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Automotive Parts Aftermarket in US by Distribution Channel and Type - Forecast and Analysis 2021-2025

  • Published: Mar 2021
  • Pages: 120
  • SKU: IRTNTR43427
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The automotive parts aftermarket market share in US is expected to increase by USD 11.16 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 1.31%.

This automotive parts aftermarket market in us research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers automotive parts aftermarket market in us segmentations by distribution channel (offline and online), type (commercial vehicles and passenger vehicles), and geography (US and US). The automotive parts aftermarket market in us report also offers information on several market vendors, including 3M Co., Aisin Seiki Co. Ltd., BorgWarner Inc., Continental AG, DENSO Corp., Magna International Inc., Magneti Marelli After Market Parts and Services Spa, Robert Bosch GmbH, Valeo SA, and ZF Friedrichshafen AG among others.

What will the Automotive Parts Aftermarket Market In US Size be During the Forecast Period?

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Automotive Parts Aftermarket Market In US: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The advantages and benefits of original oe replacement parts is notably driving the automotive parts aftermarket market in us growth, although factors such as relatively high cost of original and genuine oe replacement parts may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive parts aftermarket industry in US. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Automotive Parts Aftermarket Market In US Driver

The advantages and benefits of original OE replacement parts are one of the key factors driving the growth of the automotive parts aftermarket market in the US. Replacing a worn-out, the older part of the component in a vehicle seems to be one of the challenging issues for the vehicle user. Not only does it require the user to check for the availability of the part/component in the store/online, but it also needs selective decision-making in terms of alternatives and cost. This can make the process quite tedious and hectic. In addition, the availability of fake, unauthorized, or duplicate parts in the automotive aftermarket further adds to the confusion. This is because such parts or components not only fail in matching the performance of the original and genuine parts but can also affect the performance of the vehicle as well. Hence, it becomes very important to make sure that all aftermarket parts are genuine and original. The original and genuine automotive aftermarket parts are quality made and adhere to the required standards and specifications as needed.

Key Automotive Parts Aftermarket Market In US Trend

The growing availability of automotive aftermarket parts on e-commerce platforms will fuel the automotive parts aftermarket market growth in US. The automotive parts aftermarket in the US is witnessing changing trends and developments in the form of the growing popularity of online channels. E-commerce platforms are playing an important role in the rapid growth of revenues generated by the automotive aftermarket. Moreover, the automotive parts aftermarket in the US is witnessing a paradigm shift toward online platforms that can be seen with online retail parts sales growing year on year. In the past couple of years, the sales of automotive aftermarket parts through e-commerce platforms have outpaced the traditional brick-and-mortar sales owing to digitalization. However, some of the popular automotive aftermarket parts bought online by consumers in the US are brake parts, filters (oil and air), lighting parts, tires, lubricants, and batteries. The above factors have resulted in double-digit growth in the automotive aftermarket parts in the US through online sales, whereas the overall growth in automotive aftermarket parts in the US is still in a single digit.

Key Automotive Parts Aftermarket Market In US Challenge

The relatively high cost of original and genuine OE replacement parts is a major challenge for the automotive parts aftermarket market growth in US. Original and genuine aftermarket parts, i.e., OE replacement parts, are costlier and more expensive compared to the unauthorized, duplicate, or fake parts available in the aftermarket. This creates a cost barrier among consumers and therefore acts as one of the major challenges to the positive growth of the concerned market. In addition, these original and authorized parts are designed and manufactured in a way to adheres to the required standards and specifications. This also leads to a difference in the threshold for accuracy and precision, with original and genuine aftermarket parts having a superior threshold in comparison to unauthorized or duplicate aftermarket parts. Also, the value chain involved in the original, genuine aftermarket parts and the unauthorized or duplicated aftermarket is different, having different margin structures. Generally, vendors operating in the original and genuine aftermarket parts run on a higher margin and lower volume matrix. All these factors attract buyers toward impulsive buying of fake and unauthorized aftermarket parts. Therefore, the presence of such factors is challenging the growth of the concerned market.

This automotive parts aftermarket market in us analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the automotive parts aftermarket market in US as a part of the global auto parts and equipment market within the auto components market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive parts aftermarket market in us during the forecast period.

