Automotive Parts Aftermarket Segmented By Product - Engine & Transmission Parts | Brake Parts | Electrical Parts | Fuel Intake & Ignition Parts | A/C Parts | Suspension Parts | Exhaust Parts | Engine Cooling Parts | Steering Parts | Wheels | Tires
Industry: Automotive
Published Date: May-2024
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 235
Report ID: PMRREP32832
According to Persistence Market Research, the Automotive Parts revenue totalled US$ 548 Bn for 2022. The demand for Automotive Parts will accelerate with the top 5 market players holding a prominent share of the Automotive Parts in 2022. The overall Replacement Parts is expected to reach US$ 984 Bn by 2033, growing at a CAGR of 5.5 % from 2023 to 2033.
There are several factors are projected to boost the market including, increased consumer awareness about the importance of automobile maintenance and repair in order to maintain their efficacy and performance. Furthermore, the market for crossover and long-distance vehicles is increasing, increasing the requirement for frequent servicing and part replacement. Stronger customer customization is enabled by enhanced vehicle design and production flexibility, which is likely to drive market expansion throughout the forecast period.
| Attributes | Key Insights |
|---|---|
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Automotive Parts Aftermarket Size (2022A) |
US$ 548.5 Bn |
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Market Size (2023E) |
US$ 576.5 Bn |
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Projected Motorcycle Market Value (2033F) |
US$ 984.7 Bn |
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Value CAGR (2023-2033) |
5.5% |
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Collective Value Share: Top 3 Countries (2022) |
60% |
The average lifespan of automobiles has increased significantly due to advancements in material and innovation used in vehicle production. The consistency of car quality has essentially increased during the previous decade. Customers are increasingly keeping older vehicles as second vehicles rather than swapping or scrapping them. Because of rising vehicle age, there is a high demand for part replacement, repair, and maintenance, which drives the auto parts sector in the aftermarket.
Historically, the Automotive Parts After grows at a medium CAGR of 1.9% from 2017 to 2022, with areas such as North America, Europe, and South Asia & Pacific holding a significant part of the worldwide market.
Due to the introduction of new technologies, the automobile sector is expanding quickly, which is accelerating the production of automotive parts. Key players are therefore changing their approaches to reflect market changes in order to keep up with the pace in a highly dynamic environment. For instance, the latest technology in automobile engine clutches is expected to improve demand for vehicle parts.
Increased government support and slightly stricter pollution standards help to promote the demand for new vehicles that use less fuel, which in turn increases growth of the automotive parts. These elements are expected to aid the growth of the aftermarket auto parts market on a global scale.
The global Automotive Parts is expected to grow at a CAGR of roughly 5.5% over the Forecasting Period.
The demand for more fuel-efficient, environmentally friendly cars has increased the need for aftermarket components like electronic chips and catalytic converters. Consumers' preference for upgrading older cars with new features is one of the major factors driving the growth of the automotive parts.
OEMs have introduced extra accessories in vehicles that may be modified in the aftermarket in order to meet consumers demands for comfort and convenience in transportation, which supports the growth of the automotive aftermarket.
The demand for aftermarket parts is driven by evolving lifestyles, rising standards of living, and rising disposable income. Increased disposable money may lead to a more luxurious life and a demand for luxury cars. An increasing number of millionaires worldwide who like to create or remodel their distinctive vehicles, needs Automotive parts which is provided by Aftermarket manufacturers driving the demand of replacement parts.
Due to rising input prices, particularly those of raw materials like steel, the price of products has risen for the majority of manufacturers. Consistent price increases in metal are expected to increase automakers' costs for raw materials and undo the margin improvements businesses made over the past few years as a result of low commodity and energy prices, impede the market growth.
In recent times, large number of electric vehicles are used to reduce carbon emissions and sustain the atmosphere. Consumers cannot choose regular replacement of parts that generate more carbon and damage the environment. As a result, this factor limits the Automotive Parts aftermarket.
