Growing Aftermarket Automotive Parts Market Poised to Witness High Growth Owing to Increasing Vehicle Parc
The aftermarket automotive parts market involves all parts, accessories and products related to repair, replacement, maintenance and enhancement of a vehicle's functionality post purchase. Various aftermarket parts include braking components, steering and suspension parts, filters, battery, lighting components, engine components, transmission components, turbochargers, wheels and tires among others. Growing vehicle ownership coupled with increasing average age of vehicles on road has been driving demand for replacement of worn-out parts and components. Additionally, emphasis on regular vehicle maintenance and repairs for performance enhancement and repair of aged parts is boosting the aftermarket automotive parts industry.
The global aftermarket automotive parts market is estimated to be valued at US$ 474.12 billion in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period of 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. These players are focusing on strategic partnerships and digitization to gain an edge over competitors along with expanding into new regional markets.
There exists significant opportunities in recycled Aftermarket Automotive Parts Market Size and online sales of aftermarket parts. Growing e-commerce and increase in number of independent automotive parts retailers are expanding accessible sales channels. Additionally, growing demand for extended vehicle life through use of refurbished parts presents a key avenue for aftermarket parts providers.
Major automotive parts manufacturers are eyeing expansion opportunities in emerging economies of Asia, Latin America and Africa to tap rising vehicle ownership. Regional production and establishing local supply chains can help optimize costs and operations. Partnerships with regional fleet operators and workshops are strategies pursued for market penetration.
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