Who are the Major Automotive Parts Aftermarket Market In US Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • 3M Co.
  • Aisin Seiki Co. Ltd.
  • BorgWarner Inc.
  • Continental AG
  • DENSO Corp.
  • Magna International Inc.
  • Magneti Marelli After Market Parts and Services Spa
  • Robert Bosch GmbH
  • Valeo SA
  • ZF Friedrichshafen AG

 

This statistical study of the automotive parts aftermarket market in us encompasses successful business strategies deployed by the key vendors. The automotive parts aftermarket market in us is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • 3M Co. - The company offers automotive parts such as manual applicators, penuematic applicators, Pistol Grip Disc Sander, Cut-Off Wheel Tool and others.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The automotive parts aftermarket market in us forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Automotive Parts Aftermarket Market In US Value Chain Analysis

Our report provides extensive information on the value chain analysis for the automotive parts aftermarket market in us, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global auto parts and equipment market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Automotive Parts Aftermarket Market In US?

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100% of the market’s growth will originate from US during the forecast period. The US is the key markets for automotive parts aftermarket market. Market growth in this region will be faster than the growth of the market in regions.

The advantages and benefits of original OE replacement parts will facilitate the automotive parts aftermarket market growth in US over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The increasing number of COVID-19 cases has led to disruptions across industries in the US, leading to a decrease in commercial vehicle aftermarket sales. Most business operations and investments were stalled in the first half of 2020. In addition, the US imposed lockdowns to contain the spread of the virus. Such restrictions and trade limitations impacted business operations and investments in the country during the first half of 2020. However, in 2021, the initiation of large-scale vaccination drives?has lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Such factors are expected to drive the market during the forecast period.

What are the Revenue-generating Distribution Channel Segments in the Automotive Parts Aftermarket Market In US?

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The automotive parts aftermarket market in the US share growth by the passenger vehicles segment will be significant during the forecast period. The passenger vehicles market in the US witnesses diverse market dynamics wherein consumers across the country have different buying preferences. The US is home to some of the well-established automakers operating in the passenger vehicles segment, including both local and foreign players.

During COVID-19, consumer footfalls in showrooms, as well as car sales, declined. As a result, the overall fleet aged, delaying the time required for repairs to another 6-8 months. This is also expected to have a negative effect on the automotive parts aftermarket in the US during 2020-2021. Besides the above-mentioned factors, the post-COVID-19 impact has brought forth a slowdown in or fast-tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive parts aftermarket market in US size and actionable market insights on post-COVID-19 impact on each segment.

Automotive Parts Aftermarket Market In US Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 1.31%

Market growth 2021-2025

$ 11.16 billion

Market structure

Fragmented

YoY growth (%)

0.13

Regional analysis

US

Performing market contribution

US at 100%

Key consumer countries

US, Mexico, Argentina, Russian Federation, and China

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

3M Co., Aisin Seiki Co. Ltd., BorgWarner Inc., Continental AG, DENSO Corp., Magna International Inc., Magneti Marelli After Market Parts and Services Spa, Robert Bosch GmbH, Valeo SA, and ZF Friedrichshafen AG

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Automotive Parts Aftermarket Market In US In Country Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive automotive parts aftermarket market in us growth during the next five years
  • Precise estimation of the automotive parts aftermarket market in us size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the automotive parts aftermarket industry in US
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of automotive parts aftermarket market in us vendors

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Read More Read Less

1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Impact of COVID-19 on consumer discretionary
    • 2.3 Value chain analysis
      • Exhibit 03: Value chain analysis: Automotive components and accessories

    3 Market Sizing

    • 3.1 Market definition
      • Exhibit 04: Offerings of vendors included in the market definition
    • 3.2 Market segment analysis
      • Exhibit 05: Market segments
    • 3.3 Market size 2020
      • 3.4 Market outlook: Forecast for 2020 - 2025
        • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ billion)
        • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

      4 Five Forces Analysis

      • 4.1 Five forces analysis 2020 & 2025
        • 4.2 Bargaining power of buyers
          • Exhibit 08: Bargaining power of buyers
        • 4.3 Bargaining power of suppliers
          • Exhibit 09: Bargaining power of suppliers
        • 4.4 Threat of new entrants
          • Exhibit 10: Threat of new entrants
        • 4.5 Threat of substitutes
          • Exhibit 11: Threat of substitutes
        • 4.6 Threat of rivalry
          • Exhibit 12: Threat of rivalry
        • 4.7 Market condition
          • Exhibit 13: Market condition - Five forces 2020

