Automotive Parts Market Overview
The aftermarket auto parts market was valued at USD 521.5 billion by 2021. The market is expected to expand at 4.6% between 2022 and 2032.
Analyze Replacement Parts for Replacement
Regarding replacement parts, the most significant segment was the 'Tires' segment, and they are likely to keep their market share. This segment will continue to be substantial because of the relatively short timeframe for tire replacement cycles. The part 'Others' dominates the market with a 48.7% market share in 2021.
As the car industry expands, so does the need to build components for hybrid electric vehicles. Suppliers of aftermarket replacement parts include tire suppliers and lubricants. Value chains in the industry also comprise service enablers such as repair companies and entertainment providers.
Distribution Channel Analysis
The leading segment of the industry is the retail segment. The retail segment dominated the market and accounted for 56.6 percent of the total in 2021. It will remain in its position until 2032. Between 2022 and 2032, the distribution and wholesale sectors will experience rapid annual growth in revenue. The aftermarket market for automotive components is a crucial aspect of manufacturing. To ensure that the car's performance is maintained, it is essential to ensure that all automotive parts are replaced.
Service Channel Analysis
The Original Equipment (OE) market share for 2021 was 72.0 7.2%. The OE market is predicted to remain dominant until 2032, even though it's smaller. From 2022 to 2032, the DIY segment will witness massive revenue growth. DIY customers can maintain, repair, and enhance their cars. Do-it-for-me (DIFM) customers can order parts online and install them at an expert workshop.
Certification Analysis
The genuine part sub-segment accounted for the most market share, with 52.0 percent of the market in 2021. The forthcoming segment will maintain supremacy in the market for products from the aftermarket until 2032. Between 2022 and 2032, the growth in revenue for the detail that is not certified will be substantial. Counterfeit parts can be illegal and are not approved or tested. Warranties do not protect them. OEMs, or car manufacturers, manufacture original parts. Also called "under-contractors," a contract does not cover these parts. Original pieces are more reliable and are easier to locate. Also, they come with a warranty. They can be costly and should be only purchased from authorized dealers.
The Market Segments that Matter
by Replacement Parts
The body's parts
Parts of the brakes
Lighting & Electronic Components
Other Replacement Parts
Through Distribution Channel-
Wholesalers & Distributors
Retailers
OEMs
Repair Shops
Service Channel-
DIY (Do it Yourself)
DIFM (Do it for Me)
OE (Delegating the responsibility to OEMs)
By Certification-
Certified Parts
Non-Certified Parts
Genuine Parts
Aftermarket Automotive Parts Market Trends
Digitalization of the Automotive Component Delivery Service will likely bring about greater price transparency and supply diversity, enhancing customers' growth prospects. Online customers can easily access pricing information. The end-users can also to cho the car parts they want to purchase. Social media and other digital channels are now increasingly crucial in researching customers and buying choices in both emerging and developed markets.
Regional Analysis
Markets within the Asia Pacific region were the most significant regional sub-segment, with a readout share of 38.2 percent of the total market by 2021. The market is expected to grow between 2022 and 2032 significantly. Sales of cars are anticipated to rise due to the use of advanced technology for manufacturing parts, a surge in consumer and passenger car sales, and the digitalization of delivery services for components and automotive parts.
Market Share & Key Players Analysis: