Aftermarket Auto Parts Market Size, Share, Growth, and Industry Analysis, By Type (Steering, Chassis Parts and Suspension), By Application (Passenger Car and Commercial Vehicle), Regional Insights and Forecast to 2031

Updated On: 22 April 2024

Aftermarket Auto Parts Market REPORT OVERVIEW

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The global aftermarket auto parts market size was USD 769721.3 million in 2021 and is expected to reach USD 1304541.37 million by 2031, at a CAGR of 5.42% during the forecast period.

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

Aftermarket parts are not made by the original vehicle manufacturer. Instead, they are produced by independent companies, also known as aftermarket manufacturers or suppliers. Aftermarket parts are widely available in the automotive market. You can find them through various retail outlets, online marketplaces, and specialized automotive parts stores. Aftermarket parts cover a broad range of products, including replacement components like brake pads, filters, and ignition parts, as well as accessories like custom wheels, performance exhaust systems, and cosmetic enhancements. In many cases, aftermarket parts can be more affordable than their OEM counterparts, making them an attractive option for vehicle owners looking for cost-effective solutions.

Many aftermarket parts are designed to allow vehicle owners to customize their vehicles to suit their preferences or specific needs, such as improving performance, adding style elements, or enhancing functionality. The quality of aftermarket parts can vary widely. Some aftermarket manufacturers produce high-quality, reliable components that are on par with or even superior to OEM parts, while others may offer lower-quality options. It's essential to do research and choose reputable brands and suppliers when considering aftermarket parts. Using aftermarket parts can sometimes affect your vehicle's warranty. Some vehicle manufacturers may void specific parts of the warranty if non-OEM components are installed. Be sure to check your vehicle's warranty terms and consult with your dealer or manufacturer if you have any concerns.

COVID-19 Impact: Reduced Vehicle Use to Hinder Market Growth

The pandemic disrupted supply chains worldwide due to lockdowns, restrictions on manufacturing, and transportation disruptions. This led to delays in the production and delivery of aftermarket auto parts. During lockdowns and restrictions, many people reduced their vehicle usage, which led to a decreased need for maintenance and repair services. This resulted in a decline in the demand for some aftermarket parts. The economic impact of the pandemic resulted in reduced consumer spending, which affected the willingness of vehicle owners to invest in upgrades and non-essential aftermarket parts. With more people working from home and limiting their travel, there was a shift in the types of aftermarket products in demand. While demand for maintenance and repair parts may have declined, there was an increase in the demand for products related to home vehicle maintenance and accessories for personalization or entertainment.

LATEST TRENDS

"E-commerce Growth to Enhance Market Growth"

The automotive aftermarket industry has been increasingly embracing digital technologies. This includes e-commerce platforms, online catalogues, and digital marketing to enhance the customer experience and streamline supply chain operations. E-commerce has continued to grow in the aftermarket auto parts sector. Consumers are increasingly shopping online for convenience, and many traditional brick-and-mortar retailers have expanded their online presence to meet this demand. Vehicle owners are showing a growing interest in customizing and personalizing their vehicles. This trend has led to increased demand for aftermarket parts and accessories that allow for individualization, such as performance upgrades, cosmetic enhancements, and personalized interiors.

Aftermarket Auto Parts Market SEGMENTATION

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• By Type

Based on type market is classified as steering, chassis parts and suspension.

• By Application

Based on application market is classified as passenger car and commercial vehicle.

DRIVING FACTORS

"Consumer Preference for Vehicle Personalization to Augment Market Growth"

As vehicles age, they require more maintenance and repairs. The average age of vehicles on the road has been increasing in many parts of the world, which drives demand for aftermarket auto parts market growth.  Many vehicle owners seek to customize and personalize their cars, which drives demand for aftermarket accessories and performance parts that enhance the appearance and functionality of their vehicles. Aftermarket parts are often more affordable than original equipment manufacturer (OEM) parts. Consumers and repair shops opt for aftermarket components to save on repair and maintenance costs. The growth of e-commerce has made it easier for consumers to access a wide range of aftermarket parts. Online platforms and marketplaces have expanded the reach of aftermarket auto parts suppliers, making it more convenient for consumers to find and purchase the parts they need.

"Vehicle Technology Advancements to Propel Market Growth"

Many aftermarket manufacturers have improved the quality of their products, offering parts that are on par with or even superior to OEM components. This enhanced quality has bolstered consumer confidence in aftermarket parts. The DIY market has been growing as more vehicle owners take on maintenance and repair tasks themselves. This trend has increased demand for aftermarket parts and tools designed for DIY enthusiasts. Advances in automotive technology have led to the creation of specialized aftermarket parts and accessories, such as connected car devices, advanced lighting systems, and audio and entertainment upgrades. As environmental awareness increases, there is a demand for eco-friendly and sustainable aftermarket parts, including those that improve fuel efficiency, reduce emissions, and promote recycling.

RESTRAINING FACTORS

"Warranty Issues to Impede Market Expansion"

Intellectual property issues, including patent disputes and copyright infringement, can lead to legal challenges and restrain innovation in the industry. Using aftermarket parts can sometimes void vehicle warranties, leading to concerns for consumers and creating a barrier to the adoption of non-OEM components. Some consumers may not be aware of the availability and benefits of aftermarket auto parts, leading to a preference for more expensive OEM components. Ensuring the consistent quality of aftermarket parts can be a challenge. Some consumers may be concerned about the reliability of non-OEM parts.

Aftermarket Auto Parts Market REGIONAL INSIGHTS

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"North America to Dominate the Market Due to Aging Vehicle Fleet"

North America, has a substantial number of vehicles on the road. The aging vehicle fleet creates consistent demand for aftermarket auto parts market share. North American consumers often seek to personalize their vehicles, leading to high demand for aftermarket accessories and customization parts. The region has a well-established e-commerce infrastructure, making it easy for consumers to purchase aftermarket parts online. North America has stringent safety and environmental regulations, which drive the need for compliant aftermarket parts. The DIY culture is prevalent, with many vehicle owners opting to perform maintenance and repairs themselves, boosting the demand for aftermarket components.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Valeo (France)
• Aisin Seiki Co., Ltd. (Japan)
• Magna International Inc. (Canada)
• Faurecia S.A. (France)
• Magneti Marelli S.p.A. (Italy)

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the ssegmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Aanalysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.