AFTERMARKET AUTOMOTIVE PARTS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
Global aftermarket automotive parts market is estimated to be valued at USD 474.12 Bn in 2024 and is expected to reach USD 704.63 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.8% from 2024 to 2031.
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Global aftermarket automotive parts market can witness significant growth over the forecast period due to factors like increasing vehicle parc, rising demand for replacement parts and greater focus of OEMs and independent distributors to maintain and enhance aftermarket network and supply chain. Growing trend of do-it-yourself (DIY) automotive repairs coupled with rising availability of instructional and repair videos over internet can boost demand for individual aftermarket parts such as engine parts, drive transmission and steering parts among others.
Rising demand for customization and performance enhancement
The automotive aftermarket industry has witnessed substantial growth due to rising consumer desire to customize and enhance the performance of their vehicles. With availability of a wide variety of aftermarket components that provide a unique style and driving experience, customers are willing to experiment and personalize their vehicles as per their preferences.
Especially for sports and luxury vehicles, aftermarket parts play a pivotal role in allowing custom body kits, exhaust systems, cosmetic accessories, large brakes and wheels, upgraded suspensions and transmissions components, and others which help customers extract the maximum performance benchmarks from their cars. Brands like BMW, Audi, Mercedes, Ford and Chevrolet have especially strong cult followings among auto enthusiasts who like to push the limits of their vehicles. This has opened up a huge market for specialty component makers and custom shops catering to these aficionados. Even regular sedan models witness do-it-yourself installation of basic cosmetic parts and improved filter and lubricant systems.
In June 2023, Continental AG, a leading global automobile supplier, launched the UltraContact NXT series tire that is known for its high sustainability credentials. This innovative tire is composed of up to 65% recycled, renewable, and ISCC PLUS mass balance-certified materials, reflecting Continental's commitment to environmental responsibility. The UltraContact NXT will be available in 19 sizes, combining sustainable materials with maximum safety and performance, as evidenced by its top ratings in rolling resistance, wet braking, and exterior noise on the EU tire label.
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Technological advancements in aftermarket parts
With the advent of widely accessible vehicle diagnostics tools, advance driver assistance systems, mobile-based part locators and artificial intelligence, purchasing decisions around replacement and upgrade parts have become simpler yet nuanced for buyers.
Diagnostic scanners provide mechanics and do-it-yourself enthusiasts, ability to pinpoint issues precisely, thus, reducing misdiagnosis of issues and ensuring right parts are replaced. Plug-and-play chips that reprogram engine operation have enhanced efficiency and power outputs while tamer driver aids like intelligent cruises control have boosted safety and comfort. Furthermore, electric vehicles being a fast-emerging segment have opened opportunities for novel battery management systems, efficient motors and personalized infotainment solutions.
E-commerce platforms act as an efficient virtual marketplace where customers can research comprehensive component specifications, read reviews from other owners and have products delivered directly. AI assist by recommending personalized fitment combinations based on driving patterns. As the mechanical and digital realms converge, exciting new opportunities for performance upgrades, data-driven maintenance, and customizable in-vehicle experiences are rapidly emerging. This shift is highlighting both established industry players and startups with their innovative offerings. The sustained momentum of this technology-driven product innovation cycle will be vital in driving global demand for aftermarket parts in the future.
Key Takeaways from Analyst:
Global aftermarket automotive parts market growth is driven by rising vehicle parc worldwide. Increasing average age of vehicles globally works in favor of parts replacement needing to be done more frequently.
Rising preference of new vehicles over repairing older vehicles can hamper the market growth. As disposable incomes rises, consumers increasingly opt to purchase new vehicles rather than spend on repairs. Aftermarket parts also face competition from Original Equipment Manufacturers who offer discounted parts for older vehicles.
Among region, North America is expected to dominate the global aftermarket automotive parts market due to massive and growing vehicle parc in large countries such as U.S. and Canada. The high percentage of older vehicles plying on roads in the region can boost the need for replacement of parts extensively. Meanwhile, countries in Asia Pacific will witness moderate growth as the vehicle ages remain higher in these mature markets.
Market Challenge - Counterfeit and aftermarket parts flooding the market
Global aftermarket automotive parts market growth can be hampered due to increasing production and sale of counterfeit and low-quality aftermarket parts. There has been significant increase in number of small manufacturers, especially in developing markets in North America and Asia Pacific that are manufacturing replica parts without following strict quality benchmarks and regulations. These counterfeit parts are then blended in with genuine aftermarket parts and sold through both offline and online distribution channels. The widespread availability of such substandard parts poses mechanical and safety risks for the vehicles. It also negatively impact the brand image and sales of established aftermarket parts manufacturers. Furthermore, lack of strict monitoring on manufacturing facilities in some regions has facilitated this counterfeiting activity. If not addressed properly, this issue has the potential to undermine customer trust in the aftermarket industry.
Opportunity: Expansion of e-commerce platforms for aftermarket parts sales
Global aftermarket automotive parts market can witness growth opportunities due to rising popularity of e-commerce platforms for parts sales. More customers now prefer purchasing auto accessories and replacement parts online due to the convenience offered as compared to traditional brick-and-mortar retailers. E-commerce retailers have a wider selection and can offer competitive prices due to lower overhead costs. Several leading aftermarket parts manufacturers are heavily investing in developing their own online stores and ensuring seamless purchase experience. Major third-party e-commerce portals expand their automotive product categories, and this helps customers to easily compare prices and specifications online before deciding on a purchase. The growth of online retail channels will allow aftermarket parts brands to access more customers globally and increase product reach in a cost-effective manner.