        5 Market Segmentation by Distribution channel

        • 5.1 Market segments
          • Exhibit 14: Distribution channel - Market share 2020-2025 (%)
        • 5.2 Comparison by Distribution channel
          • Exhibit 15: Comparison by Distribution channel
        • 5.3 Offline - Market size and forecast 2020-2025
          • Exhibit 16: Offline - Market size and forecast 2020-2025 ($ billion)
          • Exhibit 17: Offline - Year-over-year growth 2020-2025 (%)
        • 5.4 Online - Market size and forecast 2020-2025
          • Exhibit 18: Online - Market size and forecast 2020-2025 ($ billion)
          • Exhibit 19: Online - Year-over-year growth 2020-2025 (%)
        • 5.5 Market opportunity by Distribution channel
          • Exhibit 20: Market opportunity by Distribution channel

        6 Market Segmentation by Type

        • 6.1 Market segments
          • Exhibit 21: Type - Market share 2020-2025 (%)
        • 6.2 Comparison by Type
          • Exhibit 22: Comparison by Type
        • 6.3 Commercial vehicles - Market size and forecast 2020-2025
          • Exhibit 23: Commercial vehicles - Market size and forecast 2020-2025 ($ billion)
          • Exhibit 24: Commercial vehicles - Year-over-year growth 2020-2025 (%)
        • 6.4 Passenger vehicles - Market size and forecast 2020-2025
          • Exhibit 25: Passenger vehicles - Market size and forecast 2020-2025 ($ billion)
          • Exhibit 26: Passenger vehicles - Year-over-year growth 2020-2025 (%)
        • 6.5 Market opportunity by Type
          • Exhibit 27: Market opportunity by Type

        7 Customer landscape

        8 Drivers, Challenges, and Trends

        • 8.1 Market drivers
          • 8.2 Market challenges
            • Exhibit 29: Impact of drivers and challenges
          • 8.3 Market trends

            9 Vendor Landscape

            • 9.1 Overview
              • Exhibit 30: Vendor landscape
            • 9.2 Landscape disruption
              • Exhibit 31: Landscape disruption
              • Exhibit 32: Industry risks

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 33: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 34: Market positioning of vendors
              • Exhibit 35: 3M Co. - Overview
              • Exhibit 36: 3M Co. - Business segments
              • Exhibit 37: 3M Co. - Key news
              • Exhibit 38: 3M Co. - Key offerings
              • Exhibit 39: 3M Co. - Segment focus
              • Exhibit 40: Aisin Seiki Co. Ltd. - Overview
              • Exhibit 41: Aisin Seiki Co. Ltd. - Business segments
              • Exhibit 42: Aisin Seiki Co. Ltd. - Key offerings
              • Exhibit 43: Aisin Seiki Co. Ltd. - Segment focus
              • Exhibit 44: BorgWarner Inc. - Overview
              • Exhibit 45: BorgWarner Inc. - Business segments
              • Exhibit 46: BorgWarner Inc. - Key news
              • Exhibit 47: BorgWarner Inc. - Key offerings
              • Exhibit 48: BorgWarner Inc. - Segment focus
              • Exhibit 49: Continental AG - Overview
              • Exhibit 50: Continental AG - Business segments
              • Exhibit 51: Continental AG - Key news
              • Exhibit 52: Continental AG - Key offerings
              • Exhibit 53: Continental AG - Segment focus
              • Exhibit 54: DENSO Corp. - Overview
              • Exhibit 55: DENSO Corp. - Business segments
              • Exhibit 56: DENSO Corp. - Key news
            • 10.3 3M

              88 10.4

              91 10.5

              93 10.6

              95 10.7

              98 10.8

              101 10.9

              104 10.10

              106 10.11

              109 10.12

              111 11.

              114 11.1

              115 11.2

              116 11.3

              118 11.4

              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.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              The automotive parts aftermarket market in us market growth will increase by $$ 11.16 bn during 2022-2025.
              The automotive parts aftermarket market in us market is expected to grow at a CAGR of 1.31% during 2022-2025.
              Technavio has segmented the automotive parts aftermarket market in us market by distribution channel (offline and online) ,type (commercial vehicles and passenger vehicles) , and geography (US and US).
              3M Co., Aisin Seiki Co. Ltd., BorgWarner Inc., Continental AG, DENSO Corp., Magna International Inc., Magneti Marelli After Market Parts and Services Spa, Robert Bosch GmbH, Valeo SA, ZF Friedrichshafen AG are a few of the key vendors in the automotive parts aftermarket market in us market.
              US will register the highest growth rate of 100% among the other regions. Therefore, the automotive parts aftermarket market in us market in US is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the automotive parts aftermarket market in us market growth are:
              • Advantages and benefits of original OE replacement parts
              • Growing availability of automotive aftermarket parts on e-commerce platforms
              The automotive parts aftermarket market in us market vendors should focus on grabbing business opportunities from the offline segment as it accounted for the largest market share in the base year.
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