Key products include tires, batteries, braking systems, lighting components, engine parts, suspension systems, and body parts. Aftermarket parts are an affordable alternative to expensive Original Equipment Manufacturer (OEM) components and help extend vehicle life. The globalization of vehicle production has increased the accessibility of affordable replacement parts worldwide.
The Global Aftermarket Automotive Parts Market is estimated to be valued at US$ 474.12 Bn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the aftermarket automotive parts are Aisin Seiki Co., AutoZone, Inc., Bridgestone Corporation, Continental AG, Denso Corporation, Faurecia, Goodyear Tire and Rubber Company, Hyundai Mobis, Lear Corporation, Magneti Marelli. Key players are focusing on manufacturing efficient and durable parts to gain more customers.
Growing vehicle parc and rising average age of vehicles are fueling the demand for replacement parts globally. Additionally, fast growth of the used vehicle market in developing nations is creating more opportunities for aftermarket part makers.
Major aftermarket parts companies are expanding their global footprint through acquisitions and partnerships to strengthen distribution networks across key automotive markets like North America, Europe, and Asia Pacific.
Market key trends
The Aftermarket Automotive Parts Market Size industry is trending toward connectivity with the rise of telematics and vehicle data usage. Leading producers are developing smart sensors and integrated electronic components that can communicate vital part information like wear levels to predictive maintenance systems. This real-time diagnostics capability allows for proactive replacements and repairs. Connected cars also reveal which components are failing most commonly through big data analysis, aiding the development of more durable designs. The connectivity trend is improving vehicle uptime and reducing owner costs over the lifetime of aftermarket component usage.
Porter’s Analysis
Threat of new entrants: Aftermarket automotive parts market has moderate threat of new entrants due to high R&D and distribution infrastructure investments required.
Bargaining power of buyers: Buyers have moderate to high bargaining power due to availability of substitute products and fragmented suppliers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiation in their products and supply capabilities.
Threat of new substitutes: Risk of new substitutes entering the market is low due to difficulty in developing alternative products.
Competitive rivalry: Intense competition due to differentiation strategies adopted by key players.
Geographical Regions
North America accounts for the largest share of the global aftermarket automotive parts market in terms of value due to high vehicle fleet and average age of vehicles in countries like the US.
Asia Pacific region is poised to be the fastest growing region during the forecast period supported by rapidly growing vehicle fleet and increasing demand for replacement & customization of parts in countries like India and China.
The United States holds the major share of the aftermarket automotive parts market in terms of value in the North America region. This is attributed to high vehicle fleet and average age of vehicles in the country. According to studies, the average age of vehicles in operation in the US is over 11 years.
China is expected to exhibit the highest CAGR during the forecast period in the Asia Pacific region. This is owing to factors such as rapidly expanding vehicle parc, rising average age of vehicles, and growing demand for customized and upgraded vehicle parts among consumers in China.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it