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Insights By Product Type - Engine components segment Dominance due to continuous usage
In terms of product type, engine components segment is estimated to contribute the highest market share of 26.9% in 2024, owing to critical role engines play in automobiles. Engine components such as engine mounts, engine valves, sensors, belts, and cylinders endure significant wear and tear due to continuous usage. This necessitates frequent replacements and repairs. Modern engines have become more complex with the adoption of technologies like direct fuel injection and turbochargers, leading to higher component failure rates. Older vehicles require more routine repairs and replacements of engine parts that are susceptible to breakdowns from extended usage. Moreover, factors such as rising vehicular pollution levels have prompted stringent emission standards, necessitating advanced engine technologies and components that perform optimally for longer. This growing complexity and lifecycle usage boosts demand for engine components within the aftermarket. Engine problems pose a high risk of stalling vehicles and hindering mobility.
Insights By Vehicle Type – Passenger cars segment dominates due to their widespread adoption
In terms of vehicle type, passenger cars segment is estimated to contribute the highest market share of 58.5% in 2024, owing to their widespread adoption. Passenger vehicles have become an integral part of daily commuting and transportation needs for both personal and commercial purposes. Their large volumes on roads translate to higher wear and tear of parts through intensive usage patterns. Passenger car owners tend to be prone to periodic repairs and part replacements due to considerations such as maintaining vehicle performance, safety, and resale value. Their use across diverse terrains and road conditions also accelerates deterioration. The ubiquity of passenger cars and the culture of regular upkeep boosts demand for aftermarket parts.
For instance, in November 2022, Delphi Technologies, a prominent manufacturer of fuel delivery parts, launched the Sparta fuel pump line that is specifically designed for older, high-mileage vehicles. This new product line aims to provide revenue opportunities for distributors and customers by targeting a specific segment of the aftermarket focused on older vehicles. The Sparta line adds 21 new parts, covering approximately 4.9 million vehicles in operation in the U.S. and nearly 347,000 in Canada, enhancing Delphi's comprehensive portfolio in the automotive sector.
Insights By Sales Channel - Offline channel leads due to certain distinctive advantages
In terms of sales channel, offline channel segment is estimated to contribute the highest market share of 64.7% in 2024, due to certain distinctive advantages. Physical shops enable customers to directly inspect available parts, consult experts to aid part selection, and obtain instant gratification. This tactile experience boosts confidence in quality. Rural areas and developing markets still rely heavily on proximity to local shops for reliable access to spare parts. The staff at offline stores also provide valuable advice on installation and resolve other issues. Furthermore, certain crucial replacements require specialized tools and skills for fitting that are readily available at physical outlets. Transporting or returning parts also poses less hassle when purchased offline. While online channel is growing, the omnipresent network, personalized service benefits and need for urgent repairs continue favoring the popularity of offline sales channels for aftermarket automotive parts.
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North America has established itself as the dominant region in the global aftermarket automotive parts market with an estimated market share of 37.1% in 2024, due to strong presence of leading automotive brands and car maintenance shops. The U.S. is home to big auto parts manufacturers who cater to both domestic as well as international markets. North American parts and components meet stringent quality standards and specifications set by automakers known for their reliability and performance. With one of the highest vehicle parc, there will be huge demand for replacement parts in the region.
Asia Pacific region is emerging as the fastest growing market for aftermarket automotive parts globally. China witness growth due to factors such as rising vehicle ownership, increasing miles clocked and average age of vehicles. Moreover, the presence of key global automakers and their supplier ecosystem strengthen the region's market growth. Affordable pricing of auto parts in Asia Pacific enables greater accessibility. Countries like India and ASEAN nations witness growth in sales of replacement car parts and accessories due to growing road infrastructure and mileage. The aftermarket automotive parts market is flourishing, further, stimulating the requirement for fixes and maintenance. Vast size and growth prospects makes Asia Pacific an attractive market for both domestic as well as global aftermarket automotive parts suppliers.
Aftermarket Automotive Parts Market Report Coverage
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2023 | Market Size in 2024: | US$ 474.12 Bn |
| Historical Data for: | 2019 to 2023 | Forecast Period: | 2024 to 2031 |
| Forecast Period 2024 to 2031 CAGR: | 5.8% | 2031 Value Projection: | US$ 704.63 Bn |
| Geographies covered: |
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| Companies covered: |
Aisin Seiki Co., AutoZone, Inc., Bridgestone Corporation, Continental AG, Denso Corporation, Faurecia, Goodyear Tire and Rubber Company, Hyundai Mobis, Lear Corporation, Magneti Marelli, Robert Bosch GmbH, Tenneco, Valeo SA, ZF Friedrichshafen AG, and 3M Company |
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*Definition: Global aftermarket automotive parts market consists of replacing or repairing worn, damaged, or faulty components in vehicles without recall by the original equipment manufacturers. This market offers replacement parts that enable vehicle owners to repair and maintain their vehicles beyond the warranty period. It includes components like engine and drivetrain, electrical components, interior and exterior accessories, suspension and steering, and wheels and tires among others.
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About Author
Gautam Mahajan
Gautam Mahajan is a Research Consultant with 5+ years of experience in market research and consulting. He excels in analyzing market engineering, market trends, competitive landscapes, and technological developments. He specializes in both primary and secondary research, as well as strategic consulting across diverse sectors.
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