Aftermarket Automotive Parts Market Overview
The worldwide aftermarket automotive parts market was worth USD 521.5 billion in 2021. The market is expected to increase by 4.6 percent between 2022 and 2032.
Replacement Part Analysis
The 'Others' segment was the most dominant in this market, holding just a 48.7 percent share in 2021. Regarding replacement parts, the largest segment was 'Tires,' and they are expected to maintain their market share. Due to the shorter replacement cycles of tires, this segment is likely to remain the most significant component.
Parts suppliers for aftermarket include lubricants and tire suppliers. Service enablers like repair and entertainment providers are part of the industry value chain. The growth of the automobile industry has been steadily increasing the demand for automobile components for hybrid electric vehicles.
Distribution Channel Analysis
This market dominated the retail segment, which accounted for a 56.6% share in 2021. The industry's dominant segment, the retail segment, will hold its position through 2032. From 2022 to 2032, the wholesale and distribution segments will experience rapid annual growth in revenue. The aftermarket is an important aspect of manufacturing. Automotive components must be regularly replaced to maintain a vehicle's overall performance.
Service Channel Analysis
2021 In 2021, the Original Equipment (OE) market share was 72.0 percent. In terms of size, it is estimated that the OE segment is expected to maintain its lead in the market for aftermarket equipment until 2032. The DIY segment will experience rapid revenue growth from 2022 until 2032. DIY customers have the knowledge to repair, maintain, and modernize their vehicles. Customers who are Do-It for Me (DIFM) can place orders online for parts to be fitted at a professional shop.
With a 52.0 percent market share in 2021, the genuine parts segment held the largest market share. The genuine segment will continue to supremacy in the accessories market until 2032. The revenue growth of the segment that is not certified will be extremely rapid from 2022 until 2032. Counterfeit parts are often illegal and aren't verified or tested. They are also not covered by a warranty. Original parts are produced by OEMs or car manufacturers and are called under-contractors. Original parts are more reliable and are easier to find. Also, they come with a warranty. These parts can be expensive and should be only purchased from authorized dealers.
The Key Market Segments
By Replacement Parts-
Parts of the brakes
Lighting Electronic Components
Other replacement parts
Through Service Channel-
DIY (Do It Yourself)
DIFM (Do It for Me)
OE (Delegating to OEMs)
Market Trends in the Aftermarket Automotive Parts
The digitization of the Automotive Component Delivery Service will lead to increased price transparency and a wider range of suppliers. This will boost customers' growth prospects. Social media and other online channels are becoming increasingly relevant in customer research and purchasing decisions in emerging and developed markets. Customers can gain access to price information. End-users can also use these channels to help them choose the car parts they wish to purchase.
Markets in the Asia Pacific region were the largest regional sub-segment in market share, comprising 38.2% of the total market by 2021. This industry is expected to increase significantly between 2022 and 2032. The sales of automobiles are predicted to increase due to the use of advanced technologies in the production of components, consumer and passenger car sales, and the digitalization of component delivery services and automobile components.
Market Share and Key Player Analysis:
Cooper Tire Rubber Company
Delphi Automotive PLC
HELLA KGA Hueck and Co.
Robert Bosch GmbH
ZF Friedrichshafen AG