is expected to continue increasing, reaching US$3.4 trillion by 2028.

"The automotive market is growing at a steady rate of around 3% per year," TNB Aura said in its report.

According to TNB Aura, there are three factors driving growth and structural changes in the global automotive market.

Firstly, increasing ownership and operational costs are pushing consumers and businesses to seek more cost-effective maintenance and spare parts solutions.

"This supports the growth of the global automotive aftermarket, which is projected to reach around US$644 billion by 2033," TNB Aura said.

Secondly, the longer lifespan of vehicles is also supporting growth.

Thirdly, the increasing age of vehicles is expected to keep the automotive service sector strong, through demand for maintenance, repair, and replacement of vehicle components.

"This increases spending on maintenance, repair, and replacement parts throughout the lifecycle of each vehicle," they said.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Global Automotive Market Projections to Increase Through 2028

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