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), and Regional Forecast to 2033

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AUTOMOTIVE AFTERMARKET SPARE PARTS MARKET REPORT OVERVIEW

 Global Automotive Aftermarket Spare Parts Market size was USD 360.5 Billion in 2024 and market is projected to touch 453.3 Billion by 2032, exhibiting a CAGR of 2.9% during the forecast period.

Automotive Aftermarket Spare Parts Market focuses on market need of replacement parts for vehicles. In this case car body parts, lights, batteries and other engine parts, which are needed for the maintenance and repair of cars. As we have more cars on the road with parts needed to keep them in good condition, the market is growing steadily. Increasing need of spare parts is because more cars are being used for a longer period. Changes to this market also occur with the rise of electric cars that require specialized parts. The market is growing as car ownership rises and people search for ways to ensure their vehicles stay running smoothly.

COVID-19 IMPACT 

Automotive Aftermarket Industry Had a Negative Effect Due to Reduced Vehicle Usage during COVID-19 Pandemic

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-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.

With vehicle usage down due to the COVID-19 pandemic, sales dropped for many of the spare parts on offer, too. First, after the restrictions were lifted the market recovered, but some changes became obvious. Online shopping for car parts grew as people avoided physical stores, and smaller repair shops struggled, opening doors for larger companies to expand. Also, trade issues with cheaper imported parts created an opportunity for local suppliers to regain business.

LATEST TRENDS

Growing popularity of electric cars. Effect: Increased demand for specialized vehicle parts

But as more people switch out of gasoline cars and into electric vehicles, there’s just not a lot of specific parts — such as batteries and powertrains — that won’t be available. This is a shift which has helped the growth of the industry and increased demand for spare parts dedicated for electric vehicles. Companies are forced to produce and supply these specialized parts for Electric Vehicles in order for them to exist in the continually growing EV market.

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AUTOMOTIVE AFTERMARKET SPARE PARTS MARKET SEGMENTATION

By Type

• Body Parts: These include exterior components like bumpers, fenders, and mirrors that protect and shape the vehicle. They are essential for vehicle safety and appearance after collisions or wear.

• Lighting & Electronic: This category includes headlights, taillights, and electrical systems like wiring and sensors. These parts are crucial for vehicle visibility, safety, and electronic functionality.

• Interior Components: These parts cover items like seats, dashboard panels, and upholstery. They enhance the comfort and aesthetics of the vehicle's interior space.

• Powertrain and Chassis Parts: Powertrain parts include the engine, transmission, and drivetrain, while chassis parts like suspension and axles provide the vehicle’s structural support and smooth operation.

• Battery: Batteries store energy for the vehicle’s electrical system and start the engine. They are particularly important for electric and hybrid vehicles to power the motor.

• Others: This category covers any other spare parts not included in the above categories, such as wipers, exhaust systems, or fuel pumps, necessary for vehicle functionality.

By Application

• Passenger Car: Spare parts for passenger cars are used to maintain, repair, and replace components in everyday vehicles. These parts help in ensuring comfort, safety, and performance for individual drivers and families.

• Commercial Vehicle: This includes spare parts for vehicles used in businesses, such as trucks and buses. These parts are designed to handle heavy use and ensure the vehicle remains reliable for transporting goods and people.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.

Driving Factors

Growing Vehicle Ownership Driving Spare Parts Demand

The increasing global vehicle fleet, particularly older vehicles, directly boosts demand for spare parts. As vehicles age, they require more repairs and maintenance, creating a steady need for replacement parts across various vehicle types. This trend is amplified by the rising number of cars on the road in emerging markets.

Rising EV Adoption Expanding Need for Specialized Parts

With the world moving towards electric vehicles (EVs), the market for these specialized parts including batteries and electric powertrain components has grown. However, with more consumers and manufacturers drifting to EVs, market and innovation thrive in the aftermarket sector, thanks to the increased need for replacement parts that solely apply to the EVs.

Restraining Factor

Global disruptions cause delays and higher costs in supply chains

Natural disasters and political tensions around the world make it difficult to get parts quickly. And it causes delays, higher costs, and parts not to get to customers. This shortage also leads to the slow down of production because certain materials are needed for production, and they are hard for businesses to keep up with demand in this way. This affects companies' power to sustain consistent supply and meet client needs on time.

Opportunity

Online shopping helps businesses reach more customers and boost sales

More people shop online means that companies have a chance to sell spare parts through e-commerce. This method enables business to serve customers in areas that are difficult to reach physical stores in, and in remote areas. With the boon of digital platforms, customers can compare quotes, speed in finding parts, and even in a good way for businesses to boost sales and touch more customers through the same.

Challenge

Advanced vehicle technology increases repair complexity and skill requirements

Modern vehicles have more advanced technology, which makes parts harder to replace. As cars get smarter with things like sensors and electronic components, mechanics and customers need more specialized skills and tools. This can increase the cost and time needed for repairs. The challenge lies in keeping up with the growing complexity and ensuring that workers are trained to handle these new systems.

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MARKET REGIONAL INSIGHTS

• North America 

In North America, the United States Automotive Aftermarket Spare Parts market is a major contributor to the overall growth. A large vehicle fleet, combined with the high demand for replacement parts, drives the market. The region benefits from a well-established automotive industry and a mature aftermarket sector, with key players like Bosch and Continental offering extensive product ranges. E-commerce platforms are also growing, making spare parts more accessible to consumers.

• Europe

Steady demand for automotive aftermarket spare parts is seen in Europe, with Germany, the UK, and France having very strong automotive markets. Market growth is supported by the region’s well developed infrastructure and high vehicle ownership. Most major automotive manufacturers are based in Germany, and similar to many other European countries, its consumers prefer quality and advanced technology in spare parts.

• Asia

The automotive aftermarket spare parts industry in Asia, but particularly China, is the largest and fastest growing region. China is the world’s No.1 auto producer and a major player in the aftermarket sector. While the demand for spare parts rises as vehicle ownership also increases in countries like India and Southeast Asia. Similarly, this region is seeing a surge in growth due to the shift to electric vehicles (EVs) forcing a rise in the need for specialized components, like batteries and electric powertrain components.

KEY INDUSTRY PLAYERS

Companies innovate and expand globally, Effect: Strengthened market presence

Companies like Bosch, Continental, and ZF are being led by constant product innovation and remain competitive. For instance, they venture around the world, making high grade and durable parts, and efficient electric vehicle components. These efforts further guarantee that they stay off the back of competitor, as the demand for automotive parts grows.

List of Top Automotive Aftermarket Spare Parts Companies

• Bosch (Germany)
• Continental (Germany)
• Mahler (Germany)
• Tenneco (U.S.)
• ZF (Germany)
• Alpine Electronics (Japan)
• Pioneer Corporation (Japan)
• DENSO (Japan)
• Hella (Germany)
• KYB (Japan)

INDUSTRIAL DEVELOPMENT

March 2021, New battery management system for electric vehicles from BorgWarner (U.S.). The goal of this system is to make EV battery use more efficient and life productive, allowing them to last longer and charge faster. Suited to this development is the growing trend towards electric vehicles and a corresponding customer demand for more reliable and sustainable components.

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers get a comprehensive understanding of the global Automotive Aftermarket Spare Parts market from multiple angles, which also provides sufficient support to readers’ strategy and decision-making. Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the growth of the market by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies, and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.