Enjoy complimentary customisation on priority with our Enterprise License!
The aftermarket automotive parts and components market size is forecast to increase by USD 80 billion at a CAGR of 3.2% between 2023 and 2028.
The aftermarket automotive parts and components industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The tire segment is estimated to witness significant growth during the forecast period.
The market is experiencing significant growth due to various factors. The aging vehicle population in mature automobile markets, such as the US, Japan, and Western Europe, is driving the demand for replacement parts, including interior and exterior components, engine parts, suspension parts, brake parts, and transmission parts. In addition, fleet operators prioritize fuel efficiency and maintenance parts for heavy-duty vehicles, leading to an increased focus on performance parts and green technologies. Moreover, the integration of artificial intelligence, data analytics, and the internet of things in the automotive industry is revolutionizing inventory management and supply chain transparency.
This enables automotive manufacturers and aftermarket suppliers to streamline their operations and improve customer satisfaction. Furthermore, the increasing popularity of DIY enthusiasts and online retailers is disrupting traditional sales channels, providing customers with more options and convenience. However, product liability, ethical sourcing, and product certification remain critical concerns for both OEMs and aftermarket suppliers. The shift towards electric, hybrid, and autonomous vehicles is also impacting the market, with a growing demand for electrical parts and connected vehicles. Quality control and technical support are essential for maintaining brand loyalty and customer trust. In summary, the market is evolving rapidly, with a focus on innovation, sustainability, and customer experience.
The integration of various technologies and trends, including the circular economy, inventory management, artificial intelligence, and green technologies, is shaping the future of the industry.
The Tire segment was valued at USD 164.30 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 41% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market in APAC is driven by several key factors. Prominent revenue contributors to this market are China, India, and Japan, due to their high vehicle adoption rates. Increasing disposable incomes in emerging economies like China and India have led to a surge in vehicle sales, subsequently increasing the demand for automotive parts and components. The automotive industry's significant contribution to the region's economy also necessitates reliable Vehicle Roadside Assistance services. Moreover, the rise in sales of luxury cars, which require premium parts and components, positively impacts the market. Green technologies, such as electric and hybrid vehicles, are gaining popularity, driving the demand for replacement parts and components.
Fleet operators, including commercial and heavy-duty vehicle operators, require regular maintenance, leading to a consistent demand for maintenance parts. Artificial intelligence, data analytics, and the Internet of Things are transforming the market by enabling predictive maintenance, improving inventory management, and enhancing customer experience. Research and development in materials science, performance parts, and fuel efficiency are also significant trends. DIY enthusiasts and independent garages contribute to the market by demanding custom and repair parts. Brand loyalty and technical support from online retailers are essential factors influencing customer satisfaction. Ethical sourcing, product certification, and supply chain transparency are crucial for maintaining quality control and mitigating product liability risks.
The integration of connected vehicles, electric vehicles, autonomous vehicles, and electrical parts is shaping the future of the market. In conclusion, the market in APAC is experiencing significant growth due to various factors, including increasing vehicle sales, the adoption of green technologies, and the integration of advanced technologies. These trends are expected to continue shaping the market during the forecast period.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The Global Aftermarket Automotive Parts Market, with tire sales up thrives with aftermarket tires for SUVs and brake pads for sedans. Aftermarket parts trends 2024 highlight budget-friendly car tires and spare parts for EVs. Aftermarket batteries for hybrids and suspension components for trucks drive demand, per aftermarket parts forecast. Car chemicals for maintenance leverage aftermarket parts for fuel efficiency, while filters for passenger cars ensure reliability. Aftermarket parts for used cars and components for heavy vehicles enhance longevity. Aftermarket parts for sustainability, advanced aftermarket technologies, and aftermarket supply chain optimize growth. Aftermarket parts for regulatory compliance, aftermarket parts for global markets, aftermarket parts for vehicle safety, aftermarket parts for cost efficiency, and aftermarket parts for B2B sectors fuel expansion through 2028.
The aftermarket automotive parts and components market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the aftermarket automotive parts and components market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, aftermarket automotive parts and components market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
Bosch Auto Parts - The company specializes in supplying aftermarket automotive parts and components, encompassing mirror buttons, lighting systems, polishing compounds, and insulation foam sheets. Our offerings cater to enhancing vehicle aesthetics and functionality, ensuring customer satisfaction. With a commitment to quality and originality, we provide solutions that elevate the performance and appearance of various automotive makes and models. Our extensive inventory is meticulously sourced to ensure compatibility and reliability, enabling US to meet the diverse needs of our clientele. By focusing on continuous innovation and improvement, we aim to exceed customer expectations and deliver unparalleled value in the automotive aftermarket industry.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is characterized by a complex and dynamic landscape, shaped by various trends and market forces. Online ordering has revolutionized the way businesses and consumers purchase parts, with a parts catalog serving as a crucial tool for identifying the right components. Compliance with regulations, data analytics, and sustainability are key concerns, driving the need for parts that meet specific standards and are eco-friendly. Parts pricing, labor costs, and inventory management are critical factors influencing market activity. Used parts, remanufactured parts, and recycled parts offer cost savings, while performance tuning and vehicle customization cater to niche markets. Maintenance schedules and parts availability are essential for ensuring vehicle safety and optimal performance.
Parts delivery, logistics, and sustainability are crucial elements of the supply chain. Digitalization, including parts finder tools, product testing, technical documentation, and parts education, enhances the customer experience. Parts compatibility, performance tuning, and vehicle customization cater to diverse consumer needs. Parts pricing, promotions, and return policies impact market dynamics, with warranty and innovation playing a role in maintaining customer loyalty. Product testing, quality control, and digitalization help to ensure the reliability and accuracy of parts data. The market's future growth will be influenced by these trends and the ability to effectively manage parts supply chain, inventory, and compliance.
Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Aftermarket Automotive Parts And Components Market insights. See full methodology.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
169 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 3.2% |
|
Market growth 2024-2028 |
USD 80 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
3.07 |
|
Key countries |
US, China, Germany, Canada, India, South Korea, France, Japan, Italy, Brazil, UAE, UK, Spain, and Mexico |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
We can help! Our analysts can customize this aftermarket automotive parts and components market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Market Segmentation by End-User
9 Market Segmentation by Vehicle Type
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Get the report (PDF) sent to your email within minutes.
Complimentary full Excel data with your report purchase.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
