Aftermarket Automotive Parts Market Overview

The worldwide aftermarket automotive parts market was valued at USD 521.5 billion by 2021. This market is forecast to grow by 4.6 percent between 2022-2032.

Replacement Part Analysis

The 'Others' segment led this market, with a 48.7 percent share by 2021. Regarding replacement parts, Tires were the most significant segment and will likely keep its advantage in terms of market size. This sub-segment will continue to be significant due to the rather short timeframe for tire replacement cycles.

Suppliers of aftermarket replacement parts include tire dealers and lubricants. Industry value chains also include service enablers like repair and entertainment service providers. The growth of the automobile industry has been steadily increasing the demand for automotive components for hybrid electric vehicles.

Distribution Channel Analysis

The market was dominated by the retail segment, which had the largest share of 56.6 percent share in 2021. The retail segment will remain in this industry throughout the forecast timeframe (2032). From 2022 through 2032, the wholesale and distribution sectors will witness a rapid annual increase in revenue. The aftermarket plays a significant element in the manufacturing process. To ensure that the car's performance is maintained, it is important to maintain all vehicle components.

Service Channel Analysis

The Original Equipment (OE) market share for 2021 was 72.0%. As for size, the OE segment is anticipated to continue its dominance in the aftermarket arena by 2032. The DIY segment will see rapid growth in revenues from 2022 until 2032. DIY customers can maintain, repair, and improve their vehicles. Customers doing it for Me (DIFM) can order parts online to be installed at a professional shop.

Certification Analysis

The genuine part sub-segment of the market accounted for the largest share of the market at 52.0 percent of this industry in 2021. The genuine segment will continue to hold the top position in the market for aftermarket items until 2032. The growth in revenue of the uncertified sub-segment will be explosive from 2022 to 2032. The counterfeit parts are illegal and may not be tested or certified. They also don't come with any warranty. Original parts are made by car manufacturers or OEMs, also known as under-contractors. Genuine parts are more durable, easier to locate, and covered by a warranty. These parts are not cheap and must be bought from authorized dealers.

The most important market segments:

It is also possible to purchase replacement parts

Parts of the body

Parts for brakes

Lighting Electronic Components

Other replacement parts

Distribution Channel-

Wholesalers Distributors

Retailers

OEMs

Repair Shops

Through Service Channel-

DIY (Do It Yourself)

DIFM (Do it for me)

OE (Delegating to OEMs)

With the help of a Certificate

Certified Parts

Parts that aren't certified

Genuine Parts

Aftermarket Automotive Parts Market Trends

The digitization of the Automotive Component Delivery Service will increase price transparency and a wider range of suppliers. This will increase customers' growth prospects. Social media, as well as other digital channels, are increasingly relevant in customer research and purchasing decisions across emerging as well as developed markets. Customers can access prices online. End customers also use these channels to help them pick the parts for the car they would like to purchase.

Regional Analysis

The markets in the Asia Pacific region were the largest regional sub-segment in terms of market share comprising 38.2 percent of the market in 2021. The industry is projected to increase significantly between 2022 and 2032. The sales of automobiles are predicted to spike due to the use of advanced technology in the manufacturing of components, an increase in passenger and consumer automobile sales, and the digitization of component delivery services and automotive parts.

Market Share and Analysis of Key Players:

3M Company

Continental AG

Cooper Tire Rubber Company

Delphi Automotive PLC

Denso Corporation

Federal-Mogul Corporation

HELLA KGA Hueck and Co.

Robert Bosch GmbH

Valeo Group

ZF Friedrichshafen AG