Automotive Aftermarket Spare Parts Market Size, Share, Growth, and Industry Analysis, By Type (Body Parts, Lighting & Electronic, Interior Components, Powertrain and Chassis Parts, Battery, & Others), By Application (Passenger Car, Commercial Vehicle, By region, & Others) and Regional Forecast to 2032

Updated On: 02 September 2024

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AUTOMOTIVE AFTERMARKET SPARE PARTS MARKET REPORT OVERVIEW

The global Automotive Aftermarket Spare Parts Market Size was USD 350.38 billion in 2023 and the market is projected to touch USD 428.17 billion by 2032, exhibiting a CAGR of 2.9% during the forecast period. 

The global automotive aftermarket spare parts market is aimed at growing in coming years due to several factors. The increasing focus on vehicle maintenance and keeping them for longer periods among consumers has intensified the demand for spare parts. As people longing for owning vehicles for longer period results in vehicle age which leads to rise in demand of spare and replacement parts. Additionally, the growing trend of affordable, DIY vehicle maintenance and presence of online platforms for buying the spare parts have added growth to the market.

Technological advancements, such as improved material options and precise engineering, are leading to durable spare parts which are reliable

COVID-19 Impact: Market Growth Restrained by Pandemic due to reduction in travelling of vehicles

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

As the result of pandemic travelling of vehicles was reduced due lockdown which led to less wear-and-tear of parts. Therefore, demand went down for spare part. A major factor which restrained the growth was economic uncertainty people were less interested in spending non-essential things such as spare parts. As the result automotive aftermarket spare parts market experienced a decline in demand. The market would recover over the period but immediate impact of COVID-19 was negative for the global market.

LATEST TRENDS

"Vehicle customization to Drive Market Growth"

In this trend people are switching the tires and installing modified one for aesthetics. Moreover, people are interested in technology side also like instalment of parking sensors, backup cameras & others. In addition, shifting to new audio system for better speakers. This trend is fulfilled by the market by providing the customers what they demand for. Automatically beneficial for the growth of market.

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AUTOMOTIVE AFTERMARKET SPARE PARTS MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into body parts, lighting & electronic, interior components, powertrain & chassis parts, battery, & others.

• Body Parts- Parts which form the exterior and gives structure to vehicle like doors, bumpers, & others. Rate of increasing use of lightweight materials.
• Lightning & electronic-Parts associated with vehicle’s lightning systems like indicator lights, headlights, & others. Adaptation of better lighting & advanced driver-assistance systems.
• Interior components- These are inside the vehicle’s cabin like carpeting, seats, & others. Preference for luxury interiors & designs.
• Powertrain & Chassis Parts- Structural base & vehicle’s drivetrain contains these components like axles, brake components, engines & others. Preference of fuel efficient and chassis designs for improved handling and safety.
• Battery- Used for storing electrical energy like lead -acid batteries, lithium-ion batteries. Growth in aftermarket for electric vehicle batteries as need for batteries for longer life and faster charging.

By Application

Based on application the global market can be categorized into passenger car & commercial vehicle.

• Passenger car- Used for transportation of passenger and have five seats mostly like sedans, SUVs, & others. Customer’s demand for maintenance, upgrades, customization, & others so to fulfil these needs market constantly introduce new things.
• Commercial vehicle- Used for transportation of goods or passengers for commercial purposes like trucks, buses, vans, & others. Customer’s demand for fleet management, high utilization rates, & others are fulfilled by introduction of various system by the market.

DRIVING FACTORS

"Increasing Vehicle Age and Miles Driven to Boost the Market"

The major driving factor of the global automotive aftermarket spare parts market is the increasing age and miles driven of the vehicles. As the vehicle gets older, or the age requirement for the repair and replacement of old parts becomes necessary. So, this is the key factor that is helping the market to grow. Apart from this, older vehicles require frequent replacement, and their numbers are huge on the road in comparison. This works in the favour of the market and boosts it.

"Increasing Electrification and Technology Advancement in Vehicle to Expand the Market"

Another driving factor in the global automotive aftermarket spare parts market growth is the increase in electrification and technology advancement in vehicle. Advancement in new technologies like electric vehicle (EVs) has favoured the aftermarket components for repair and upgrades. As the people shift towards technology in the vehicles the demand for the various parts also increases which automatically favours the market growth.

RESTRAINING FACTORS

"Storing of Material and Disturbance in Supply Chain Impede Market Growth"

One of the key restraining factors in the global automotive aftermarket spare parts market is the storing of material and disturbance in supply chain. Due to these factors market delays in manufacturing and distribution of aftermarket parts. It becomes difficult for the manufacturers and distributors to reach consumer demand. Not only this but these factors lead to increasing of cost and problem in storing the inventory.

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AUTOMOTIVE AFTERMARKET SPARE PARTS MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North America has emerged as the most dominant region in the global automotive aftermarket spare parts market share due to several factors. The region's dominance is attributed to its large vehicle fleet and strong culture for maintaining vehicles and customizing it. This region has comparatively highest vehicle ownership rates in the world therefore leading to the more demands for aftermarket parts. Also, average age of vehicles is high therefore need more replacement parts. These are major reasons for the North America dominance for the market.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The automotive aftermarket spare parts market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of spare parts.

List of Market Players Profiled

• Bosch (Germany)
• Continental (Germany)
• Mahler (Germany)
• Tenneco (US)
• ZF (Germany)
• Alpine Electronics (Japan)
• Pioneer Corporation (Japan)
• DENSO (Japan) 
• Hella (Germany)
• KYB (Japan)
• SMP (US)
• SKF (Sweden)
• BorgWarner (Michigan)

INDUSTRIAL DEVELOPMENT

January 2023: Bosch has launched advanced diagnostic tools that improve vehicle maintenance and the process of repair. These tools used AI and machine learning to be used by professional mechanics and DIY customers.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis considers current trends, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.