Where Does the U.S. Stand in the Aftermarket for Automotive Parts?
According to the PMR Analysis, the United States represented 80.7% of the North America Automotive Parts Aftermarket share. Due to increased vehicle production and the presence of tier-1 manufacturers, the United States is expected to be one of the most attractive markets for aftermarket components during the forecast period.
Manufacturers in the United States are focused on technical breakthroughs to develop new products or improve current product for aftermarket parts, which is also the primary reasons driving market growth in the United States.
Why are Automotive Part Manufacturers Eyeing China?
China is the most popular and profitable market for automobile part manufacturers and suppliers. This market is expected to grow at a CAGR of XX% over the next year.
Because of the expanding number of on-road vehicles and the large number of automotive aftermarket part manufacturers, China is one of the most promising and rapidly growing automotive hubs. Many Chinese manufacturers sell their products to countries all over the world.
Which Automotive Part Has the Most Potential for Growth in the Aftermarket?
Tires are the top category for automotive parts, accounting for 41.9% of the market by the end of 2033. The lifetime of a vehicle's tires is determined by the user along with the road conditions; however, Tiers should be changed after 10 years because they might become damaged and wear out, affecting the vehicle's alignment.
Tire aftermarket sales are expanding due to the bad condition of roads, as well as consumers getting more aware about safety measures, which is one of critical factors for the tire market's potential growth in the next years.
Will Aftermarket Sales of Automotive Parts Continue to Be Led by Passenger Cars?
The passenger car category is expected account for 64% of the total market in 2033. The typical lifespan of a car is around 12 years, which may vary depending on use and road conditions, as the car must be serviced on a regular basis; this is fuelling the Aftermarket for Automotive parts.
Replacement car parts are now available at service centres as well as authorised dealer stores, which is improving sales in many areas. Large number of OEM are also providing their products on numerous E-Commerce sites, which is helping to grow the Aftermarket for car parts throughout regions.
What Sales Channel Drive Most Demand for Automotive Parts?
Authorized dealers are in high demand, representing 47.7% of the total market in 2022. Authorized dealers have a franchisee to sell a specific company's OEM parts. The number of authorized dealers is increasing throughout areas as the consumer's preference for original replacement parts for Passenger cars grow.
The worldwide Automotive parts is competitive, with significant manufacturers competing for a large share of the industry. To improve automotive part sales, major companies are concentrating on sales and marketing efforts to retain existing customers and acquire new ones.
The Automotive Parts after industry has witnessed a range of expansion tactics employed by market players in recent years, include acquisitions, mergers, and collaborations. Industry participants are spending in R&D and introducing new items to the market for their clients in order to enhance their revenue share.
| Attribute | Details |
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Forecast Period |
2023-2033 |
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Historical Data Available for |
2017-2022 |
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Market Analysis |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Pricing |
Available upon Request |
By Product:
By Vehicle:
By Sales Channel:
By Region:
To know more about delivery timeline for this report Contact Sales
The global Automotive Parts Aftermarket is estimated to be valued at over US$ US$ 548 Bn as of 2022.
Automotive parts Aftermarket is projected to increase at 5.5% CAGR and is expected to be valued at around US$ US$ 984 Bn by 2033 end.
Robert Bosch GmbH, ZF Friedrichshafen AG, Hella KGaA Hueck & Co., NGK Spark Plug, Exide Technologies, Gabriel India Limited, Hitachi Astemo Ltd., KYB Corporation, Tenneco Inc., are the top players in the global Automotive Parts Aftermarkets.
Germany, China, U.S., India, and Japan are driving most of the demand for Automotive Parts Aftermarket.
The market in Germany is set to expand at 2% CAGR during the coming forecasted period.
China, the U.S., and Germany are major producers and exporters of Automotive Parts Aftermarket.
China is slated to hold a XX% share of the global market by 2033.
